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Bailed-Out Banks Cut Lending
 Bailed-Out Banks Cut Lending 
Feb 18, 2009 3:15 AM CST

Bailed-Out Banks Cut Lending

Report finds that bailout funds have failed to jolt banks into boosting lending

(Newser) - The 20 largest banks that received billions in  US government rescue funds slightly reduced their lending to consumers and businesses in the last quarter of 2008, the government said yesterday. Banks cut their mortgage and business loans by a median of 1% each, while credit card lending rose by a...

Slim Loans NYT Co. $250M
Slim Loans NYT Co. $250M
Jan 20, 2009 6:47 AM CST

Slim Loans NYT Co. $250M

Mexican billionaire will own 17% of company, but gets no special voting shares

(Newser) - The New York Times Company announced last night that it had cut a deal with Mexico's Carlos Slim, the world's second-richest man, for a $250 million loan. Slim will receive common shares over six years, at the end of which he will own 17% of the corporation. But he will...

Newest Bailout: 2010 Olympics
 Newest Bailout: 2010 Olympics 
Jan 19, 2009 11:42 AM CST

Newest Bailout: 2010 Olympics

Vancouver games get $369M loan approved

(Newser) - The global recession is putting the 2010 Olympics Games in Vancouver in peril, writes Canada's Globe and Mail. This weekend the provincial parliament in British Columbia passed an emergency bill that allows the host city to borrow $369 million to make sure the athletes' village will be ready in time....

Scamsters Cash In on Foreclosure Crisis

Phony rescuers collect big upfront fees from desperate homeowners

(Newser) - A new breed of crook is getting rich preying on homeowners desperate to fend off foreclosure, the New York Times reports. Scamsters set themselves up as "foreclosure rescue companies,” collect big upfront fees for the promise to modify loans, then do little or nothing to help. Some people...

Aussie Repays £5 Debt—40 Years Late

(Newser) - An Englishman was surprised to come home and discover a £5 loan repaid nearly 40 years late, the BBC reports. In 1969, Jim Webb loaned an Australian traveler the money to help him get to England. The Aussie took Webb's address but never sent him the money as promised....

Fannie, Freddie to Offer Mass Loan Modifications

Housing giants aim to reduce foreclosures

(Newser) - Fannie Mae and Freddie Mac will roll out a plan today to modify hundreds of thousands of loans in an effort to prevent foreclosures, the Wall Street Journal reports. The mortgage giants, under federal conservatorship, aim to reduce mortgage payments to no more than 38% of household income. Private banks...

Trump Sues Lenders for Chicago Tower

Construction continues amid financial impasse

(Newser) - Donald Trump is suing lenders for a $640 million loan extension on his mostly completed Trump Tower in Chicago, after sales of condos have fallen short, the Wall Street Journal reports. Trump is angling to apply a force majeure provision—normally triggered by acts of war or natural disasters—in...

6 Governors Push Feds for Quicker Auto Industry Relief

Tight credit hurts car sales: Granholm

(Newser) - Michigan’s Jennifer Granholm and five other US governors urged federal officials today to act quickly in delivering financial aid to the auto industry, the Detroit Free Press reports. In a letter, the governors of Delaware, Kentucky, New York, Ohio and South Dakota stress that the credit crisis has hurt...

Feds May Loan GM $5B for Chrysler Deal

(Newser) - Federal aid may be on the way to facilitate a GM-Chrysler merger, the Wall Street Journal reports. The Department of Energy aims to loan General Motors $5 billion so the merged company can afford layoffs, plant closings, and other integration costs. It could also help GM drum up more investment...

China Embraces Credit Cards
 China Embraces Credit Cards 
Oct 22, 2008 1:36 PM CDT

China Embraces Credit Cards

Untapped market prompts banks to aggressively market plastic

(Newser) - Banks are moving to tap China’s lucrative market for credit cards, issuing millions in new plastic in recent years, the Los Angeles Times reports. There are about 100 million credit cards today in China, up from 3 million in 2003. And the market is still tiny, by American standards:...

Congress' Big Auto Bailout Mired in Red Tape

Money coming later rather than sooner

(Newser) - Detroit's $25 billion loan is sitting in Washington, the Washington Post reports, and may take more than a year to distribute, despite the auto industry's increasing desperation for the cash. The Energy Department, which was tasked with doling out the money, says various legal and administrative requirements will drag the...

GM Calls for Help
 GM Calls for Help 
Oct 14, 2008 12:07 PM CDT

GM Calls for Help

Firm reiterates urge for government assistance

(Newser) - General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees,"...

What Killed Bear, Lehman Is What the World Needs
What Killed Bear, Lehman Is What the World Needs
OPINION
Sep 21, 2008 12:44 PM CDT

What Killed Bear, Lehman Is What the World Needs

Subprime loans bring relief to millions worldwide

(Newser) - Sure, subprime loans toppled two pillars of American investment banking, gutted the world’s largest insurer, and plunged the entire US financial system into a tailspin. But they are exactly what the world needs today, Daniel Gross argues in Slate. “Far from the madding, depressed crowds of Wall Street,...

Auto Giants Press Congress for $25B Loan

Credit pinch, oil prices could cost thousands of jobs, execs say

(Newser) - The CEOs of US auto giants seem to have convinced some in Congress they, too, need billions in federal loans, the Detroit Free Press reports, though it’s uncertain if they’ll get the $25 billion they’re asking for. High oil and commodity prices and tightened credit threaten jobs...

Freddie CEO Dismissed Bad Omens for Years

Execs charge Syron was warned of disaster

(Newser) - The CEO of Freddie Mac disregarded several warnings from inside the company that the mortgage giant faced imminent disaster. More than two dozen current and former high-ranking employees told the New York Times that Richard Syron dismissed repeated recommendations from as early as 2004 to limit its exposure to bad...

Squeezed Banks Slash Biz Loans
Squeezed
Banks Slash
Biz Loans
Jul 28, 2008 5:09 AM CDT

Squeezed Banks Slash Biz Loans

Real-estate fallout dries up credit stream

(Newser) - Reeling from real-estate losses, banks are turning off the credit spigot to loan-seeking businesses, the New York Times reports. The loan reduction means more bad news down the line as money-starved companies begin to cut workers. Banks cut credit nearly 3% over the past year, the most since 2001, according...

Fannie/Freddie Troubles Signal Sea Change in Gov't Role

Feds now effectively the only lender in town

(Newser) - The teetering of Fannie Mae and Freddie Mac has underscored a major shift in US finance, writes Peter S. Goodman in the New York Times—once simply another guarantor, the government has effectively become the only lender in town "for millions of Americans engaged in the largest transactions of...

Cash-Strapped Jacko Could Lose Neverland

King of Pop defaults on $23M loan and has 90 days to pay—or else

(Newser) - Michael Jackson has defaulted on a $23 million loan against his storied Neverland Ranch, and he’ll lose the Santa Barbara fortress if he doesn’t pay in 90 days. The King of Pop is in his worst financial situation ever, says Fox News, and speculation is mounting that he’...

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