Skip to: Content
Skip to: Site Navigation
Skip to: Search
SATURDAY, NOVEMBER 21, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter

NEWS ABOUT: default

default stories: 27 news summaries

1 - 20 of 27 Stories | 1 2 Next >>

Switch to grid view »

whose law applies?

Tribal Casino Defaults
May Sink Creditors  

Foxwood failure sparks debate over  'sovereign nation' status

Nov 19, 09 2:17 PM CST
(Newser) - As the Native American tribe that own the Foxwoods Resort Casino in Connecticut looks poised to become the biggest defaulter yet on tribal casino debt, holders of billions of dollars of tribal debt are questioning whether US laws apply to tribes operating as sovereign nations. “With casinos such as... More »

MORE ABOUT:
bankruptcy • debt • casino • default • Native Americans • Foxwoods

 Serena Really 
 Sorry This Time 

'I admit when I'm wrong,' Williams says

Sep 14, 09 1:54 PM CDT
(Newser) - Serena Williams, who offered no apologies in her postmatch press conference Saturday, issued a statement today on her website reversing direction, the Los Angeles Times reports. “I want to sincerely apologize FIRST to the lines woman, Kim Clijsters, the USTA, and tennis fans everywhere for my inappropriate outburst,... More »

MORE ABOUT:
sports • Serena Williams • apology • US Open Tennis • default • women's tennis • penalty • USTA • Kim Clijsters • official

 Redskins Sue 
 Cash-Strapped 
 Fans, Win Millions 

Team has sued 125 fans, made $2 million

Sep 3, 09 10:32 AM CDT
(Newser) - Over the last 5 years, the Washington Redskins have won $2 million in judgments after suing 125 season ticket holders who wanted out of their multiyear contracts, the Washington Post reports. Many say they’re loyal fans who simply fell on hard times, but the Redskins insist that lawsuits are... More »

MORE ABOUT:
sports • NFL • Washington Redskins • football • lawsuit • default • tickets • financial crisis • sports fans • National Football League • pro football

(Newser) - There’s a big problem with government efforts to keep delinquents in their homes by modifying mortgages: Banks would usually rather foreclose, economists tell the Washington Post. Lenders are only interested in modification for the small group of borrowers who will keep paying only if they get help. For those... More »

MORE ABOUT:
foreclosure • mortgage • default • mortgage defaults • Obama administration • banking industry • mortgage modification


 What Not to Put on Plastic 


Jul 12, 09 5:57 AM CDT
(Newser) - Credit card companies know more about you than you think—and if they think you're financially stressed, you're in trouble. American Public Media lists 10 "red-flag" purchases that you shouldn't make with plastic unless you want to give your credit card company the jitters.
  • Traffic tickets: These
... More »

MORE ABOUT:
credit card • default • bill • tickets • credit card accounts • bargain shopper

ANALYSIS

Edgy Banks Crack Down on Revolving Credit Lines

Shorter loan maturities, higher interest rates make 'safety nets' less safe for businesses

May 4, 09 9:04 AM CDT
(Newser) - Banks, lashed by the credit crunch and wary of defaults, have shortened the terms on revolving credit lines—typically running for 3 or 5 years—to less than a year, the Wall Street Journal reports. Often a little-used safety net before the recession, so-called revolvers had low interest rates; now,... More »

MORE ABOUT:
corporate credit • default • financial crisis • interest rates • business loan • credit line

AIG Honchos Quit Paris Office, Spurring Fears of Default

$234B at stake as top managers walk

Mar 26, 09 7:08 AM CDT
(Newser) - Two of the top managers at AIG's Paris unit have resigned, reports the Wall Street Journal, leaving the insurer scrambling to avoid potential defaults on $234 billion in derivative transactions. The complicated scenario results from a French law that says regulators must approve of the managers' replacements or else pick... More »

MORE ABOUT:
France • derivatives market • AIG • default • American International Group • financial crisis • regulator

(Newser) - Credit-ratings agency Moody’s Investors Service today released what it calls “The Bottom Rung,” a list of 283 companies—15% of all those it tracks—it says are most likely to default on their debts. Moody’s has been widely lambasted for failing to catch the credit problems... More »

MORE ABOUT:
bankruptcy • Eastman Kodak • default • Moody's • credit rating • ratings agencies

ANALYSIS

Most Foreclosures Come From a Few Counties

Crisis affects former boom areas the most

Mar 6, 09 12:05 PM CST
(Newser) - The majority of US home foreclosures last year happened in just 35 counties, USA Today reports. Though the effects of the mortgage crisis have been felt nationwide, foreclosures have been from the start clustered in formerly booming areas in Florida, California, Nevada, Arizona, and around Washington DC. The 35 most-affected... More »

MORE ABOUT:
Florida • California • Las Vegas • foreclosure • default • housing crisis • mortgage defaults

AmEx to Clients: Here's
$300, Now Get Lost

Credit card firm looks to limit exposure

Feb 23, 09 5:12 PM CST
(Newser) - American Express is offering some of its customers $300 to pay their balance and close their accounts, Reuters reports. The firm has been hit with staggering losses, exacerbated by their expansion in recent years to less well-heeled customers. American Express declined to say how many customers had received the buyout... More »

MORE ABOUT:
American Express • credit card • credit • default • financial crisis • client

Sloppy Lehman Bankruptcy Killed Billions in Value

Speedy process leaves creditors hanging

Dec 29, 08 1:40 PM CST
(Newser) - Had Lehman Brothers been more careful in its bankruptcy filing, it could have held on to as much as $75 billion that was destroyed in the process, the firm’s head restructuring agents say. A better-planned filing would have allowed the sale of some assets outside of court proceedings and... More »

MORE ABOUT:
Wall Street • contracts • bankruptcy • asset management • Lehman Brothers • default • bank failure • financial crisis

ANALYSIS

 Crisis Looms for Credit Cards 

Soaring defaults could fell normally resilient industry

Nov 14, 08 3:10 PM CST
(Newser) - Credit cards may be the next industry to be pummeled by the financial crisis, Time reports. The charge-off rate—money that lenders don't think they'll collect—is set to hit 10% in 2009. That's double the rate of the last decade and amounts to $96 billion in unpaid debt. Typically... More »

MORE ABOUT:
credit card • interest rate • credit • credit crisis • revenue • default • savings • financial crisis

IMF Plans Huge Credit Line for Poor Nations

Wave of defaults in developing world could imperil global economy

Oct 24, 08 6:11 AM CDT
(Newser) - While the financial crisis is leading the West into recession, other parts of the world from Hungary to Argentina face an even worse fate: default, market panic, and possibly social upheaval. Now the IMF is working to build a giant line of credit, funded by rich nations, to provide... More »

MORE ABOUT:
globalization • International Monetary Fund • Argentina • IMF • Hungary • default • market turmoil • financial crisis

 China Embraces Credit Cards 

Untapped market prompts banks to aggressively market plastic

Oct 22, 08 1:36 PM CDT
(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:... More »

MORE ABOUT:
China • credit card • credit • loan • default • shoppers • banks



 Hungary Gets $6.7B Loan 
 to Avert Meltdown 

Budapest secures huge loan to prevent default à la Iceland

Oct 17, 08 8:33 AM CDT
(Newser) - The Hungarian government secured a $6.7-billion loan yesterday from the European Central Bank in an attempt to stave off an Icelandic-style national meltdown. The EU newcomer's troubles derive from loans denominated in euros or Swiss francs, rather than the softer Hungarian forint. Frozen credit markets have left Hungary's government... More »

MORE ABOUT:
Eastern Europe • IMF • Hungary • credit market • default • mortgage defaults • financial crisis • Hungarian forint

 Russia Drops 
 $5.4B on Iceland's 
 Imploding Economy 

Nordic nation pegs exchange rates, nationalizes another bank

Oct 7, 08 7:51 AM CDT
(Newser) - Iceland is in talks to receive a $5.43 billion loan from Russia to stave off economic collapse, as the tiny Nordic country nationalized yet another bank and fixed its currency's to the euro. An oversized banking system has left Iceland dangerously exposed to market gyrations, and the prime minister... More »

MORE ABOUT:
Russia • bankruptcy • Iceland • credit crisis • default • krona • financial crisis • Geir Haarde

ANALYSIS

 Why AIG Got a Bailout 
 (and Lehman Didn't) 

Credit default business dooms, saves giant

Sep 17, 08 7:40 AM CDT
(Newser) - The Federal Reserve seemed to draw a hard line against bailouts with Lehman Bros., but just days later it stepped over that line to save AIG. Why?  First, says Time: Size. Its implosion would have been "as close to an extinction-level event" as we've been since the Depression. But... More »

MORE ABOUT:
Federal Reserve • Lehman Brothers • AIG • credit market • default • bailout • financial crisis

Mrs. Mac Pays Condo Taxes...
4 Years Late

Beer heiress never got San Diego property bills, aides say

Jun 29, 08 11:07 AM CDT
(Newser) - A trust company overseen by Cindy McCain has paid almost $7,000 in overdue property taxes to San Diego County, after Newsweek began looking into unpaid bills on the condo. Government notices sent to a Phoenix address were returned by the post office; and the county claims that McCain owes... More »

MORE ABOUT:
California • San Diego • condominium • Cindy McCain • default • property tax

ANALYSIS

Creditors Fed Off Equity Boom, Creating 'Double Bubble'

US charged against home value now gone

Jun 18, 08 3:55 PM CDT
(Newser) - As home values boomed, banks raised credit limits and extended offers for new cards, urging consumers to pay off the debt by drawing on their equity, USA Today reports. Many of those borrowers now face high interest rates on homes tapped of equity and hemorrhaging value—and the boom in... More »

MORE ABOUT:
foreclosure • bank • credit card • home equity • default • home equity loans

 Jacko Can Keep Neverland 

Last-minute deal keeps King of Pop's ranch from public auction

Mar 13, 08 5:32 PM CDT
(Newser) - The King of Pop will live another day as the rancher of Neverland. Michael Jackson made a last-minute deal today to refinance his notorious California homestead and will retain ownership, the AP reports. The 2,500-acre property had been scheduled for a public auction next week after Jackson—who hasn't... More »

MORE ABOUT:
California • child molestation • celebrity • David Beckham • Michael Jackson • Neverland • default

1 - 20 of 27 Stories | 1 2 Next >>


from our news partners