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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: bankruptcy

bankruptcy stories: 220 news summaries

201 - 220 of 220 Stories | << Prev 1 ... 7 8 9 10 11

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Bankrupt Lender's Audit Lapses 'Mind Boggling'

Bankrupt subprime lender, auditor ripped in report on business practices

Mar 27, 08 8:23 AM CDT
(Newser) - Auditors at now-bankrupt New Century Financial—once one of the nation’s largest subprime lenders and one of the earliest to fail—were accused of “mind boggling” lapses in a Justice Department report on the debacle released yesterday. Partners at accounting firm KPMG are said to have ignored... More »

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Department of Justice • bankruptcy • credit crisis • Enron • subprime crisis • New Century Financial • subprime lender • KPMG • Arthur Anderson • accounting firm

Mortgage Meltdown Hits
Small Builders

Wave of bankruptcies could in turn weaken regional banks

Mar 21, 08 3:00 AM CDT
(Newser) - The housing market collapse that's sending homeowners into foreclosure is starting to hit small- and medium-size builders left with developments they're unable to sell, the Wall Street Journal reports. Buyers are canceling contracts and builders are missing mortgage payments on often highly leveraged projects. Small regional banks, in turn, could... More »

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housing market • bankruptcy • construction • foreclosure • mortgage • small businesses • homebuilders • banking • subprime crisis • residential building

Gift Cards Not Looking So Sharp

Bankrupt retailer isn't honoring $25M in gift cards

Mar 4, 08 11:00 AM CST
(Newser) - Consumers holding Sharper Image gift cards are out a collective $25 million after the gadget retailer stopped honoring the cards when it filed for bankruptcy in February, MarketWatch reports. With the shaky economy likely to produce more bankruptcies over the next year or two, consumers would be wise to redeem... More »

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bankruptcy • US economy • retailing • gift card • Sharper Image • Chapter 11 • Brookstone • Leverage

One Million Going Bankrupt

Record spike in bankruptcy filings, more ahead

Mar 4, 08 4:28 AM CST
(Newser) - More than a million Americans are headed for bankruptcy in 2008, mostly due to crippling household debt, according to the American Bankruptcy Institute. There were 76,120 bankruptcy filings last month—a 37% increase over February last year, and the biggest monthly spike since the change in personal bankruptcy laws... More »

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bankruptcy • US economy • subprime crisis • American Bankruptcy Institute • Samuel Gerdano • Chapter 13 • household debt

China ATM Glitch Nets Man Life

After withdrawing free money, man found guilty of bank robbery

Feb 28, 08 11:56 AM CST
(Newser) - It seemed like a miracle to Xu Ting of Guangzhou: a misplaced decimal point somewhere in the bowels of an ATM meant that his $140 withdrawal debited his account only 14 cents. Over several hours he made another 170 transactions, pocketing more than $24,000. But after getting robbed and... More »

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China • bankruptcy • bank • troop withdrawal • ATM • Chinese judiciary • Chinese banks • bank malfunction

Mortgage Crisis: Judges to the Rescue?

Democrats back plan
to let jurists change
loan terms

Feb 26, 08 1:00 PM CST
(Newser) - Over the loud objections of lenders, Senate Democrats are lining up behind a plan to give bankruptcy judges the power to alter mortgages, the LA Times reports. The proposals could go to the floor as early as today. “This bill will have more impact… than any other option currently... More »

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Senate • Harry Reid • bankruptcy • Arlen Specter • Dick Durbin • mortgage rate freeze • lending practices • housing crisis • subprime crisis

Mortgage Crisis Sparks GOP
Defections

Lawmakers back Dem bills as constituents
lose homes

Feb 19, 08 7:47 PM CST
(Newser) - GOP lawmakers are breaking ranks over the housing crisis as they see constituents suffering foreclosures, Politico reports. Ohio Rep. Steve Chabot, the owner of a 97.5% lifetime American Conservative Union rating, recently snubbed party leaders and the White House by co-writing a bill to let bankruptcy judges re-write mortgages.... More »

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Congress • bankruptcy • foreclosure • economic stimulus package • Steve Chabot

BofA May
Buy Ailing Countrywide

Talks between bank and troubled mortgage giant well advanced

Jan 10, 08 3:21 PM CST
(Newser) - Bank of America is in advanced talks to buy troubled Countrywide, the Wall Street Journal reports. The Charlotte-based bank could be on the brink of acquiring the US' largest mortgage lender, whose market value has plummeted to $3 billion—about 2 months' profit for BofA—as foreclosures continue to dent... More »

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Bank of America • bankruptcy • subprime mortgages • LaSalle Bank • Countrywide

$37M Deal for Priest Sex Victims 

Iowa bishop apologizes for abuse

Dec 4, 07 2:12 AM CST
(Newser) - A Catholic diocese in Iowa has agreed to pay $37 million to settle claims by 156 people who charge they were sexually abused by priests. The deal clears the way for the diocese to emerge from bankruptcy declared last year after a jury awarded $1.5 million to a single... More »

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Catholic Church • bankruptcy • child molestation • settlement • Diocese of Davenport • Bishop Martin Amos

Bankruptcies Jump as Owners Fight to Save Homes

Popular Chapter 13 staves off foreclosure

Oct 23, 07 4:50 AM CDT
(Newser) - Bankruptcies jumped 23% last month over the same time last year as debtors caught up in the sagging US housing market struggled to save their homes, reports the Wall Street Journal. Homeowners are now increasingly turning to Chapter 13 as an option—which can stave off foreclosure for three to... More »

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bankruptcy • foreclosure • mortgage • Chapter 13

Laity, Clergy Asked to Defray Sex Abuse Costs

San Diego bishop draws support from pulpit, less backing from pews

Oct 8, 07 12:00 PM CDT
(Newser) - The San Diego Diocese is turning over every stone to pay its $198.1 million settlement to sexual abuse victims, asking both priests and parishioners to chip in. Clerics are apparently willing—many will donate a month’s salary—but parishioner responses are far less positive, the LA Times reports.... More »

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bankruptcy • Rome • Vatican • San Diego • priest sex abuse • settlement • Catholic • laity • San Diego Diocese

SEC: Don't Blame Credit Markets for Firm's Demise

Bankrupt cash management operation comes under federal scrutiny

Sep 3, 07 5:43 PM CDT
(Newser) - The feds don’t know what happened to the millions of dollars that disappeared from the books of a Chicago-area cash management firm, but they don’t believe upheaval in the credit markets is to blame. Days after Sentinel Management blocked investors from withdrawing their investments, the company filed for... More »

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Chicago • investors • Federal Reserve • bankruptcy • money • finance • SEC • markets • Sentinel Management

Bank of America Bails Out Countrywide

Lender avoids disaster as bank buys $2 billion in cut-rate shares

Aug 23, 07 6:34 AM CDT
(Newser) - Countrywide came back from the brink yesterday as Bank of America bought $2 billion in preferred stock in the mortgage company, writes the Los Angeles Times. Countrywide's share price soared in after-hours trading, only a week after the credit crunch brought it to the point of bankruptcy. More »

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Bank of America • bankruptcy • subprime mortgages • stock • Countrywide • credit crisis

Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

Top US mortgage lender caught in the squeeze

Aug 16, 07 7:44 AM CDT
(Newser) - Loan giant Countrywide saw its shares plummet 13% yesterday after the company experienced trouble borrowing money in the market for short-term debt. A Merrill Lynch analyst downgraded the stock from "buy" to "sell," sparking talk of possible bankruptcy, reports the LA Times. Before today's open, the company... More »

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stock market • bankruptcy • subprime mortgages • Merrill Lynch • loans • US economy • home loans • credit market • Countrywide

A Fool and
His Money
... You Know

Everyone has 10 ways to get rich—here are 10 tips for staying broke

Aug 8, 07 6:22 PM CDT
(Newser) - Too much money? Here's some much-needed advice from the Consumerist:
  1. Make shopping your hobby.
  2. Don't budget.
  3. Buy your friends gifts you can't afford
  4. Grocery shop hungry, don't bring a list, and buy everything you sample.
  5. Use the ATM at the gas station.
... More »

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shopping • bankruptcy • list • money • budget • lifestyle

Bear Stearns Takes Refuge
in Caribbean

Bankrupt hedge funds ticketed for liquidation in friendly Caymans

Aug 7, 07 8:13 PM CDT
(Newser) - Bear Stearns, faced with the implosion of two hedge funds worth more than $1 billion, has decided to liquidate them in the Cayman Islands—a move that will give creditors and investors less access to their money.  Bloomberg forecasts a court battle over the tactic, which an analyst said... More »

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bankruptcy • subprime mortgages • Bear Stearns • hedge fund • Caribbean • Cayman Islands

Stocks Surge as Jitters Remain

Aug 2, 07 4:36 PM CDT
(Newser) - The Dow was up 100.96 today—mostly in late trading—closing at 13,463.33 after Asian markets made a partial recovery from its recent hemorrhage and some rare good news emerged from the housing market. Retail and tech winners beat losers; Nokia, Motorola, CVS, and Hewett-Packard all put... More »

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investing • stock market • bankruptcy • Dow Jones • Nasdaq • Beazer • S&P 500

Ronco Goes Bankrupt

Jun 16, 07 4:49 PM CDT
(Newser) - But wait, there’s more, as pitchman Ron Popeil liked to say. Ronco, maker of Veg-o-matic, Chop-o-matic, Popeil’s Pocket Fisherman, and an endless array of consumer items sold through infomercials, has filed for Chapter 11 bankruptcy protection. While founder Ron Popeil had sold the company in 2005, he remains... More »

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bankruptcy • Ronco • Veg o matic • infomercial • Ron Popeil

International Banks Face Trial in Italian Court

Morgan Stanley, others indicted in wake of Parmalat bankruptcy

Jun 13, 07 10:15 AM CDT
(Newser) - Four gold-plated investment banks have been ordered to stand trial for alleged market manipulation for their roles in advising Italian dairy giant Parmalat, which declared bankruptcy in 2003. Italian prosecutors say Morgan Stanley, Deutsche Bank, UBS, and Citigroup allowed Parmalat to manipulate its finances, helping it to defraud investors even... More »

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fraud • Citigroup • bankruptcy • Parmalat • Morgan Stanley • Deutsche Bank • UBS • bank

Delta Flies Out of Bankruptcy

Apr 30, 07 11:28 AM CDT
(Newser) - Delta has emerged from bankruptcy, riding an aggressive restructuring plan to exit Chapter 11 a year ahead of schedule. The No. 3 domestic airline, which staved off a hostile takeover bid from US Airways this year, used court-enforced protections to secure cuts to wages and pension programs as it shored... More »

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flight • bankruptcy • airline industry • Delta Air Lines • US Airways • stock • airline

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