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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: subprime crisis

subprime crisis stories: 284 news summaries

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Another Casualty of Financial Crisis: Divorce

Two households no longer affordable as couples struggle to pay for one

Nov 27, 08 8:28 AM CST
(Newser) - With unemployment rising, salaries stagnant, and housing prices cratering, many unhappy couples are opting not to divorce, reports MSNBC. “A lot of people are deciding, 'It’s not worth it to do it (at) this time. Let’s stay together. Let’s try to work through our problems and... More »

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divorce • marriage • housing crisis • subprime crisis • financial crisis

Home for the Holidays: Florida Mulls Foreclosure Ban

Governor wants holiday moratorium

Nov 25, 08 4:10 AM CST
(Newser) - Florida Gov. Charlie Crist is considering a Christmastime moratorium on home foreclosures similar to the 90-day halt urged by California Gov. Arnold Schwarzenegger, reports the Tallahassee Democrat. Crist is unsure whether he has the legal authority to impose a moratorium. He may have to negotiate a halt with the state's... More »

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foreclosure • Charlie Crist • moratorium • subprime crisis • banks

Fannie, Freddie Will Stop Foreclosures Over Holidays

Some 16K affected by pause

Nov 20, 08 4:38 PM CST
(Newser) - Homeowners facing foreclosure got a morsel of good news today: Fannie Mae and Freddie Mac won’t give them the boot over the holidays. The companies will suspend foreclosures of occupied houses from Nov. 26-Jan. 9 while they work out a loan-reform plan with lenders, MarketWatch reports. The six-week suspension... More »

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foreclosure • Freddie Mac • Fannie Mae • housing crisis • subprime crisis • financial crisis

OPINION

 To Save Economy, Go Shopping 

Friedman suggests how Obama should lead America out of its economic mess

Nov 16, 08 10:37 AM CST
(Newser) - To stop the economic recession from slipping into a depression, Barack Obama shouldn’t mince words: Americans need to go shopping and support federal efforts to rescue banks and homeowners, Thomas Friedman writes in the New York Times. “No, it’s not fair. But fairness is not on the... More »

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global economy • Thomas Friedman • subprime crisis • financial crisis • President Obama

 Obama: 
 We've Got 
 to Stop 
 Foreclosures 

President-elect also backs aid for auto industry, but not a 'blank check'

Nov 16, 08 7:07 AM CST
(Newser) - Saving people's homes from bank foreclosures will be a priority of his economic crisis plan, President-elect Obama said in an interview airing tonight on 60 Minutes. "We've got to set up a negotiation between banks and borrowers so that people can stay in their homes. That is going... More »

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Barack Obama • foreclosure • mortgage • housing • subprime crisis • financial crisis • President Obama

FDIC Pushes Plan to Ease Mortgage Payments

Bush camp opposes using bailout funds

Nov 14, 08 8:42 AM CST
(Newser) - Officials at the FDIC are butting heads with the Bush administration over the bailout once again, yesterday outlining a plan to prevent 1.5 million foreclosures in the coming year by having banks sharply reduce monthly payments on mortgages, the Washington Post reports. The government would guarantee half the losses... More »

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Henry Paulson • foreclosure • Treasury Department • FDIC • subprime crisis • mortgage defaults • financial crisis • Sheila Bair

(Newser) - Freddie Mac, the swamped mortgage giant seized by the government two months ago, asked for $13.8 billion from the Treasury today after a record quarterly loss plunged its net worth into the negative, Bloomberg reports. Sister company Fannie Mae, also under government control, said this week it might need... More »

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Freddie Mac • Fannie Mae • credit crisis • mortgage backed securities • subprime crisis • bailout • financial crisis

Fannie, Freddie to Offer Mass Loan Modifications

Housing giants aim to reduce foreclosures

Nov 11, 08 10:37 AM CST
(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... More »

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foreclosure • mortgage • housing • Freddie Mac • Fannie Mae • loan • subprime crisis • financial crisis

Citi to Aid Homeowners by Modifying $20B in Mortgages

The bank will amend mortgages to assist 130,000 borrowers

Nov 11, 08 7:31 AM CST
(Newser) - Citigroup will modify up to $20 billion in mortgages for borrowers current on their payments but at risk of falling behind, the bank announced this morning, mirroring similar moves by Bank of America and JPMorgan Chase. Citi will reach out to half a million borrowers, ultimately reducing monthly payments for... More »

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Citigroup • Bank of America • subprime crisis • mortgage defaults • mortgage delinquency • JPMorgan Chase • credit market chaos • financial crisis

Analysis

We Should Offer Banks a Choice on Exec Pay

Either let US set limits, or make firms set aside cash: economist

Nov 4, 08 10:33 AM CST
(Newser) - Regardless of who wins today’s election, one issue from this campaign will continue to burn hot with investors, Andrew Ross Sorkin writes in the New York Times. Both candidates have blamed executive pay for the financial collapse, as execs are rewarded for risk-taking while rarely penalized for failure.... More »

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Barack Obama • John McCain • executive compensation • subprime crisis • bank failure • financial crisis

Bankrupt AIG Might Have Been Better Than Bailout

Experts say letting insurer file bankruptcy would have been a better, cheaper, plan

Nov 3, 08 6:33 AM CST
(Newser) - The government’s $143 billion bailout of AIG is looking more and more like an expensive example of good money following bad, as financial experts are concluding that bankruptcy would have been better for both the insurance giant and taxpayers, reports the Washington Post. AIG has burned through more... More »

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AIG • Hank Greenberg • subprime crisis • bailout • financial crisis

FDIC Plan Tests Strategies for
Keeping People in Homes

Systematic reworking faces typical hurdles

Nov 1, 08 6:48 AM CDT
(Newser) - The first large-scale experiment in how to keep struggling borrowers in their homes is being run by the FDIC at seized mortgage lender IndyMac, the Wall Street Journal reports, and the results are mixed. Of some 65,000 borrowers with “seriously delinquent” mortgages, about 47,000 qualify for aid... More »

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IndyMac • FDIC • mortgage lender • refinanced mortgages • subprime crisis • mortgage delinquency

JPMorgan Plans Relief for $110B in Mortgages

WaMu customers included in measure to avoid foreclosures

Oct 31, 08 2:22 PM CDT
(Newser) - JPMorgan Chase will help distressed homeowners by reducing interest rates or principal balances for $110 billion in mortgages, Bloomberg reports. The restructuring applies to clients of Washington Mutual, which JPMorgan agreed to buy last month. Foreclosures will be suspended on all loans for the next 90 days while the relief... More »

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mortgage • Washington Mutual • WaMu • refinanced mortgages • subprime crisis • mortgage defaults • JPMorgan Chase • financial crisis

'Consumers Have Thrown In the Towel': Report

Weary from a long fight, consumers are retrenching, cutting purchases across the board

Oct 31, 08 9:24 AM CDT
(Newser) - The punches are coming from all directions and consumers, beaten down and out of breath, are clearly ceding the fight through decreased spending, Bloomberg reports. The scorecard released today says it all: consumer purchases were down 0.3% in September, the biggest drop in 4 years, capping the weakest quarter... More »

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core inflation • unemployment • consumer spending • subprime crisis • fuel costs • financial crisis

OPINION

 How Hank Paulson Blew $125B 

The banks have the cash, but why is everyone surprised they're not lending?

Oct 31, 08 9:15 AM CDT
(Newser) - Not too long ago, critics from left and right were clamoring for Hank Paulson to abandon his plan buy up toxic mortgage-backed securities at auction to unlock credit markets. Instead, they argued, the government should give money directly to banks for them to lend. Too bad Paulson listened, writes Steven... More »

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Henry Paulson • Treasury Department • mortgage backed securities • subprime crisis • financial crisis • Steven Pearlstein

 Rescue Plan  
 Rankles Prudent 
 Homeowners 

Those who can pay mortgages feel cheated as neighbors get aid

Oct 31, 08 7:43 AM CDT
(Newser) - As the feds move ahead with a plan to help homeowners on the brink of foreclosure, others are questioning the scheme's fairness and wondering if it's ripe for abuse, the New York Times reports. “I am beginning to think I would have rocks in my head if I keep... More »

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housing market • abuse • refinanced mortgages • subprime crisis • bailout • mortgage defaults • financial crisis

AIG Has Already Spent Most of $123B Bailout

Ailing insurance
giant warns it may
need more help

Oct 24, 08 9:05 AM CDT
(Newser) - Struggling insurance giant AIG, recipient of the largest government bailout in history, has burned through three-quarters of its $123 billion financial lifeline, the Washington Post reports. As of yesterday, AIG has withdrawn $90.3 billion from the Federal Reserve’s credit line, mostly to pay off bad bets insuring toxic... More »

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AIG • mortgage backed securities • subprime crisis • bailout • Wall Street bailout • financial meltdown

(Newser) - A short-staffed FBI is laboring to keep up with white collar crime linked to the nation's financial crisis, the New York Times reports. FBI officials predicted millions of dollars' in mortgage fraud years ago, but the Justice Department wanted agents focused on counter-terror. When the FBI warned of a fraud... More »

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Department of Justice • FBI • fraud • subprime crisis

Homeowners Need Bailout, Too: FDIC Chief

Regulator clashes with Paulson, Bernanke over relief for lenders

Oct 16, 08 9:25 AM CDT
(Newser) - The FDIC chief is blasting the White House and Congress for focusing the $700 billion bailout on financial institutions and not giving homeowners facing foreclosure more help, reports the Wall Street Journal. Sheila Bair, a Bush appointee, says the government’s insistence that homeowners not profit from its help—... More »

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Ben Bernanke • Henry Paulson • FDIC • housing crisis • subprime crisis • bailout • financial crisis • Wall Street bailout • Sheila Bair

(Newser) - JPMorgan Chase surprised analysts and brought some partly sunny news to a mostly gloomy Wall Street, reporting net income of $527 million, or 11 cents a share, despite mortgage-related writedowns of $3.6 billion and $640 million in losses from its takeover of Washington Mutual, reports the Wall Street Journal.... More »

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corporate earnings • subprime crisis • James Dimon • JPMorgan Chase • financial crisis

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