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January 2008
- World Economy May Dodge US Downturn
  
  newser | Washington Post | Jan 30, 08 3:01 AM CST
  
  The world economy will still catch a cold when America sneezes, but it won't be as bad as it would have been 5-10 years ago, the Washington Post reports. The International Monetary Fund predicts a 2008 global growth forecast of 4.1%—down from 4.9% last year—largely because of an expectation of a US downturn. The impact could have been far worse, but American economic dominance has been diluted, leaving other economies better able to weather a US recession. More »
  
  Tags
  
  US economy • recession • credit crisis • global economy • world economy
- Sallie Mae Drops $900M Lawsuit
  
  newser | Washington Post | Jan 29, 08 9:31 AM CST
  
  Beleaguered student loan provider Sallie Mae yesterday dropped its $900 million lawsuit against the onetime suitors who bailed on a $25.3 billion buyout after the credit crunch caused would-be investors to walk away, reports the Washington Post . By agreeing not to seek the penalty from investment firm JC Flowers and several partners, Sallie Mae secured $31 billion in financing. More »
  
  Tags
  
  lawsuit • credit crisis • private equity • JPMorgan Chase • Bank of America • student loans • Sallie Mae • JC Flowers and Co • SLM Corp
- Spain Socialists Face Suddenly Tough Election
  
  newser | Economist | Jan 25, 08 6:16 PM CST
  
  The Socialist Zapatero government is facing an unexpected hitch in its re-election plans: a downtrodden Spanish economy. The vote March 9 is the first in a big nation in the wake of the world credit crunch, the Economist reports, and it will test the political fallout of a burst housing bubble. The PM’s party is slowly dropping in the polls and now leads the opposition People's Party by only 2 percentage points. More »
  
  Tags
  
  credit crisis • election • Spain • Jose Luis Rodriguez Zapatero
December 2007
- Americans Drive Cycle of Auto Debt
  
  newser | Los Angeles Times | Dec 31, 07 9:25 AM CST
  
  More and more Americans are entering a cycle of larger, longer, and far riskier auto loans, raising the possibility of a debt crisis similar to the one that has hit the housing market. The Los Angeles Times explores the increasing trend of trading in a used car for a new one—and rolling together old debt and new. More »
  
  Tags
  
  credit crisis • Detroit • debt • credit • auto loans
- New Home Sales Hit 12-Year Low
  
  newser | Bloomberg | Dec 28, 07 11:00 AM CST
  
  New home sales fell much farther than expected in November, hitting their lowest point since 1995, Bloomberg reports, and the slide only likely to get worse. Sales fell to an annual pace of 647,000, a 9% drop from October’s revised-down 711,000 rate. Prices are falling, but buyers either aren’t interested or can’t get loans because of tighter credit conditions. More »
  
  Tags
  
  subprime mortgages • credit crisis • housing market • housing crisis • home loans • home sales
- Is the Worst Over for the Dollar?
  
  newser | Bloomberg | Dec 27, 07 12:30 PM CST
  
  After a year that saw the dollar slip to record lows against the euro and its weakest position in decades, the worst might be over for the beleaguered greenback. A survey of 42 strategists by Bloomberg found nearly unanimous consensus that the dollar is set for a gain, with a median prediction of a 3.5% rise against the euro, to $1.40, in 2008. More »
  
  Tags
  
  credit crisis • US dollar • euro • currency • exchange rate • US exports
- Goldman Sees Bigger Losses for Big Banks
  
  newser | Wall Street Journal | Dec 27, 07 10:24 AM CST
  
  Goldman Sachs has some bad news for Citigroup, Merrill Lynch, and JPMorgan Chase: An analyst predicts even bigger fourth-quarter writedowns for all three firms than they've already cottoned to, thanks to continued exposure to collateralized debt. The losses will be “significantly larger than investors are anticipating.” How large is that? Try a combined $33.6 billion, the Wall Street Journal reports. More »
  
  Tags
  
  credit crisis • Citigroup • Merrill Lynch • JPMorgan Chase • Goldman Sachs • bank
- Banks Face Simpler, Tougher Times
  
  newser | Wall Street Journal | Dec 26, 07 3:03 PM CST
  
  Investors waiting for the big banks to turn it around after 2007’s subprime debacle might be waiting a long time, the Wall Street Journal warns. The credit crunch has unraveled a complicated modern banking model that gave big firms nearly total balance sheet flexibility. “It was a different world,” said one analyst. Now, banks must “think real hard about their new business model.” More »
  
  Tags
  
  subprime mortgages • credit crisis • banking • mortgage backed securities • balance sheets
- Brits Hatch Secret Plan to Bail Out Northern Rock
  
  newser | Guardian (UK) | Dec 18, 07 2:05 PM CST
  
  Worried that the state might be stuck nationalizing Northern Rock, Britain has worked up a contingency plan behind closed doors to divide the troubled bank among the country’s commercial banks. A private buyout is still preferable, the Guardian reports, but some now fear the main bidders will back out, leaving the government holding the bag. More »
  
  Tags
  
  Great Britain • subprime mortgages • Gordon Brown • credit crisis • Richard Branson • Northern Rock • Alistair Darling • Virgin
- Northern Rock Boss Quits as Fall Continues
  
  newser | Financial Times (UK) | Dec 13, 07 7:54 AM CST
  
  The CEO of collapsing British bank Northern Rock quit this morning without comment, reports the Financial Times . Adam Applegarth resigned last month but had pledged to stay on as CEO until the end of January to guide the struggling company through its upcoming sale. But investors are troubled by the slow speed of the transaction, with Applegarth taking the blame. More »
  
  Tags
  
  United Kingdom • Gordon Brown • credit crisis • Richard Branson • Northern Rock • Virgin Group • Adam Applegarth
- China Looks to Buy American
  
  newser | Bloomberg | Dec 10, 07 7:27 PM CST
  
  China, increasingly being called upon to more rapidly adjust the growth of the yuan against the dollar, is looking to expand its investment in US assets as a way to funnel its powerhouse currency out of the country, Bloomberg reports today. Treasury Secretary Henry Paulson visits Beijing Wednesday for a third round of strategic trade talks, and will push yuan appreciation as a consumer price control measure. More »
  
  Tags
  
  China • credit crisis • inflation • Henry Paulson • US dollar • Beijing • currency exchange • yuan • US exports • trade surplus
- Mortgage Crisis Rivals S&L, Tech Busts
  
  newser | Wall Street Journal | Dec 10, 07 1:13 PM CST
  
  How does the current mortgage debacle measure up to the savings-and-loan meltdown of the 1980s and the tech crash of 2000? Losses look manageable, the Wall Street Journal reports in a detailed analysis of how this crisis differs from other crashes, and how likely it is to spin the economy into a recession. But it could be exacerbated and prolonged by complex differences. More »
  
  Tags
  
  subprime mortgages • credit crisis • credit market • mortgage backed securities
- Pending Home Sales Rise Slightly
  
  newser | Wall Street Journal | Dec 10, 07 11:11 AM CST
  
  US home sales jumped in October and will rise slightly overall next year, beating forecasts, the Wall Street Journal reports. The National Association of Realtors' index for pending sales of existing homes spiked 0.6% in October over September, which was up 1.4% over August—but those increases are still part of a recovery from a year-long plunge, the third-biggest on record, Reuters reports. More »
  
  Tags
  
  subprime mortgages • credit crisis • housing market • National Association of Realtors • economist
- Bad Credit? Buy a Piece of Someone Else's
  
  newser | Los Angeles Times | Dec 8, 07 8:22 PM CST
  
  Americans struggling with bad credit records may have a new route to a better score: For as little as $1,199, a San Diego company is offering the chance for customers to add their names to already-paid-off loans in order to boost their rating, the Los Angeles Times reports. The company says it's "100% legal," but not everyone agrees. More »
  
  Tags
  
  credit crisis • FBI • bank fraud • mortgage loans
- Tech IPOs Back, But With a Difference
  
  newser | MarketWatch | Dec 5, 07 11:10 AM CST
  
  Tech IPOs are back--but this time around, things are more subdued than in the heady days of the dot-com boom. These days, tech startups wait until they are profitable, or at least cash-flow positive, before making a public debut, MarketWatch reports. The strong performance of VMWare's August IPO has boosted investor confidence in the tech IPO market. More »
  
  Tags
  
  Facebook • credit crisis • IPO • startup • VMWare
- In '08, It's Really the Economy, Stupid
  
  newser | Wall Street Journal | Dec 4, 07 12:45 PM CST
  
  With gas prices stratospheric, the housing market tanking, and recession looking likely, voters aren't too worried about Iraq, reports the Wall Street Journal. Job concerns have transformed illegal immigration and health care into major issues. “You have to have a health plan even in the Republican primary,” says John McCain’s economic adviser. “That's a new development.” More »
  
  Tags
  
  John McCain • election 2008 • US economy • Democrats • Republicans • oil price • recession • credit crisis • housing crisis • economic adviser
November 2007
- Municipalities Feel Credit Market Pain
  
  newser | Washington Post | Nov 29, 07 12:58 PM CST
  
  Cities, towns, and schools are learning what would-be homeowners already know: the credit market stinks. Municipalities have grown addicted to financing projects with extremely low-interest bonds, but such cheap credit is hard to come by as bond insurers swing in the subprime wind, the Washington Post reports. Local governments either have to scrap projects, or pass fat interest costs to taxpayers. More »
  
  Tags
  
  subprime mortgages • credit crisis • credit market • municipal bonds • bonds
- Freddie Mac Loses $2B, Seeks Cash
  
  newser | Bloomberg | Nov 20, 07 8:51 AM CST
  
  Freddie Mac, the second-largest US mortgage lender, lost $2.02 billion this quarter, its worst quarter ever, the company said this morning. With core capital almost below its regulatory minimum, the company is looking for fast cash, hiring Goldman Sachs and Lehman Brothers to help bail it out, and “seriously considering” slashing its dividend by 50%. Shares fell 7% in pre-market trading. More »
  
  Tags
  
  subprime mortgages • credit crisis • mortgage crisis • Fannie Mae • Freddie Mac
- Housing Slump Tarnishes Trump Name
  
  newser | Wall Street Journal | Nov 16, 07 10:03 PM CST
  
  Proving no one is safe from the housing market downdraft, Donald Trump is experiencing some turbulence as tightening credit saps demand and leaves a few Trump Towers in the lurch. Two Florida projects with Trump's name have halted construction—even after one collected deposits from buyers—and a third may soon. A Toronto project suffered years of delays and a downsizing, and 30% of Trump Tower Chicago remains unsold. More »
  
  Tags
  
  credit crisis • housing market • Donald Trump
- Dow Off 360 on Credit Worries
  
  newser | Wall Street Journal | Nov 7, 07 3:45 PM CST
  
  Stocks plummeted again today as investors remembered just how scary the credit crunch is. Financials led the fall, and the Dow was down 360. "Negative news that was overlooked and ignored yesterday" was back today, one manager told the Wall Street Journal . The Dow finished off 360.92 to 13,300.02, the Nasdaq 76.42 to 2,748.76 and the S&P 44.65 to 1,475.62. More »
  
  Tags
  
  stock market • credit crisis

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