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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: credit crisis

credit crisis stories: 354 news summaries

21 - 40 of 354 Stories | << Prev 1 2 3 4 5 6 ... 18 Next >>

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 In Credit Crisis, 
 Italians Turn to Mafia 

Uncle Tony will be happy to lend you this money you need for a very reasonable APR

Mar 16, 09 12:54 PM CDT
(Newser) - In Italy, there’s one industry profiting from the credit freeze: Organized crime. Thanks to its unparalleled liquidity, the mafia has become the lender of choice for many small Italian businesses, NPR reports. An estimated 180,000 have turned to so-called “stranglers,” or loan sharks, who charge annual... More »

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organized crime • Italy • recession • Mafia • credit crisis

Boom-Time Loans
Cripple Churches


Mar 14, 09 6:23 PM CDT
(Newser) - Even houses of worship are facing foreclosures and unpaid bills these days, the AP reports. With credit markets dried up, churches and synagogues—normally rock-solid in recessions—are abandoning half-built properties and scrambling to find a home. "We now have children who don't have classrooms to get into, adults... More »

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foreclosure • credit crisis • synagogue • mortgage delinquency • churches

 G-20 Vows to Spur Lending 


Mar 14, 09 1:53 PM CDT
(Newser) - The world's top financial officials promised a three-tiered approach to battling the global economic slowdown today, the Wall Street Journal reports. At the G-20 summit in England, finance ministers vowed to inject money into the IMF and other institutions to lend to struggling countries, while tackling banks' toxic assets... More »

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International Monetary Fund • recession • credit crisis • G20 • emergency lending • economic downturn • emerging economies

(Newser) - Larry Summers sounded a note of cautious optimism today about President Obama's stimulus plan, the Washington Post reports. While it's way too early to assess its "broader economic impact," Obama's chief economic adviser called it "moderately encouraging" that consumer spending appears to be back on track. More »

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Brookings Institution • credit crisis • fear • economic stimulus package • Larry Summers • greed • Obama administration • financial crisis • President Obama • Lawrence Summers

(AP) - Freddie Mac said today it will ask the government for nearly $31 billion in additional aid after posting a gargantuan loss of more than $50 billion last year as the US housing market worsened. The mortgage finance company posted a loss of $23.9 billion, or $7.37 per share,... More »

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mortgage • Fannie Mae • credit crisis • housing crisis

Russia Touts 'Crisis Diet' for Cash-Strapped Citizens

Government urges return to traditional foods, for thrift and nutrition

Mar 11, 09 12:30 PM CDT
(Newser) - Russia enjoyed the recent boom as much as any other country, as high gas prices funded quick economic expansion and citizens took a liking to Western foods such as burgers, pizza, and potato chips, Time reports. But with commodities cheap, credit crunched, and unemployment rising, Moscow is recommending a new... More »

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food • Russia • diet • credit crisis • financial crisis • thrift • recession depression

Some Banks Want to Bail
on Bailout

Critics charge growing list of conditions will damage industry

Mar 11, 09 2:20 AM CDT
(Newser) - A growing number of banks are seeking to return or avoid government bailout funds because of the lengthening list of conditions attached to the money, the New York Times reports. Critics say the terms—including modification of mortgages and caps on executive pay—smack of economic engineering. Bankers are especially... More »

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bank • credit crisis • banking • bailout • financial crisis • Wall Street bailout • TARP

(Newser) - Even as the financial crisis rages, Ben Bernanke says it’s time for broad regulatory reforms to stem future crises. Bernanke said today “too big to fail” institutions should be more tightly watched, perhaps by his Federal Reserve. He also admitted that the US hadn’t been prudent with... More »

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Ben Bernanke • Federal Reserve • credit crisis • economy • bank regulation • financial crisis

 Honda Hops on 
 Bailout Bandwagon 

Japanese automaker to seek government loans to pay for customer loans

Mar 4, 09 9:46 AM CST
(Newser) - With American credit markets dried up, Honda is seeking money from the Japanese government to help finance auto loans in the US, reports the Wall Street Journal. The Japanese government is planning to offer $5 billion through a semi-governmental organization, and Toyota is planning to seek funds as well. More »

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Japan • Toyota • General Motors • Honda • credit crisis • auto industry • US automakers • bailout

(Newser) - The irony is, well, rich. Former executives of Countrywide Financial—the bank whose risky loans to homeowners have become synonymous with the subprime mess—are now making a mint helping the government fix things, the New York Times reports. A dozen former Countrywide executives, including President Stanford L. Kurland, have... More »

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subprime mortgages • Countrywide Financial • credit crisis • bank failure • banking industry

 Investment Funds 
 May Replace 'Bad Bank' 

Administration eyes creation of private funds to suck up toxic debt

Mar 3, 09 4:50 AM CST
(Newser) - The Obama administration is considering creating multiple investment funds to buy up the toxic debts at the heart of the financial crisis, insiders tell the Wall Street Journal. No fixed structure has been agreed upon, but under one leading plan the funds would be administered by private investment managers who... More »

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Treasury Department • credit crisis • investment fund • bailout • Obama administration • financial crisis • Wall Street bailout • bad bank • toxic assets • TALF

OPINION

US Risks 'Lost Decade' With Zombie Banks

Japan's mistake of liquidity vs. solvency being repeated: Baker

Mar 2, 09 2:52 PM CST
(Newser) - Japan’s economic troubles in the 1990s—the so-called “lost decade”—provides a cautionary tale for America’s current problems, writes James Baker, a Reagan Treasury Secretary, in the Financial Times. Japan used piecemeal bailouts and implicit guarantees to insolvent banks rather than swift action. So the “... More »

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finance • financial markets • credit crisis • FDIC • James Baker • financial crisis • recession depression

 Bailed-Out Banks Cut Lending 

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

Feb 18, 09 3:15 AM CST
(AP) - 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... More »

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Treasury Department • credit crisis • loan • bailout • consumer credit • banks • financial crisis

 Crisis Pounds Ireland— 
 and Its Beer 

Deteriorating economy drives away foreign investors

Feb 8, 09 9:02 AM CST
(Newser) - If there's a sure sign that Ireland's vaunted Celtic Tiger economy has been reduced to a mewling kitten, it's Guinness' sudden cold feet on its planned $1 billion "superbrewery," reports the Wall Street Journal. Once the black-gold proof of Ireland's boom, the premium beer brand has been hit... More »

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Ireland • Dublin • credit crisis • property values • Guinness

(Newser) - Bartering is coming back in Russia as the credit crunch and tight monetary policy leave buyers short of cash, the New York Times reports. At 3%-4% of total sales, such swaps are rare compared to the 1990s—when 50%-75% of Russian sales were bartered—but economists are noting an upswing.... More »

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Russia • credit crisis • economy

Spurned Spielberg Seeks Disney Deal

Universal scraps Dreamworks plan after demand for more cash

Feb 7, 09 8:35 AM CST
(Newser) - Hollywood's own financial crisis has left Steven Spielberg searching for a home for DreamWorks, the Wall Street Journal reports. Talks over a distribution deal with Universal collapsed yesterday after the studio balked at DreamWorks' request to double its financing commitment to $200 million. DreamWorks is now in talks with Disney,... More »

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Steven Spielberg • Universal Studios • Disney • DreamWorks • credit crisis • movie financing • Mukesh Ambani • Reliance ADA Group • Disney Studios

Credit Freeze Hits High Fliers of Commercial Real Estate

Slowdown plus tough credit slams office market

Feb 4, 09 11:20 AM CST
(Newser) - When the commercial real estate market was hot, the sky seemed to be the limit, and increasingly complicated financing arrangements were common. Now the combination of economic crisis and credit freeze has exposed the market's precarious underpinnings, which resemble the pitfalls that brought the residential real estate sector to its... More »

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office buildings • recession • credit crisis • commercial real estate • financial crisis

 Japan Throws $16.7B Lifeline 

The bailout aims to help smaller business outside of banking or corporate sectors

Jan 27, 09 7:03 AM CST
(Newser) - Following in the footsteps of America and Europe, Japan is offering $16.7 billion to companies threatened by the financial crisis, moving outside the banking sector to take equity stakes in smaller companies that otherwise can't find financing, the Financial Times reports. The 1.5 trillion yen package aims to... More »

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Japan • Bank of Japan • credit crisis • small business • Japanese economy • Japanese auto industry • bailout • financial crisis

ANALYSIS

All Options on Table in Fight to Halt Foreclosure

Obama considering moratorium, gov't-sponsored refinancing

Jan 26, 09 8:54 AM CST
(Newser) - The Obama administration is considering plans to stem the tide of foreclosures ranging from doubling the mortgage interest deduction to a six-month foreclosure moratorium to government-sponsored refinancing, reports the Los Angeles Times. But a strategy is still at least several weeks away and, regardless of what bandages are applied, “... More »

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foreclosure • mortgage • credit crisis • housing crisis • Obama administration • financial crisis • refinancing • President Obama

ANALYSIS

Thain Debacle Stings
BofA Chief


Jan 23, 09 5:25 PM CST
(Newser) - John Thain may have lost his job running Merrill Lynch, but woe to the CEO who dared merge with him, the Economist reports. Thain no doubt trashed his reputation by failing to tell BofA chief Ken Lewis about looming losses—and handing out multimillion-dollar bonuses in the meantime—but Lewis,... More »

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Bank of America • mergers and acquisitions • Merrill Lynch • recession • credit crisis • John Thain • Ken Lewis

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