Interesting Personal Debt News Links (February 18, 2009)

February 18, 2009

* Cost of job loss cover rises with lay-offs (Charlie Weston, The Irish Independent)

THE cost of taking out redundancy insurance cover, which will pay your mortgage if you are laid off, has shot up as more people lose their jobs.

* Fed: Economy to get worse in ’09

WASHINGTON — The Federal Reserve warned today that the nation s crippled economy is even worse than thought and predicted it would deteriorate throughout 2009, with no sign that the housing market will stabilize.

* Fed downgrades economic forecast for this year (Jeannine Aversa-)

The Federal Reserve on Wednesday sharply downgraded its projections for the country’s economic performance this year, predicting the economy will actually shrink and unemployment will rise higher.Under the new projections, the unemployment rate will rise to between 8.5 and 8.8 percent this year. The old forecasts, issued in mid-November, predicted the jobless rate would rise to between 7…

* Construction of new homes falls to record low (Jeannine Aversa-)

WASHINGTON – Big industry production throttled back in January due partly to auto shutdowns, and housing construction tumbled to a record low, weaker-than-expected performances that show the country caught in a worsening economic tailspin.

* New home construction drops to record low (Newsweek)

Construction of new homes and applications for future projects both plunged to record lows in January as all parts of the country showed big declines in building activity.

* Construction of new homes plunges to record lows

Construction of new homes and applications for future projects both plunged to record lows in January as all parts of the country showed big declines in building activity.

* This trick stops foreclosure (Chicago Sun-Times)

Homeowners’ rallying cry: Produce the note U.S. | Homeowners demand banks produce original paperwork

* New Home Construction Hits Record Low (CBS News)

New Home Construction Hits Record Low 16.8 Percent Drop The Slowest Pace On Record; Building Permit Applications Also Plunge

* Obama to act on mortgage foreclosure crisis

PHOENIX President Barack Obama outlines $50 billion more in government spending Wednesday, a plan to pump money into the crashing housing sector to ease the mortgage foreclosure crisis.

* Fed says US economy will get worse in 2009 (Jeannine Aversa-)

WASHINGTON — The Federal Reserve warned Wednesday that the nation’s crippled economy is even worse than thought and predicted it would deteriorate throughout 2009, with no sign that the housing market will stabilize.

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