Interesting Personal Debt News Links (February 23, 2009)

February 23, 2009

* Victims of mortgage crunch aren’t ‘losers’ (Chicago Sun-Times)

Victims of mortgage crunch aren’t ‘losers’ Schoolyard bully’s CNBC rant blames homeowners, when it’s the greed of his business class that’s at fault

* BofA, CitiGroup: Nationalization not needed (San Francisco Business Times)

Amid speculation about the nationalization of banks, executives of the two banks most cited for that fate are saying it isnt necessary.

* Arrest Made in Foreclosure Civil Disobedience Program (Joshua Rhett Miller)

Police in Baltimore today made what is believed to be the first arrest in a civil disobedience program aimed at supporting homeowners who refuse to vacate their foreclosed homes.

* Freddie Mac: Borrowers shun adjustable-rate mortgages (Kansas City Business Journal)

American homeowners have lost their appetite for once appealing adjustable rate mortgages, according to a new quarterly report from Freddie Mac .

* Prosecution witnesses continue their accounts of the HomeGold operation (Greenville News)

LEXINGTON — Prosecution witnesses resumed testifying today in the criminal trial of former HomeGold chairman Jack Sterling, and the former head of the company’s mortgage unit told the jury that Sterling and HomeGold’s chief executive “were always (No.) 1 and 2” in setting direction for the board.

* Yao gets six years, to pay restitution (San Francisco Business Times)

After months of delays, Andrew Yao was sentenced to a total of six years in prison for fraud and money laundering charges related to his business that repackaged trade school student loans.

* Forecasters: Economy worse in ’09, better in ’10 (Jeannine Aversa-)

Brace yourself: The recession is projected to worsen this year. The country stands to lose a sizable chunk of economic activity in 2009 as consumers at home and abroad retrench in the face of persistent economic troubles. And the U.S. unemployment rate – now at 7.6 percent, the highest in more than 16 years – is expected hit a peak of 9 percent this year.That gloomy outlook came from lea…

* Pass the blame, and the Danishes (News Tribune)

A bakery with a drive-up window is a dangerous thing. But then, so are hedge funds, subprime mortgages and early-morning Wal-Mart shoppers on a Black Friday blowout sale of HDTVs.

* Source: No decisions made on auto financing (Detroit Free Press)

Advisers to the U.S. Treasury are exploring how the government might fund a bankruptcy at General Motors Corp. or Chrysler LLC, but the efforts do not reflect any decisions about the industry’s future, an Obama administration official indicated today.

* How one word can affect markets (Honolulu Advertiser)

WASHINGTON Wall Street is acting like a nervous kid in a haunted house: jumping out of his skin every time someone says “Boo!”

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