Interesting Personal Debt News Links (February 25, 2009)

February 25, 2009

* Hungary on edge of bankruptcy (Damien Mc Elroy, Telegraph)

The birthplace of the Rubik’s Cube has provided its government with a multi-sided financial crisis that defies any ingenious solution.

* Five indicted in alleged mortgage scheme (Adam Jensen, Tahoe Daily Tribune)

A federal grand jury has returned an eight-count indictment against five people for their alleged involvement in a mortgage fraud scheme in South Lake Tahoe and Nevada City.

* Northern Rock and Bradford & Bingley pressed to end charges for struggling homeowners (Times Online)

Northern Rock and Bradford & Bingley, the government-backed lenders, could be forced to scrap charges levied on struggling homeowners who slip behind with mortgage payments, after accusations that the fees are unfair.

* Fixing foreclosures mess difficult

LANSING — Michigan, already home to the nation’s sixth-highest foreclosure rate, is facing an even bleaker picture in the year ahead.

* Barratt posts hefty loss (ITN Online)

Housebuilder Barratt Developments has posted a loss of almost �600 million after writing down the value of land it holds.

* Ontario hit hardest as So. Calif. passenger counts tumble (Ben Mutzabaugh, USA Today)

The going is getting rough at for California’s L.A./Ontario International Airport. “Battered by the deepening economic recession, the number of passengers at (Ontario) continued to plunge in January, falling by an unprecedented 31% compared with the same month last year, new figures show,” the Los Angeles Times writes. The Times notes that it wasn’t that long ago that Ontario was “one of the fa…

* RBS Posts Biggest Loss In Corporate History (Sky News)

Royal Bank of Scotland has posted losses of �24bn for 2008 – the worst results in British corporate history.

* Update: Geithner pledges forceful attack on banking crisis

WASHINGTON — Treasury Secretary Timothy Geithner said today the new administration will wage an aggressive two-front battle against the worst financial crisis in seven decades, while the Federal Reserve announced it was expanding a key lending program to up to $1 trillion.

* Pro-Con: Is President Obama’s mortgage bailout necessary? Yes (Kansas City Star)

Those who are still financially solvent are getting pretty sick of paying taxes to bail out banks, homeowners in default and car companies.But what happens to my home value if several of my neighbors’ homes go into foreclosure? They vacate their houses, and there goes the neighborhood and my home’s value.As much as it irks us for tax dollars to bail pe…

* What Does A Bank “Stress Test” Entail? (Wyatt Andrews, CBS News)

What Does A Bank “Stress Test” Entail? CBS Evening News: Examining A New Set of Questions Banks Will Have To Answer

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