Interesting Personal Debt News Links (February 26, 2009)

February 26, 2009

* Complaints pile up along with illegal Ike debris-dumping (Harvey Rice, Houston Chronicle)

GALVESTON The pile of trash dumped in front of Jeff Chasalows storm-damaged home added another headache to his already long list of irritations since Hurricane Ike struck more than five months ago.

* New-Home Sales Tumble to Record Low Pace (Jeannine Aversa-)

New-home sales tumbled to a record-low annual pace in January and there’s no relief in sight as mounting damage from the collapsed housing market pushes the country deeper into recession.

* Chase to cut 14,000 jobs as it braces for losses (Boston Business Journal)

JPMorgan Chase & Co. told investors Thursday that it will cut 14,000 jobs, up from a previously announced 9,200 in December.

* Economy likely suffered deeper contraction (Jeannine Aversa-)

WASHINGTON — The economy’s downhill slide at the end of last year was likely much steeper than the government initially thought and it is probably doing just as poorly now – if not worse – as a relentless slew of negative forces feed on each other, pushing the country deeper into recession.

* Regulators Missed IndyMac Woes (Michael R. Crittenden, Dow Jones Newswires)

WASHINGTON — Federal regulators failed to catch warning signs that presaged the collapse of mega-thrift IndyMac Bank last July, a U.S. government watchdog said Thursday.

* Life term without parole imposed for drug murder (Bruce Cadwallader, Columbus Dispatch)

An East Side man sentenced yesterday to life in prison without parole said that he will appeal his convictions because he is innocent.

* Federal regulators ignored problems at IndyMac, report finds (William Heisel, Los Angeles Times)

Federal regulators ignored repeated warning signs about Pasadena’s IndyMac Bancorp., and their failure to prevent the mortgage lender’s collapse last year cost the Federal Deposit Insurance Corp. $10.7 billion — nearly $2 billion more than previous estimates, according to a new report.

* New home sales plunge to record low (Bloomberg News)

Sales of new homes in the U.S. plunged in January to a record low as soaring unemployment and mounting foreclosures drove buyers away.

* New jobless claims jump unexpectedly to 667,000 (Jeannine Aversa-)

Ann Clingan with Comcast in Philadelphia, Pa., talks with a prospective employee during the New Jersey Diversity Career Day job fair at Rutgers University Friday, Feb. 20, 2009, in New Brunswick, N.J. Hundreds of job hunters visited with 60 prospective employers. The number of newly laid-off Americans seeking unemployment benefits rose far more than expected last week as employers cut thousands…

* Here’s one solution to the housing crisis (Mitch Stacy)

ZEPHYRHILLS, Fla. – Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork.


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