Interesting Personal Debt News Links (March 2, 2009)

March 2, 2009

* Markets Fall from Tokyo to London to New York City (Bruce Crumley, Time)

It’s not hard to understand why most observers expect Wall Street to slide fast and far during trading Monday. It opened with an opening dive its first dip below the 7,000 point bar in more than a decade. And why would the Dow resist the mega-tanking that bourses elsewhere experienced today, amid a flurry of dismal financial and economic news from virtually every corner of the globe?

* Man pleads guilty in mortgage fraud scheme (Business Journal Charlotte)

An Upper Arlington man accused of involvement in a Central Ohio mortgage fraud ring has pleaded guilty to eight felony counts and is set to testify against the woman investigators have called the ringleader.

* Punishing fraud in the mortgage-lending crisis (Seattle Times)

The FBI must make its way through 66,000 reports of potential bank fraud, a daunting task aided by a new regional task force that could yield successes like the Bellevue loan officer headed to prison for one of the largest home-mortgage scams in Western Washington. A timely solution in this region comes by way of a task force made up of local, state and federal investigators.

* Congressman promises new Armenian genocide bill

Despite strong opposition from Turkey, a Southern California congressman is vowing to introduce another bill blaming the Ottoman Empire for the Armenian genocide of 1915.

* Freddie Mac CEO David Moffett resigns (Pacific Business News)

Freddie Mac said Monday that Chief Executive Officer David Moffett has said he will resign both his position and his seat on the board effective March 13.

* Canada’s Economy Shrinks 3.4% (Nirmala Menon, Wall Street Journal)

OTTAWA — Canadian output shrank in the last three months of 2008 at the sharpest rate since 1991 as the economy entered into the first recession in almost 20 years, data from the government’s statistics agency showed Monday.

* Dow falls below 7,000 as worries about banks mount (Tim Paradis)

The Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years as investors grew pessimistic about the health of banks, and in turn the economy.The Dow hadn’t traded below 7,000 since Oct. 28, 1997, and last closed below that mark on May 1 of that year. The credit crisis and recession have now slashed half the average’s value since it hit a record hi…

* Construction activity falls far more than expected (Martin Crutsinger)

Construction spending plunged more than twice as much as expected in January, led by the largest drop in nonresidential activity in 15 years.

* Wall Street heads for another big drop (Madlen Read)

Wall Street headed for another big drop Monday, one that could hurl the Dow Jones industrials below 7,000, after American International Group Inc. posted a $61.7 billion quarterly loss.

* AIG United Guaranty loses $485 million (Pacific Business News)

AIG United Guaranty posted an operating loss of $485 million in the fourth quarter of 2008, as part of parent company American International Group s stunning $61.7 billion total quarterly loss.


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