Interesting Personal Debt News Links (March 06, 2009)

March 6, 2009

* Running on empty (David Broder, Washington Post Writers Group)

WASHINGTON As if the problems in the U.S. and world economies were not enough of a challenge, the young Obama administration is also being called on to figure out simultaneously how to govern in such an emergency.

* Jobless rate bolts to 8.1 percent, 651K jobs lost (Jeannine Aversa-)

The nation’s unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs amid a deepening recession.Both figures were worse than analysts expected and the Labor Department’s report shows America’s workers being clobbered by a wave of layoffs unlikely to ease in the coming months.”There is no light at the end of t…

* RBS ‘will not pass on rate cut’ (BBC News)

RBS/NatWest will not pass on the latest cut in the Bank rate to its variable rate mortgage customers.

* Mortgage problems break records again in fourth quarter

NEW YORK � A stunning 48 percent of the nation�s homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and the rate for homeowners with all mortgage types hit a new record, new data Thursday showed.

* 200 Words: Times are grim (Kurt Chirbas, Sacramento Bee)

It’s a grim economic time. The statistics alone are terrifying. Nearly 8 percent of the American workforce is currently unemployed. More than two million homeowners received a foreclosure notice last year. The Dow Jones plummeted to its lowest value in 10 years. National debt, already at $11 trillion, is growing every second.

* Federal oversight of lenders found lax compared with state (Eric Nalder, Seattle Post-Intelligencer)

The state takes a much tougher stand against mortgage lenders accused of improprieties than the federal government does, a P-I review found.

* Consumer borrowing rose unexpectedly in January (Martin Crutsinger)

Consumer borrowing rose unexpectedly in January after three months of declines.The Federal Reserve said Friday that borrowing increased at an annual rate of $1.76 billion in the first month of the year. Economists expected borrowing to decline at a rate of $5 billion.Still, the small rise in January is unlikely to shake economists’ views that borrowing will remain weak this year a…

* More mortgages in turmoil

NEW YORK — A stunning 48 percent of the nation’s homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and the rate for homeowners with all mortgage types hit a new record, new data showed Thursday.

* Report: 11% of Georgia mortgages delinquent in Q4 (Silicon Vly Business Journal)

Georgia is among the worst states the nation in terms of the number of homes delinquent or in foreclosure according to a fourth quarter survey by the Mortgage Bankers Association .

* Foreclosure crisis is spreading (J.W. Elphinstone-)

NEW YORK – Foreclosures are expanding beyond a handful of problem states and now affect almost 1 in every 8 American homeowners.

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