Mortgage Defaults Only Part Of The Problem Mention loan defaults and most people probably think of mortgages. Home foreclosures due to mortgage defaults are getting the bulk of press coverage and the most attention in Washington. The credit crisis, however, is not confined to home mortgages. Lack of consumer demand, reduced incomes, lack of credit and an economy that seems to be getting weaker by the hour, is causing growing defaults in almost every category of lending. Commercial real es
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Have you wondered where the hell these people are going once they lose their homes? I can tell you where at least several have gone; they’ve gone to stay with family and friends, and the ones who’ve contacted me are at the end of their “free ride” (although its been anything but “free.”) with their loved ones. “Sherry” is a prime example. She lost her home through foreclosure back in October and had moved in with her sick sister. On the day Sherry called me, her sister was going to a n
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A picture of an armed sheriff moving through an American home after an eviction due to a mortgage foreclosure was named World Press Photo of 2008 on Friday. Jury members said the strength of the photo by American Anthony Suau for Time magazine was in its opposites — it looks like a classic war photograph, but is simply the eviction of people from a house. “Now war in its classic sense is coming into people’s houses because they can’t pay their mortgages,” jury chair MaryAnne Golon said. Fe
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Lincoln City, Ore. – Winters are never easy in this coastal community and vacation destination. The summer tourism season and the dollars it brings are still months away, and the steady diet of rainy days can be tough. But 2009 is extra tough. The business herd always undergoes some thinning as the weakest local shops find they can’t make it through the cold, gray doldrums. But this year is different, people here say. The names disappearing are surprising: Two popular restaurants have closed
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Here’s the Poll Result for the Top 25 People to blame for the Financial Crisis. Photo-illustration by Lon Tweeten for TIME 1. Angelo Mozilo – Co-founder and former head of Countrywide 2. Phil Gramm – Chairman of the Senate Banking Committee from 1995 through 2000 3. Alan Greenspan – Former chairman, Federal Reserve 4. Chris Cox – Former chairman, Securities and Exchange Commission 5. American Consumers 6. Hank Paulson – Former Secretary of the Treasury 7. Joe Cassano – Founding mem
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