Consumerist
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recession watch
New Record! 9.64% Of All Mortgages Delinquent!
The Mortgage Bankers Association has announced that 9.64% of all mortgages are now delinquent, and this delinquency rate breaks the record set last quarter. The records are based on MBA data dating back to 1972. More » -
Bank Failures
100 Bank Failures And Counting!
"More banks have failed in 2009 than the rest of the decade combined," writes Ariel Nelson at CNBC. Today, Partners Bank in Naples, Florida closed its doors, making it the 100th bank to fail this year. Click the link to see a map of where bank failures have happened the most over the past 10 months.
"100th Bank Failure of the Year" [CNBC]
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fail
Ladies & Gentlemen, Your 81st Bank Failure Of The Year
Normally we wouldn't rely on the phrase "third largest bank failure of the year" to impress upon you the seriousness of a situation, but since we're at our 81st bank failure of 2009, we're going to go with it. Meet Guaranty Bank of Texas. It has now failed. More » -
recession watch
Bad News: Yet Another Record Month For Foreclosures
For the third time in the last five months a new record for foreclosure filings has been reached says foreclosure tracking firm RealtyTrac. July saw an increase of 7% from June of this year and, even more telling, a 35% increase from last year. More » -
mortgage meltdown
Family Lives Alone In 32-Story Tower
Thanks to their bank, Victor Vangelakos and his family live by themselves in a 32-story tower. More » -
mortgage meltdown
Lawsuits: Countrywide Ex-CEO To Feel Wrath Of SEC
His extreme orangeness, former CEO and founder of Countrywide Home Loans Angelo Mozilo, is about to be slapped with civil fraud charges, according to the Wall Street Journal. More » -
recession watch
New York City Converts Luxury Condo Into Homeless Shelter
Could this be the nicest homeless shelter in America? The Daily News is reporting that the city is paying $90 a night per apartment for the use of a failed luxury condo development — which features granite countertops, marble bathrooms and walk-in closets. (The $90 a night figure includes social services, housing help and job counseling designed to get families back on their feet.) Local residents, some of them interested in renting an apartment in the building, are pretty ticked off. More » -
mortgage meltdown
Foreclosures Hit Another Record High, Up 34% From 2008
One in every 324 households in this country received a foreclosure filing last month, according to RealtyTrac. This marks the all time high since the firm started tracking filings in 2005. Foreclosure filings are up 34% since last year. More » -
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stress test
Does Anyone Have $34 Billion For Bank Of America?
Kenneth Lewis is probably having a pretty crappy day. The government just told him that he needs to find $33.9 billion in order to "withstand any worsening of the economic downturn." Anybody got any spare change? More » -
mortgage meltdown
Meet The Savings & Loan That Destroyed Wachovia
60 Minutes recently took a look at World Savings Bank, the acquisition that ultimately wounded Wachovia so badly that it had to be acquired by Wells Fargo. What was wrong with an institution for which Wachovia was willing to pay $25 billion? Well, one whistleblower claims that World Savings was engaged in fraud and predatory lending — tricking its customers into signing up for dangerous "option-arm" or (as they cheerfully called them) "pick-a-payment" loans. More » -
faces of foreclosure
Faces Of Foreclosure: The Nonagenarian (He's 92.)
Our sister publication, Consumer Reports, put together some video interviews with people who, for one reason or another, are facing foreclosure. They are the human side of this financial meltdown. More » -
faces of foreclosure
Faces Of Foreclosure: The Former Police Officer
Our sister publication, Consumer Reports, put together some video interviews with people who, for one reason or another, are facing foreclosure. They are the human side of this financial meltdown. More » -
renting
Fannie Mae Lets Renters Stay
Good news for renters who've been dutifully paying their rent while their landlords failed to make the mortgages, and were facing eviction as a result: Fannie Mae will sign new leases with them. [NYT] -
bailout
So, Um, What Happened To That 2 Trillion Dollars In Bailout Money?
"Hey, guys? Where did that 2 trillion dollars go?" asks Bloomberg. The answer? We'd tell you, but it would be bad for you. More » -
lawsuits
Pro-Consumer Regulation Needs Real Teeth So You Can Sue The Jerks
If the recent economic meltdown has a bright spot, it is the possibility that smart regulation may return. There will always be those who will cheat if they can, putting both consumers and the market at risk. It cannot function properly without regulation to prevent cheating and ensure consumers are getting a fair deal. But without a private right of action and attorney fees, consumer protection regulations are nearly worthless. A "private right of action" means...
Sam Glover is a consumer rights lawyer, enemy of shady debt collectors, previous Consumerist contributor, and writes the Caveat Emptor blog. This is the first of his new column for Consumerist, appearing the first Monday of every month. More »
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had a bad day
Greenspan Says That His Free-Market Ideology Was Flawed
Here's something that probably doesn't happen too often. Former Federal Reserve chairman Alan Greenspan had a crappier day than you did. He had to admit before our federal government that his free-market, anti-regulation ideology was "flawed." Ouch. More » -
foreclosure
The Bailout Bill Helps Renters Keep Their Homes
Great news for renters facing eviction due to foreclosure: any mortgage owner seeking assistance under Congress' mammoth bailout bill is required to let paying renters stay in their homes. More » -
wachovia
Not So Fast: Judge Blocks Wachovia Sale To Wells Fargo, Citibank Rejoices
Tsk tsk, Wells Fargo. You should've known that stealing Citibank's unspoiled bride at the alter was going to draw a bitter legal challenge. Late last night, Citibank's team of repo-lawyers claimed a partial victory, announcing that a New York judge has agreed to block Wachovia's sale. Citibank is also demanding $60 billion from Wells Fargo for interfering with the deal. More »
mortgage meltdown
New York, 7:48 AM
Mon Nov 23
7 posts in the last 24 hours
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