When the going gets tough, the weak get going on their babies. A new study finds a rise in “shaken baby syndrome” correlates with economic downturns. At one hospital, the number of babies that were hospitalized for what is known as “non-accidental head trauma” doubled during th recession. [More]
recession
Regulators Hatch Plan To Pay Back Victims Of Bad And Illegal Foreclosures
By 4.21.11
It’s no secret that foreclosures in America have been a royal mess. Missing paperwork, faked documents, turbo-charged courts that just rubberstamp foreclosure orders, robosigners, the list goes on. Along the way, a number of homeowners have gotten foreclosed on improperly and, in some cases, even illegally. So regulators are putting together a plan for grand-scale recompense. They’ve laid down decrees that servicers have to start following the law, for really reals this time, banks need to hire outside firms to review their foreclosure actions between 2009 and 2010, and then pay back their victims. [More]
Sbarro Pizza Preheats Oven For Chapter 11 Bankruptcy
By 4.1.11
Lovers of lukewarm pizza, despair. Troubled pizza chain Sbarro is getting ready to file for Chapter 11 Bankruptcy. The slice slingers are $365 million in debt and made the move after missing their interest payments. Part of the reason Sbarro has been suffering is because it has a lot of shops tied up in malls. Traffic to those dying down with the recession and the rise of online shopping has meant fewer patrons hitting the food court. The other reason is that their pizza is just sad. [More]
Is The 30-Year Mortgage On Death Row?
By 3.7.11
Plans are in the works to dismantle Fannie Mae and Freddie Mac, and that could mean that what many Americans had assumed came fourth after “life, liberty and the pursuit of happiness,” the 30-year mortgage, could be on the outs. [More]
5 Tips For Looking For A New Job During Work Hours
By 2.18.11
Looking for a new job in the current climate is difficult enough. And most currently employed job-hunters can’t risk losing have the added onus of worrying about losing that gig if their bosses find out. [More]
Even Nice Cities Not Safe From Housing Meltdown Anymore
By 2.14.11
NYT reports that the real estate crashdown isn’t just limited to Potemkin-village style build-n-flip hotspots like Vegas and and Florida. That’s just where it started. The giant needle of bubble popping is plunging through Seattle, where prices are down 30% from last year, and is making swift work of Minneapolis and Atlanta. One expert predicts prices could drop another 5 or 7% nationwide. Get out the dramamine, it’s double-dip time. [More]
Bernake Says Unemployment To Stay "Elevated"
By 2.9.11
Federal Reserve Chairman Ben S. Bernanke testified before the House Budget Committee today that he expects unemployment to “remain elevated” “for some time.” So if you were putting your job search on the back burner, thinking, “oh, I’ll just try harder when the economy gets better,” it might be time to reevaluate that strategy. [More]
Delawareans Racked Up Most Debt
By 2.4.11
Delawareans lead the nation in average consumer debt, according to a new report. Misplaced sense of state pride? (A lot of credit card companies are headquartered in Delaware because of the state’s relaxed attitude towards usury and their low taxes). Whatever the reason, $20,233 is the average per-person consumer debt load in Delaware, and the next 9 states aren’t that far behind: [More]
Employers Hired 187k Employees In Jan, 47k More Than Expected
By 2.2.11
Private employers hired 187,000 new employees in January, according to data released today by ADP. This was 47,000 more than economists expected. The number comes in advance of Friday’s Labor Department jobs report. [Marketwatch] [More]
Whopping 11% Of US Homes Are Empty
By 2.1.11
The vacancy sign is blazing over house divisions across the US. About 1 in 10 houses in America have no one living inside them, according to new data from the Census, CNBC reports. (Update: while technically correct, this number includes other kinds of properties like abandoned farm house. The more typically used number, the home-vacancy rate, is 2.7%, up from 2.5% the previous quarter). [More]
Wachovia Settles "Pick-a-Payment" Mortgage Loan Class Action
By 2.1.11
If you got a “Pick-a-Payment” mortgage from Wachovia between Aug 1 2003 and Dec 31 2008, you might be up for claiming some cash in a $50 million settlement. [More]
Is Your Outplacement Firm A Joke?
By 1.31.11
Are you really getting the best deal from your outplacement firm? WSJ looks at the cottage industry of consultancy firms that companies hire to help fired employees get new work. Problem is the level of service some of the lower-bid firms provide reflect their cost. [More]
Borders Delays Payments To Vendors For 2nd Month
By 1.31.11
Stumbling book store chain Borders has said that it would delay payments to landlords and vendors for the 2nd month in a row. In a terse press release, the company said the move was meant to “help the company maintain liquidity while it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations.” In other words, they’re trying cling to cash and stave off bankruptcy. Borders also announced receiving a $550 million loan from GE Capital. Better keep pushing those loyalty cards to customers that could become worthless pieces of plastic if the company goes belly up, Borders clerks, you’re our only hope! Customers, if you got a Borders gift card for Christmas, now might be a good time to cash it in. [More]
Train Station Closes Bathroom To Public, Pisses Off Passengers
By 1.26.11
A scrawled note scotch-taped to the New Rochelle train station in New York tells passengers that they better hold it. The city has decided that’s it too expensive to keep the bathrooms open. The recession takes its toll on your toilet. [More]
Now Banks Are Also Walking Away From Foreclosures, Just Leaving Them To Rot
By 1.14.11
It’s not just underwater homeowners just flat out walking away from their houses. Now some mortgage servicers, having decided certain properties would be too expensive to try to foreclose, secure, maintain and market, are just abandoning the properties entirely, to let nature, and whatever else, take its course. [More]
Banks To Start Paying Dividends For First Time In 3 Years
By 1.14.11
After a 3-year hiatus, banks, plumped up by big profits thanks to a dizzying array of federal aid programs, are ready to stay paying dividends again to investors. Before they can be restored, the government will conduct a round of secret “stress tests” to evaluate the banks’ financial health. If all goes well, individual investors who had seen their dividends slashed to pennies, could start once again supping from the income stream. [More]
Dine And Dashers On The Rise, Wearing Ties
By 1.12.11
In the last year the NYPD says there was a 20% increase in the number of “chew and screwers” – customers who run up a restaurant or bar tab and then duck out before paying it. And it’s not just the usual “live fast die young crowd,” entire families and guys with Monopoly mustaches are getting in on the action. [More]
Banks Lose Foreclosure Case Over Bad Docs, More Could Come
By 1.11.11
In a potential foreshadowing of things to come, Massachusetts’s Supreme Court upheld the voiding of two home seizures this week because the banks couldn’t prove they owned the mortgages at the time they foreclosed. [More]
