Category Credit crisis

A Ponzi scheme that enriched the wealthy by recording nonexistent profits… So how did it happen that so many Americans are at risk of losing their homes? It turns out that under Bush’s watch financial regulators changed the rules of…

Tighter lending standards and increased regulation will change the housing outlook for some years to come. As past marginal buyers are forced to sell their home to prevent foreclosures, so too will future marginal buyers be restricted from buying them.…

And some of them are being forced to sell at auction for less than what they owe.

Nearly 900 Californians a week are losing their homes because they can’t afford to pay the mortgage â┚¬â€ up from about 100 a week a year ago â┚¬â€ providing fresh evidence that the housing market’s troubles are nowhere near over.…

From reader DJ From a flyer from the local Countrywide rep in Cedar City, UT: In recent weeks there has been a huge decline in product availability in the subprime field. All lenders are tightening their guidelines and providing less…