Category Credit crisis

Northern Rock, a bank in England that is their fifth largest mortgage lender, has been decimated hit by the subprime crisis, and will probably be sold to a consortium to stave off what was becoming into a run on the…

If you are forced to sell your home at a loss, unlike with other investments, the losses are not tax-deductible. Worse, if you get foreclosed and the bank sells the home for less than what you paid for it, the…

In a major departure from the norm, August home sales in L.A. were down 25% from July and 50% from August 2006. (Ordinarily August home sales in L.A. are stronger than in July.) WaMu CEO: “near-perfect storm for housing“

British banks face 10-day debt timebomb Almost 20 per cent of the short-term money market loans issued by European banks are due to mature between September 11 and September 19. If the bank can’t roll over the loans and find…

Wall Street has been assuming the Fed will cut interest rates at their Sept. 18 meeting. Well, to be more precise, they’ve been foaming at the mouth, screaming for, and demanding a rate cut. They might not get it. Philly…