Topic: Subprime Lending

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Top 5 cities with the fewest foreclosures

Home foreclosures rose last year. From December 2009 to December 2010, the average rate for America's cities went up from 4.9 percent to 5.6 percent. This represents a huge economic drag across a wide swath of the United States. But in some places, foreclosures are barely noticeable. Here are the five cities with the lowest home foreclosure rates in the US, according to a study by Foreclosure-Response.org.
The Fed speaks: Five times Federal Reserve chairmen made waves with words

The Federal Reserve, the institution tasked with guarding the economy against inflation and financial instability, has long made headlines for its words as well as its actions. Here's a look at some moments when a Fed chairman has made waves with his words.
The roar of Ron Paul: Five of his unorthodox views on the economy

Ron Paul is expected to announce an official "exploratory committee" for a presidential run Tuesday. Here is the Texas congressman and ardent free-marketer in his own words.
Portugal bailout: Who's Europe rescuing, and by how much?

Portugal announced today that it would seek a bailout from the European Union, becoming the fourth country in western Europe to request a financial rescue package. Here's a look at the financial rescue packages for Iceland, Portugal, Ireland, Greece, and Spain.
Can Adam Smith save your marriage? Four steps of 'Spousonomics'

Every marriage is a little business. "Economics is about how to allocate scarce resources," says Paula Szuchman, coauthor with Jenny Anderson of "Spousonomics: Using Economics to Master Love, Marriage, and Dirty Dishes." "That's what married people are trying to do, given that they have limited resources – time, money, patience." Marriage experts and even economists aren't ready to replace Dear Abby with Adam Smith. "Marriage is more than an economic transaction." says Raymond Fisman, a Columbia University economist. Still, he's a fan of the book. Test these four economic principles on your marriage:

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Saving Money
Bye-bye free checking. Hello fee checking.

Free checking is disappearing as banks scramble to make up lost revenue. Will the government's new finance watchdog step in and regulate bank's new checking fees?
Recess appointee Richard Cordray ready to 'prove' worth of consumer bureau (+Video)

Amid controversy over his recess appointment, Richard Cordray outlines next tasks for the watchdog Consumer Financial Protection Bureau. The new CFPB director said Thursday businesses such as payday lenders will come under scrutiny.
Bank of America in $335M settlement over lending discrimination case

The settlement with the US Justice Department was filed Wednesday with the Central District court of California and is subject to court approval. The DOJ says it's the largest settlement in history over residential fair lending practices.
Subprime scandal: ex-Fannie Mae, Freddie Mac execs accused of fraud

The SEC filed a civil fraud lawsuit Friday against six former top executives at Fannie Mae and Freddie Mac, saying they misled investors about the subprime-loan risks they faced.
Fact or fiction? No one on Wall Street went to jail for financial crisis

Who went to jail for malfeasance after the 2008 financial meltdown? DCDecoder looks at who was punished, who wasn't, and why.
Payday lenders prey on the poor, costing Americans billions. Will Washington act?

The minimally regulated, fast growing payday lending industry strips Americans of billions annually. It's time for the new Consumer Financial Protection Bureau to implement regulations to curb predatory lending so that a $400 loan doesn't put a borrower thousands of dollars in debt.
Top 5 cities with the fewest foreclosures

Home foreclosures rose last year. From December 2009 to December 2010, the average rate for America's cities went up from 4.9 percent to 5.6 percent. This represents a huge economic drag across a wide swath of the United States. But in some places, foreclosures are barely noticeable. Here are the five cities with the lowest home foreclosure rates in the US, according to a study by Foreclosure-Response.org.
The Fed speaks: Five times Federal Reserve chairmen made waves with words

The Federal Reserve, the institution tasked with guarding the economy against inflation and financial instability, has long made headlines for its words as well as its actions. Here's a look at some moments when a Fed chairman has made waves with his words.
The roar of Ron Paul: Five of his unorthodox views on the economy

Ron Paul is expected to announce an official "exploratory committee" for a presidential run Tuesday. Here is the Texas congressman and ardent free-marketer in his own words.
Portugal bailout: Who's Europe rescuing, and by how much?

Portugal announced today that it would seek a bailout from the European Union, becoming the fourth country in western Europe to request a financial rescue package. Here's a look at the financial rescue packages for Iceland, Portugal, Ireland, Greece, and Spain.
The international community must intervene – in Japan

Just as the international community had to come together to stem the financial meltdown from contaminating the entire world economy or prevent massacre in Libya, it must now intervene in Japan to prevent radiation from poisoning the planet.
Can Adam Smith save your marriage? Four steps of 'Spousonomics'

Every marriage is a little business. "Economics is about how to allocate scarce resources," says Paula Szuchman, coauthor with Jenny Anderson of "Spousonomics: Using Economics to Master Love, Marriage, and Dirty Dishes." "That's what married people are trying to do, given that they have limited resources – time, money, patience." Marriage experts and even economists aren't ready to replace Dear Abby with Adam Smith. "Marriage is more than an economic transaction." says Raymond Fisman, a Columbia University economist. Still, he's a fan of the book. Test these four economic principles on your marriage:
The Circle Bastiat
Bernanke and Co. rake in the dough

The Fed's profits are up $193 billion from 2009
Auto loans: Return of the subprime borrower

Auto loans to people with less-than-stellar credit rose 8 percent last quarter, the first annual rise in three years.
The New Economy
Unemployed homeowners to get extra foreclosure aid

As part of the foreclosure aid, unemployed homeowners will be eligible for federal bridge loans up to $50,000 to help with mortgage payments.
The Circle Bastiat
Can the Fed unload its toxic assets successfully?

How much longer the Fed can give the banking sector billions of dollars to hold on to its reserves of toxic assets is questionable. The bank's exit strategies could pose significant risks.
Foreclosure crisis phase 2: The negative equity dilemma

Many prime borrowers are being caught between devalued homes and job losses. Will Congress step in?
The Daily Reckoning
Were bad math skills behind the housing bubble?

A study find a possible cause for the housing bubble and foreclosure crisis: bad math skills of subprime borrowers.
Dow average shoots up after Europeans agree on Greece debt plan

The Dow average was up by more than 340 points as of early Monday afternoon. Investors were relieved to see European leaders agree on a Greece debt plan.
Gallery: Notable women in US politics
Goldman Sachs hearing pulls back curtain on bankers' ethics

During the Goldman Sachs hearing on Capitol Hill Tuesday, senators asked bankers why they did what they did – and the lawmakers didn't like the responses they got.
Donald Marron
Do the financially literate have fewer foreclosures?

The authors of a new study think so. Case in point: About 20 percent of borrowers in the bottom quartile of the financial literacy index experienced foreclosure compared to only 5 percent in the top quartile.
SEC charges Goldman Sachs over packaging of subprime mortgage deal

The SEC has charged Goldman Sachs with fraud over its packaging of a subprime mortgage investment.
The Daily Reckoning
Alan Greenspan vs. Ben Bernanke: the follies of Fed chairmen

Both Greenspan and Bernanke have been flawed as Fed chairmen.
The Big Short

Michael Lewis ("Liar's Poker" author) makes a brisk, illuminating story out of the run up to the 2008 financial collapse.