Mortgage Crisis
Correspondence on the impact of the credit crunch
March 11, 2008
The following letter was sent by a worker in the sub-prime credit industry in Britain
US: Student loans costs to rise from credit crisis
By Naomi Spencer, March 4, 2008
Millions of college students are facing higher loan rates and tighter lending standards under the impact of the US credit crisis. In the past month, several large providers of student loans announced ...
Bush administration, banks announce another token measure on home foreclosures
By Barry Grey, February 14, 2008
US Treasury Secretary Henry Paulson on Tuesday announced a new initiative prompted by the rising tide of home foreclosures and loan defaults, which are increasingly impacting prime as well as subprime...
On eve of “Super Tuesday” primaries, Wall Street casts the money ballot
By Bill Van Auken, February 5, 2008
With US voters going to the polls this “Super Tuesday” to choose between presidential nominees in both major political parties, the American and world mass media have focused enormous atte...
Threat of US recession panics global stock markets
By Andre Damon, January 22, 2008
Stock prices plummeted worldwide Monday, amid heightened fears of a US recession. While over the course of last week US financial markets suffered the worst fall since 2002, with the Dow Jones Industr...
Britain: “Liar loans” drive hundreds of thousands into debt
By Keith Lee, January 22, 2008
A recent report from the UK Citizens Advice Bureau (CAB) has revealed that hundreds of thousands of people are being driven into debt, end up in court and face the loss of their homes because of irres...
US bank losses intensify recession fears
By Patrick Martin, January 15, 2008
Two more major banks reported heavy mortgage and consumer-loan losses Monday for the fourth quarter of 2007, reinforcing fears that that US financial crisis will likely trigger a recession, not only i...
US Federal Reserve’s subprime regulations shield Wall Street banks
By Barry Grey, December 21, 2007
The US Federal Reserve Board on Tuesday proposed new regulations on subprime home loans that would ban or limit some of the most egregious predatory lending practices, while leaving undisturbed many o...
Record inequality in the US: Billions for Wall Street bosses as workers’ share of income shrinks
By Patrick Martin, December 20, 2007
Goldman Sachs, the most profitable US investment bank, will distribute a staggering $12.1 billion in bonuses this month, up from $9.9 billion last year. The company will pay $20.2 billion in all forms...
Homeowners in Detroit suburb demand protection from foreclosures
By Nancy Hanover, December 20, 2007
A stormy town hall meeting was held in the Detroit suburb of Southfield, Michigan December 17, as hundreds of residents sought information on how to forestall home foreclosures. The following day mort...
Detroit: second highest foreclosure rate in US
By Elisa Brehm, December 19, 2007
The US subprime mortgage crisis is hitting Detroit with particular ferocity. The home foreclosure rate in the hard-hit industrial city is now the second highest in the country, affecting one out of ev...
Central banks coordinate actions amid fears of a global financial breakdown
By Barry Grey, December 13, 2007
In a series of coordinated and parallel actions, the US Federal Reserve Board, the European Central Bank, the Bank of England, the Swiss National Bank and the Bank of Canada on Wednesday moved to inje...
