In a somewhat surprising turn of events, wealthy families in America are now losing their homes to foreclosure more quickly than the rest of the country. Here’s the interesting part – they’re doing so voluntarily, according to CNNMoney. According to RealtyTrac, more than 36,000 homes worth over $1 million were foreclosed upon last year. While [...]
Continue reading " Mansion Foreclosures Increase as Rich Walk Away "
Another financial giant has fallen. The fallout from the implosion of MF Global Holdings Ltd rippled through global exchanges this morning, as operators moved to suspend the U.S. futures broker. MF Global filed for bankruptcy protection yesterday following bad bets on euro zone debt, with London clearing house LCH Clearnet declaring the company a defaulter. MF [...]
Continue reading " MF Global Implosion Rocks Futures Exchanges "
The U.S. job market is horrific. We all know it. In fact, it’s so bad, competing with apes would make no difference. This infographic highlights the changes in the job market, with a tongue-in-cheek twist. Could a well-trained monkey do your job? Via: OS
Fueled by a combination of low lending standards, unrealistic expectations, and the proliferation of for-profit universities, the student loan crisis is likely to cost banks and the federal government significant sums of money. It will also leave borrowers subject to crippling debt for decades after they receive their degrees. Since the bank-based loan program began [...]
Is the USPS about to go the way of the dinosaur and the dodo bird? The financially strapped U.S. Postal Service reported an $8.5 billion loss in the fiscal year that ended in September and now says it will run out of money in 2012 if Congress doesn’t step in. The Postal Service will, at [...]
Continue reading " USPS Broke: Postal Service Near Collapse "
In a truly bizarre move, Federal Housing Finance Agency, the federal agency responsible for overseeing Fannie Mae and Freddie Mac, filed lawsuits yesterday against 17 financial institutions in an attempt to recover billion-dollar-losses that resulted from risky, subprime mortgage loans. In the complaints, the FHFA says the lenders misrepresented the quality of the loans. “Based [...]
Continue reading " Government Agency Sues Major Banks over Subprime Loans "
Here are your top stories for Thursday, August 4, 2011: – White House downplays recession talk – Girl rescued after 10 hours fastened to possible explosive device – Scramble for food in famine-ravaged Somalia – Turtle triumphant
Continue reading " News Minute: Top Stories for August 4 2011 "
Times are tough and they’re only getting tougher. To make things worse, our own elected officials can’t even seem to agree on how to fix this mess and the U.S. might actually default on its debts. You know how you can tell the economy is in really bad shape? Here’s how: More here: Funny Lists [...]
Continue reading " 16 LOL Signs That the Economy Is Really Really Bad "
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