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By Benny Morris (Author), Roger Owen (Editor), Edmund Burke (Editor), Michael C. Hudson (Editor), Walid Kazziha (Editor), Rashid Khalidi (Editor), Serif Mardin (Editor)
By Joe Torre and Tom Verducci
$17.79
$24
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Poster Boy NYC (CC BY 2.0)
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Banks gave money to needy college students without considering whether borrowers could repay, then bundled and resold the loans to avoid losing money when students defaulted—lending practices that mirror the run-up to the subprime mortgage crisis.
Posted on Jul 21, 2012
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Flickr / futureatlas.com (CC-BY)
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So, remember that whole bailout thing that began a couple of years ago? It’s not over yet, at least not when it comes to those delinquent housing giants Fannie Mae and Freddie Mac. According to new government projections, the Fannie and Freddie bailout fiasco could ... (continued)
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AP / J Pat Carter
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“The large print giveth and the small print taketh away,” as one wise troubadour put it, and luckily for struggling homeowners, President Obama took a good look at a bill that had cleared Congress and flexed his executive powers to send it back Thursday.
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AP / Charles Dharapak
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Calling him “short, slight and looking as though he were on a break from prep school,” The Washington Post’s Dana Milbank devoted his entire column Wednesday to the “arrogance” of Goldman Sachs wunderkind Fabrice “Fabulous Fab” Tourre, as well he should have done.
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AP / Andy Blenkush
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By Moshe Adler — Why should a poor borrower be held more responsible than a rich borrower for the default of another poor borrower?
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Flickr / eflon
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We all know the outcome now, but in the latter months of 2007 executives at AIG seemed to be only starting to catch wind of the problems that eventually led to the nationwide financial collapse the firm helped precipitate a year later. Were they just overly confident? Clueless? Or were they hiding the fact that they knew very well that the jig was up?
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AP photo / Charles Dharapak
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By Bill Boyarsky — As was the case in the first presidential debate, Barack Obama emerged from Tuesday night’s confrontation with John McCain in Nashville, Tenn., in command of the situation. The Democratic nominee looked calm, confident and presidential as he won their second contest.
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AP photo / Susan Walsh
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By Bill Boyarsky — With a stunningly vicious pair of blows, the faltering world economy—the Godzilla of this year’s presidential race—has made the candidates look small. Why hasn’t this looming crisis been part of the presidential debate?
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foreclosurewearhouse.com
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Congress to the rescue! Mortgage lending giants Fannie Mae and Freddie Mac are being propped up in their time of dire need, thanks to a bill passed Saturday that will lift the world’s two largest financial institutions out of immediate danger and help some homeowners handle mortgage crises.
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AP photo / Ron Edmonds
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President Bush is still insisting that the U.S. economy is in generally good shape, even as he asks Congress to support legislation to help Fannie Mae and Freddie Mac, while insisting in the same breath that he’s not proposing a “bailout” for the ailing mortgage companies. Hmmm.
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Flickr / sfadden
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The housing market is continuing its descent into Slumpsville, judging by the way things have gone over the first quarter of 2008, and indicators don’t look good for the immediate future, either. American homeowners have been forced into foreclosure in record numbers this year and late payments have soared to a new high.
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AP photo / Reed Saxon
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By Stanley Kutler — With our economic and financial crises deepening, government insiders reportedly are debating whether we need to restore some regulation—or not. Given the state of things, we can expect further woes and no regulation.
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France 24
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Those hoping for better news about the state of the U.S. economy—not to mention the bigger picture—aren’t going to hear it from former Fed chair Alan Greenspan anytime soon, judging by his ominous forecast released Monday.
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The FBI has announced an investigation into the practices of more than a dozen companies related to the subprime mortgage crisis that has destabilized the American and global economies. The Securities and Exchange Commission has already launched investigations of its own, and though it’s nice to see the authorities crack down on improper practices, it would be nice to have some oversight before there was a crisis.
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AP photo / Richard Drew
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Winter 2008 is shaping up to be a gloomy season for the American economy, with mounting concerns over subprime mortgage prices and a plunging stock market. Thursday was a particularly dreary day on Wall Street, with the Dow Jones industrial average down 307 points and the Standard & Poor’s 500 falling almost 3 percent.
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The term “subprime mortgage” has certainly been in heavy rotation in recent months, and economic panic has spread as a result of lenders playing fast and loose with their home-lending criteria, causing chaos in the mortgage market. Enter the Federal Reserve to try to undo some of the damage and prevent a recurrence.
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