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Archive for September, 2007

Trapped by the mortgage meltdown

Whether you’re a home seller, owner or buyer, by this point you’ve got to be feeling a little rattled. The bad news about the housing market seems never ending: Foreclosures have more than doubled over the past year. More Info…

35 minutes to riches


It’s Money Magazine’s 35th anniversary. In its honor, here are 47 smart ways to get on track to a rich life.

Save or splurge
Plus: Full table of contents from the September issue.

Money 70: Best funds
Use these picks to fill any hole in your portfolio.

Invest to win 2007


Money Magazine’s new list of best mutual funds. Plus: 5 perfect money makeovers.

Getting rich in America
Full table of contents from the July 2007 issue.

Trapped by the mortgage meltdown


Whether you’re a home seller, owner or buyer, by this point you’ve got to be feeling a little rattled. The bad news about the housing market seems never ending: Foreclosures have more than doubled over the past year.

Money 70: Best funds
Use these picks to fill any hole in your portfolio.

Best places to live
Americans are flocking to places that offer big-city opportunities and amenities — with a lot more green space and a lot less stress. See the top 10 Great American Towns.

Stopping a crisis becoming a catastrophe (FT.com)
FT.com - In the end fine economic judgments were swept aside by politics, calm deliberation by panic on the streets. Never mind that investors in Northern Rock, Britain's fifth largest mortgage lender, had been assured their money was safe. The television images of thousands queuing to empty their bank accounts the length and breadth of Britain were too much for Gordon Brown's government. Signs that the contagion was spreading to other leading banks risked a crisis turning into a catastrophe. Only a blanket guarantee would do.

Countrywide caught in mortgage spiral (AP)

Countrywide Financial Corp. customers wait in the lobby of a Los Angeles branch,  in this Aug. 20, 2007 file photo. Countrywide Financial Corp. grew from a two-man startup in 1969 to become the nation's leading mortgage lender by deftly riding out housing boom-and-bust cycles. But the current cycle has forced the company to borrow billions of dollars, cut thousands of jobs and dramatically restructure its lending practices. (AP Photo/Nick Ut, File)AP - Countrywide Financial Corp. grew from a two-man startup in 1969 to become the nation’s leading mortgage lender by deftly riding out housing boom-and-bust cycles. This time around, however, the ride has been a lot rougher, leaving the company in a scramble to regain its footing as the housing market has turned from boom to bust.


Northern Rock shares slide as chiefs push for sale (FT.com)

FT.com - Northern Rock shares plunged by a further 40 per cent in afternoon trading on Monday as the mortgage lender and its regulators prepared to try again to arrange a sale. More Info…

FT.com - The pound fell to a fresh 14-month low against the euro on Monday as worries over the UK financial sector continued to weigh on the currency following the Bank of England's decision to bail out Northern Rock, the troubled mortgage lender. More Info…

More Info…

Money Magazine’s new list of best mutual funds. Plus: 5 perfect money makeovers. More Info…

Use these picks to fill any hole in your portfolio. More Info…

Question: Our granddaughter fully funds her 401(k). But to give her an incentive to save even more, we give her $2,000 a year to invest in a Roth IRA, provided she invests $2,000 of her own money first. She recently married, however, and now her and her spouse’s combined income make her ineligible to fund a Roth. We’d like to continue our matching-fund arrangement with a non-deductible IRA. Is that possible? - Lauri Shafer More Info…

Money & Ethics: Do the Right Thing

Northern Rock set for sell-off as savers flee: paper (Reuters)

A branch of Northern Rock in London, September 15, 2007. (Luke MacGregor/Reuters)Reuters - Embattled British bank Northern Rock is preparing for a sell-off that could see its 100 billion pound ($200 billion) mortgage portfolio divided between the country's other major banks, the Sunday Telegraph newspaper said.


Global stocks tumble as N.Rock woes deepen (Reuters)

A trader reads a newspaper inside a trading floor at the Phillippine Stock Exchange in Manila's Makati financial district in this file photo from September 13, 2007. Asian stocks eased on Monday, taking a breather after four straight weeks of gains, with expectations of a U.S. interest rate cut this week offset by renewed worries about a global credit squeeze. (Romeo Ranoco/Reuters)Reuters - European and Asian stocks fell on Monday while sterling hit a one-year low as concerns over financing for banks grew after UK mortgage lender Northern Rock tapped the Bank of England for an emergency loan last week.


Getting rich in America
Full table of contents from the July 2007 issue.