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Late payments on consumer loans rise (AP)

Holiday shoppers cross Seventh Avenue in New York, November 23, 2007. Americans are falling further behind on consumer loans, with late payments rising to the highest level since the nation's last recession in 2001, data released Thursday show. (Ray Stubblebine/Reuters)AP - Late payments on a cluster of consumer loans, including those for autos, home improvement and certain home equity loans, climbed in the summer to their highest point since the country’s last recession in 2001.


The era of easy money is over (FT.com)
FT.com - According to new polls, the economy is the number one issue for American voters. A million homeowners may lose their homes because of the subprime mortgage crisis and millions more face difficulties getting credit. Energy costs are up, consumer confidence is down. We are poised for recession.

30-year mortgages rates decline (AP)

A man walks past signs in Hastings, southern England January 3, 2008. Banks expect to cut back further on lending as a result of the credit crisis, the Bank of England said on Thursday, while Federal Reserve policymakers thought big interest rate cuts may be needed to buoy the U.S. economy. Corporate credit availability was also reduced sharply and conditions look set to tighten further in the next three months while mortgage defaults were likely to rise, the survey showed. REUTERS/Toby Melville (BRITAIN)AP - Rates on 30-year mortgages fell last week to the lowest level in a month as investors found new reasons to worry about a possible recession.


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