pagebg

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.


Leave a Reply