August 23, 2007 – 4:06 pm
Quotable quote from September 1, 2005: “Mortgage lending has changed and finance companies no longer have the advantage. Corporations that saw the trend coming turned to predatory credit card financing. Those charged with predatory lending, such as HSBC’s Household International, Beneficial, and Household Finance no longer have the sub-prime market locked up. While today’s new [...]
August 21, 2007 – 4:28 am
This is our mid-August focus on mortgage blues. Higher interest rates and falling property prices have contributed to rising delinquencies on subprime mortgages, which are offered to less creditworthy borrowers. This, coupled with increased relaxation of underwriting standards, has led to the bankruptcy of more than 50 mortgage lenders, the collapse of hedge funds, increased [...]
Adding to mortgage blues are layoffs like we see here. AT&T Inc. plans to eliminate about 10,000 jobs after completing the $67 billion purchase of BellSouth Corp. The reductions will come in 2007 through 2009, Chief Financial Officer Rick Lindner told analysts. The connection that some people fail to see is that one of AT&T’s [...]
By Leatherneck
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Also posted in Archives, Economic Impact, Job Losses, Opinion
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Tagged Archives, commercial real estate, Economic Impact, HSBC, investments, Job Losses, mortgage, Opinion, Quotable Quotes, real estate, subprime
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Sherrod Brown, a newly elected Democratic senator from Ohio who serves on the banking committee, said, “While the economy is good for people at the top, it’s not so good for a steelworker in Lorain, Ohio, or a small-business owner in Dayton”. Representative Charles Wilson, another newly elected Democrat from Ohio and a member of [...]
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