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China roundly condemned the United States for its “debt addiction” and “short sighted” political wrangling and said the world needed a new stable global reserve currency.

French-Belgian bank Dexia said Thursday that it was suing Deutsche Bank for more than $1 billion in losses caused by dodgy mortgage-backed securities that imploded during the 2008 financial crisis.

We finally came full circle relative to subprime, mortgage blues, and the subsequent recession. What we could not see in 2006 are new laws enacted today. Under sweeping financial overhauls that have now passed the House and Senate, home buyers won’t be able to get a mortgage without producing pay stubs or other evidence they can make their monthly payments.

WASHINGTON – The government says the number of troubled banks kept growing last quarter even as the industry as a whole had its best quarter in two years.

continuing to react to the mortgage crisis be creating new laws, one more law is on the books. Earlier Thursday, senators dealt a blow to the nation’s largest credit-rating agencies, approving tough new rules for the industry and voting to remove the government’s formal endorsement of a handful of firms.

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