Subprime Mortgage Crisis News

Gov. David Paterson has only kind words for Wall Street -- even as he warns that New York has run out of cash.

Market distress has eased since the height of the crisis, suggesting that some government policies have been successful.

The last decade has been an economic perfect storm. Things got off to an unpleasant start with the bursting of the dot-com bubble.

Here's the text of his speech. Almost exactly one year ago, on a cold winter's day, I met with my new economic team at the headquarters of my presidential transition offices in Chicago.

When the financial crisis began, few players on Wall Street looked more ripe for reform than the Big Three credit rating agencies.

For the past three years, Lisa Matthews has never missed a mortgage payment - handing over $292, like clockwork, every week.

Between the collapse of communism and the outbreak of the subprime crisis, an understandable and justified respect for market forces mutated into a rigid and unquestioning devotion to a particular, and blatantly unrealistic, adaptation of Adam Smith's invisible hand of the market.

Federal Reserve chairman Ben Bernanke faced withering criticism from Republican senators James Bunning and Richard Shelby, as well as Democratic Senator Christopher Dodd, today at his re-confirmation hearing for another four years as head of the U.S. Central Bank.

The subprime crisis became the global crisis when the 2007 financial shock mutated into a full-blown global economic crisis in September 2008.

A blog about how weaning our economy off oil means some fundamental changes in the way we live, and other things... Wednesday, December 2, 2009 6:21 AM Financial crisis or energy shock? Jeff Rubin I f you listen to Ben Bernanke and Wall Street economists, it was the damage the subprime mortgage crisis inflicted on highly leveraged banks that ...

Attacking Dubai has become fashionable in Western circles. British reporters and columnists, in particular, are sinking their teeth into the Emirate like dogs chomping on a juicy bone.

Did US bankruptcy laws exacerbate the housing crisis? This column says that a 2005 reform that made declaring personal bankruptcy more difficult increased mortgage defaults and home foreclosures.

By Daniel M. Harrison The following is the first part in a 3-part series of finance book reviews for the Winter Holiday season.

Focus this week may remain on the fallout from the potential Dubai debt default, which saw the Hang Seng Index lose 1,000 points on Friday.

The Worst Decade Ever not only affected the United States, but, through economic and political interrelationships, affected the entire world as the planet became a bit smaller with better communications technologies, interrelated trade practices, and interdependent geopolitical and economic considerations.

In affluent suburbs, as people lose jobs, the speed of foreclosures have increased.

Boy oh boy, are banks taking a beating on the big screen. In his latest movie, "Capitalism: A Love Story," Michael Moore skewers banks for paying excessive bonuses, collecting life insurance on deceased executives and pulling pack on lending after they received TARP money.

Of course, everyone thinks they know since the three officials in question, Mr. Trichet , Mr.

Contra Costa has sued 12 municipal bond insurers the county says sold it millions in coverage that became worthless after the subprime mortgage crisis in 2008.

Facing a hail of criticism, Goldman Sachs' top officer has offered a halting apology for the premier investment bank's role in the subprime mortgage crisis that sank the nation's economy.