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Housing Ills Ripple Across Pond
The American housing crisis is echoing in Europe, where home prices are dropping after a decade of rapid growth. The damage is limited, however, by intercontinental differences. High interest rates and...
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Americans Falling Behind on Credit Cards
It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much...
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Creditors Fed Off Equity Boom, Creating 'Double Bubble'
As home values boomed, banks raised credit limits and extended offers for new cards, urging consumers to pay off the debt by drawing on their equity, USA Today reports. Many of those borrowers now face...
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Banks Play Hide-and-Seek With Bum Loans
Banks are increasingly finding creative ways to lessen the impact of shaky loans on their bottom lines, shifting them to subsidiaries or changing their definition of non-performing, the Wall Street...
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Morgan Stanley Cuts Off Home Equity Lines
Morgan Stanley has told thousands of its home-equity credit clients they can no longer draw on the lines, Bloomberg reports. Most had property values that had fallen, and were frozen to cut back on...
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Bank Ads Helped Spin 2nd Mortgages
Until recently, borrowing against one's home was considered a desperate measure, but now it's commonplace. Since the 1980s, outstanding home-equity loans—once called second mortgages—have exploded a...
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Almost 40% of Second Mortgages Underwater
Homeowners who took out a second mortgage are twice as likely as those who didn’t to be underwater on their mortgages, with a whopping 38% owing more than their homes are worth, according to a...
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