Nov 12th, 2008 · Treasury Secretary Henry Paulson delivered a progress report Wednesday in Washington, defending the Bush administration's use of the $700 billion financial rescue package. The program was meant to buy up mortgage-backed securities full of toxic subprime mortgages, but so far $250 billion has been injected into banks.
Nov 10th, 2008 · This week, we are presenting a radio comic strip about the new economy. In part one, a middle class family, hit by the subprime mortgage crisis, comes up with an innovative - though possibly dangerous — way to save a bundle.
Oct 1st, 2008 · Wall Street may be on a roller coaster and credit markets in a deep freeze, but many smaller, local banks aren't yet feeling the pinch. They lend only as much money as they take in and stayed out of the subprime mortgage business. Leon Moore, CEO of the Bank of Floyd in Floyd, Va., offers his insight.
Sep 26th, 2008 · The battered savings and loan company Washington Mutual has become the latest casualty of the subprime mortgage disaster. Regulators say the bank fell over the edge because in the past week or so more and more customers began pulling their deposits out.
Sep 24th, 2008 · Amid all the uncertainty on Wall Street, investor Warren Buffett is giving a $5 billion vote of confidence to Goldman Sachs. The investment bank is considered to have a relatively strong balance sheet, but its stock has dropped sharply in the fallout of the subprime mortgage disaster.
Sep 23rd, 2008 · Foreclosures in risky subprime mortgages have soared, but they are only a small part of the market. In fact — despite economic pain and uncertainty — the vast majority of Americans continue to make their mortgage payments. Yet that small percentage of bad loans is having an outsized impact on the financial world.
Sep 22nd, 2008 · The Treasury Department's bailout plan will turn on how it values billions of dollars of securities backed by troubled subprime mortgages. There is little agreement on how to value those assets. How the question is resolved will determine whether the plan succeeds.
Aug 28th, 2008 · There is growing concern that the home foreclosure crisis may worsen next year as lenders are hit by a new category of loans that haven't caused much trouble. Bank analysts say they expect delinquency rates on so-called "option arms" to continue rising, and those loans could cause as much trouble as subprime loans did.