rebuild.org finance news: latest news

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  • Housing Crisis Produces Stress
    It’s apparent that the current housing crisis in the U.S. is having a decisive impact on banks, home buyers, home sellers, and investors. But in addition to producing financial stress on both Main Street and Wall Street, there’s new evidence that the housing slump is also giving rise to emotional stress. A survey conducted by the American [...]
    [December 18th, 2007]
  • Retailers Easy Hacking Target
    A new study indicates that retailers are prime targets for computer hacking. AirDefense Inc., a producer of security measures for wireless data systems, discovered that one in four store access points were trading information with no type of encryption. Encryption is a scrambling system that’s used in an attempt to thwart would-be hackers. What’s more, AirDefense found [...]
    [December 10th, 2007]
  • Subprime Mortgage Crisis Takes Toll on Securities
    A new report indicates that securities backed by subprime mortgages are definitely underperforming. The disappointing news appears to be the result of three primary factors: decreasing home prices, expanded high-risk loan products, and substandard underwriting. The report is the work of Fitch Ratings, a leading credit rating agency. The report indicates 70% of subprime mortgages [...]
    [December 10th, 2007]
  • Fannie Mae Suffers Stinging Loss
    Lending giant Fannie Mae suffered a devastating loss during the third quarter of the year. The nation’s largest source for home loans reports that its loss more than doubled to $1.39 billion - a loss created by the housing crisis. Fannie Mae owns or guarantees some $2.7 trillion worth of mortgage assets. In its filing with [...]
    [December 9th, 2007]
  • Loan Production Plummets at Countrywide
    As yet another indicator that the housing market is in free fall, Countrywide Financial Corporation is reporting that its home loan production nosedived last month. According to figures released by the company, home loans are now about half what they were this time last year. Meanwhile, the percentage of delinquent loans being handled by [...]
    [December 9th, 2007]
  • Consumers Need to Guard Their Bank Accounts This Holiday Season
    With the holidays just around the corner, experts say consumers would be wise to re-examine their spending habits. Because of the sales that are ever-present in the days leading up to Christmas, many individuals may be tempted to push their credit spending to the limit. As a result, for Christmas 2007, consumers would do well to [...]
    [December 9th, 2007]
  • Country Still Reeling from Subprime Loan Crisis
    The nation appears to be continuing to feel the effects from the collapse of the subprime loan industry. Subprime loans are those home loans that were extended to borrowers with shaky credit histories. While such loans helped to increase the rate of home ownership, they have also resulted in a cascade of loan defaults. The crisis [...]
    [December 9th, 2007]
  • Government Works to Reduce Foreclosure Rate
    Members of Congress are calling for a renewed government effort to reduce the rate of home foreclosures in the country. The risk of default is increasing, given the fact that some 2 million subprime mortgages will soon reset to higher monthly payments. As House Financial Services Committee Chairman Barney Frank said, “Speed is important. Time is [...]
    [December 6th, 2007]
  • Fed Cuts Interest Rate to Boost Housing
    When the Federal Reserve Board cut its federal funds rate by a quarter of a percentage point, the goal was to correct the national housing slump. The rate decrease—the second in 6 weeks—is also designed to help keep recession at bay. In its official statement, the Fed said, “The pace of economic expansion will likely slow [...]
    [December 6th, 2007]
  • Gas Station Customers to Pay the High-Tech Way
    Motorists in Chicago have a new, high-tech method of paying for their gasoline. Nearly a dozen gas stations in this Midwestern city are using something called biometric pay systems. Paying the biometric way means having your fingertip scanned. The scan connects automatically to your credit card account or checking account, allowing you to pay by finger. As [...]
    [December 6th, 2007]
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