Mortgage Crisis
US employment report shows recessionary impact of housing and credit crisis
By Barry Grey, December 8, 2007
The employment report for November, released Friday by the US Labor Department, showed a decline in job-creation over the previous month. Overall, non-farm payrolls rose by 94,000, sharply down from t...
Bush unveils subprime mortgage scheme to bail out banks
By Barry Grey, December 7, 2007
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Fear and greed: The financial crisis driving Bush’s subprime mortgage plan
By Barry Grey, December 7, 2007
The near-panic in financial circles that lies behind the Bush administration’s scheme to freeze some subprime mortgage interest rates is summed up in an article by Washington Post business colum...
Letter from a worker in the UK sub-prime mortgages sector
December 6, 2007
As house prices fall at their fastest pace since 1995 and the Financial Services Authority warn of “very difficult” economic conditions to come, we publish the following letter from a work...
Plan to freeze some subprime mortgage rates
Bush administration intervenes to shield Wall Street from housing meltdown
By Barry Grey, December 3, 2007
The Bush administration is seeking to obtain the agreement of major US banks, mortgage lenders and servicers, and financial institutions holding subprime mortgage-backed securities to freeze the inter...
Citigroup deal highlights US banking crisis
By Joe Kay, November 29, 2007
On Monday, US banking giant Citigroup announced a deal with Abu Dhabi to secure a $7.5 billion cash infusion. The arrangement is intended to shore up the bank’s financing amidst an ongoing credi...
US home foreclosures nearly double from a year ago
By Barry Grey, November 15, 2007
The staggering rise in US home foreclosures was documented in a report issued Wednesday by RealtyTrac, a California-based marketer of foreclosed properties. Overall, the firm reported, residential for...
US Federal Reserve accedes to Wall Street demands with another interest rate cut
By Barry Grey, November 1, 2007
The Federal Reserve Board, the nominally independent US central bank, bowed to pressure from Wall Street banks and major investors on Wednesday by lowering short-term interest rates for the second tim...
Merrill Lynch reports billions in losses amidst growing signs of US recession
By Barry Grey, October 26, 2007
Merrill Lynch & Co., the world’s largest brokerage firm, reported a net third-quarter loss of $2.4 billion Wednesday and acknowledged writing off $8.4 billion in assets from failed investments i...
US government brokers scheme to bail out Wall Street banks
By Barry Grey, October 18, 2007
The three biggest US banks on October 15 announced a plan, brokered by Treasury Secretary Henry Paulson, to amass $80 billion to $100 billion in capital to prevent the collapse of highly speculative i...
Contradictions mount in US and world economy in wake of Fed rate cut
By Patrick Martin, September 20, 2007
While a half-percentage-point cut in the federal funds rate sent Wall Street soaring Tuesday, and had a lesser but still positive impact on stock trading Wednesday, there is growing evidence that the ...
World economy: Credit crunch could bring recession
By Nick Beams, September 7, 2007
While global share markets appear to have stabilised—at least for time being—it’s a different story as far credit markets are concerned. Here there are fears that a growing crisis co...
