Tag Archives: Credit Crunch

USA foreclosures set record in July…again

Home loan defaults continued at a record pace in July despite ongoing programs by government authorities at both federal and state level to avoid foreclosures. Home seizure activity jumped by 7 percent in July from just a month previously and … Continue reading

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Northern Rock loses $1.2bn in first half of 2009

British Bank, Northern Rock, has reported losses of more than $1.2Billion (UK£724 Million) for the first 6 months of 2009. This signals a worsening of the situation for the bank as it shows an increase of 24% over the loss … Continue reading

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AIG to be bailed out by US Fed again

American International Group Inc (AIG) will receive almost $30bn in additional federal assistance in the fourth chapter in the government rescue of the company. The new cash injection is intended to save the struggling insurers – once the world’s largest … Continue reading

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Ireland Economy in free-fall, GNP falls 5%, is collapse looming?

While the global economy is enduring some of the greatest uncertainty in almost a century, the economy of the Republic of Ireland has been among the worst affected. The Irish Government today announced that the economy contracted by 5% up … Continue reading

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Citigroup (citibank) to go bust next?

Citigroup Inc lost more than 25% of its market value on Thursday amid growingfears over whether it has enough cash to withstand the billions of dollars of expected losses. The second-largest U.S. bank by assets is looking at its options … Continue reading

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McGraw-Hill, Standard & Poor’s and Moody’s to be investigated

In yet another twist in the financial crisis, A U.S. Senate subcommittee is focusing on whether bond-ratings firms, driven by conflicts of interest, boosted mortgage investments which have since collapsed according to an article in this morning’s Wall Street Journal. The … Continue reading

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US recession to last 14 months

Economists in the private sector in the US believe that the economy fell into recession in the spring and now predict a sharp contraction in the fourth quarter of this year according to a Federal Reserve Bank of Philadelphia survey … Continue reading

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