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Latest Causes of the financial crisis of 2007–2009 Stories

2012-05-08 23:53:14

As the country emerges from the Great Recession, a substantial number of U.S. families are underwater — and not just with their mortgages. According to a new University of Michigan report (PDF), about one out of every five U.S. households owe more on credit cards, medical bills, student loans and other non-collateralized debts than they have in savings and other liquid assets. The report also predicts continuing trouble ahead with home mortgages, with 1.7 percent of families...

2011-10-20 17:27:00

University of Maryland School of Medicine researchers find mortgage default associated with substantially increased risk of depression BALTIMORE, Oct. 20, 2011 /PRNewswire-USNewswire/ -- Researchers warn of a looming health crisis in the wake of rising mortgage delinquencies and home foreclosures. The study, released today in the American Journal of Public Health, is the first long-term survey of the impact the current housing crisis is having on older Americans. The study focused on...

2011-10-17 22:01:38

Financial education needed to help U.S. economy Bad mortgage loans and rampant consumer debt were two of the primary causes for the recent economic recession in the U.S. Despite a national trend of debt problems, a University of Missouri researcher has found one American population that holds almost no consumer debt outside of typical home mortgages. Rui Yao, an assistant professor of personal financial planning in the College of Human Environmental Sciences at the University of Missouri,...

2011-03-07 07:00:00

BURLINGTON, Mass., March 7, 2011 /PRNewswire/ -- Auto finance is one of the largest lending markets in the U.S., second only to mortgages. Auto loans and leases make up about $850 billion in American debt, more than the credit card industry. Even student loans are only about half the size of auto finance.[1] MoneyAisle.com is the first fully-automated online auction marketplace for consumers to get among the lowest rates on auto loans and refinancing, helping borrowers across the full...

2010-08-13 15:05:00

KNOXVILLE, Tenn., Aug. 13 /PRNewswire-FirstCall/ --Tengasco, Inc. (NYSE Amex: TGC) announced today its financial results for the quarter ended June 30, 2010. The Company realized net income attributable to common shareholders of $0.7 million or $0.01 per share of common stock during the second quarter of 2010, compared to a net loss in the second quarter of 2009 to common shareholders of $(0.1) million or $(0.00) per share of common stock. The Company recognized $3.3 million in revenues...

2009-08-13 15:18:00

CHICAGO, Aug. 13 /PRNewswire/ -- Chicago-based Performance Trust Investment Advisors, LLC, a financial institution advisory firm, has created a virtual forum at a new educational web site--called TheRatingsDebate.com--to discuss what credit ratings really mean in structured finance and how the rating system needs to be strengthened. Congress is reviewing proposed legislation that gives the Securities and Exchange Commission (SEC) more oversight over Nationally Recognized Statistical...

2009-06-05 15:31:58

Revolving credit among U.S. consumers fell at an annual rate of 11 percent in April, the Federal Reserve Bank said Friday. Revolving credit, most of it made up of credit card borrowing and home equity loans, fell to $931 billion in the month, down from $939.6 billion in March and $948.4 billion in February. Non-revolving credit, generally long-term loans such as student loans, car loans and mortgages, dropped to $1.59 trillion in April from $1.6 trillion in March, the Fed said. Total consumer...

2009-06-04 08:25:55

Rising interest rates on rising debt could haunt the United States much like the crisis that sneaked up on U.S. homeowners, a Harvard University economist said. Interest payments on federal borrowing could reach $806 billion by 2019, up from $170 billion this year, The New York Times reported Thursday. With borrowing escalating to get world economies back on track, a one percentage point increase in interest rates could increase U.S. obligations by $50 billion a year, the newspaper said....

2009-03-17 11:37:25

Analysts speculate the U.S. Federal Reserve could move toward buying government debt during a policy meeting that begins Tuesday. The Bank of England made a move last month to purchase British government debt, which helped drive down yields on 10-year notes, the Financial Times reported. Economist Richard Berner at Morgan Stanley said, the potential benefits of buying Treasuries seem to outweigh their costs. One tactic, Berner explained, would be to authorize the New York Fed to purchase...

2009-02-20 12:07:55

The U.S. Treasury and the Federal Reserve are planning a spending spree with the aim of freeing up credit for consumers and businesses. The Fed is to begin the first phase of what is expected to total $1 trillion in spending with a $200 billion loan program in early March, The New York Times reported Friday. The spending is meant to offset the estimated $1.9 trillion in lending capacity that has evaporated from the U.S. financial system, the Times said. There is a lot the program does not do,...