Personal Finance News

“As for the U.S. economy, the risk of recession is increasing toward the next year”

Asian markets fell sharply Monday as traders took their cues from Wall Street, where shares dropped Friday amid renewed concerns about U.S. mortgage problems.

Hong Kong's benchmark index declined as much as 4.6 percent, while Japan's main index lost as much as 3.8 percent and South Korea's Kospi fell as much as 4.5 percent.

'Basically, the supbrime loan issue still drags on, and there is no prospect of what can end the problem,' said Shinichi Ichikawa, chief strategist at Credit Suisse. Read more

“Hoosier homeowners hit by perfect storm.”

Ind. Gov't. - "State takes action on foreclosures" Niki Kelly of the Fort Wayne Journal Gazette writes today that the State of Indiana has set up a toll-free number and web site to advise borrowers facing ... via Indiana Law Blog

“Travellers should be ready for a strike that could last”

The French government of President Nicolas Sarkozy vowed not to give in to striking unions Sunday, as the country braced for transport chaos during the coming week in a showdown over pensions reform. via XtraMSN Real Estate

“It's not sufficient for us to just finesse the issue because we're worried that, well, we might be attacked for the various options we present”

Democrat Barack Obama said Sunday that if elected he will push to increase the amount of income that is taxed to provide monthly Social Security benefits.

Obama and other Democratic presidential candidates previously have signaled support for this idea.

But during an interview on NBC's 'Meet the Press,' Obama said subjecting more of a person's income to the payroll tax is the option he would push for if elected president.

He objected to benefit cuts or a higher retirement age.

'I think the best way to approach this is to adjust the cap on the payroll tax so that people like myself are paying a little bit more and people who are in need are protected,' the Illinois senator said. Read more

“Often people have debts to doctors, lawyers, dentists, hospitals that need to be paid off, too.”

Consumers struggling to keep up with higher gas prices and other rising household expenses have been pulling out their credit cards more often - sometimes too often. via San Jose Mercury News

Fannie Mae, the biggest source of money for U.S. home loans, said its third-quarter loss more than doubled to $1.39 billion as a deepening housing slump increased mortgage delinquencies, sending the shares down ... via Chicago Sun-Times

China's urban jobless rate has declined just .1 percent from last year even though more than 10 million urbanites found work so far this year. via Customer Interaction Solutions

Several of the nation's leading banks warned Friday that the sub-prime lending crisis would contribute to another round of quarterly losses, a sign that fallout from the housing and mortgage-lending slump is ... via Los Angeles Times

“Accordingly, management believes it is no longer beneficial to provide earnings expectations for the remainder of the year.”

Trade Financial shares slumped as much as 13% in late trading Friday after the company backed off an earnings forecast made less than a month ago after the value of its asset-backed securities portfolio dropped ... via MarketWatch

“This I can tell you - he has diddly”

The owner of a bankrupt Pennsylvania mortgage business has agreed to plead guilty to mail fraud in a case that has thrown hundreds of homeowners' finances into turmoil, federal prosecutors said Friday. via The Daily American

“Everybody agrees they want to have the best police and firefighters. The question is whether age is the best proxy for reaching that goal”

Was 76-year-old Deputy Paul Rein too old for duty? It's a harsh question in the wake of Rein's death Wednesday, but it merits asking considering Rein was somehow overtaken by a 40-year-old inmate and fatally ... via The Orlando Sentinel

“The market forces are working.”

Treasury Secretary Henry Paulson said Friday that he still expected a huge rescue fund to help resolve problems in the credit crisis to be operating before the end of this year. via WTOP

“We're not worried about it today. You can ask us tomorrow. It may change. But right now, it's not a high priority”

As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices -- but the companies that insure their loans are worrying about their very survival ... via The Oregonian

“We just got more of the same this week rattling investors, and the question for investors becomes what's the next catalyst to drive stocks higher.”

Wall Street finished a turbulent week with a drop in the Dow Jones industrial average of more than 220 points that took the markets within striking range of 13,000.

The freefall came as major banks warned of further losses on their debt portfolios.

Bank of America Corp., JPMorgan Chase & Co. and Wachovia Corp. all said the ongoing credit crisis will cause another round of heavy losses during the fourth quarter. Financial institutions took big hits during the last quarter as losses from subprime mortgages hurt their balance sheets. Read more

“The ugly truth is we are going to lose it if we don't do something.”

Workers would be able to voluntarily create retirement funds through Social Security and have their contributions matched by tax dollars, under a proposal presented Friday by Republican presidential candidate ... via The Daily News Journal

“Unfortunately nothing very meaningful was shared with this office by the servicers as far as their willingness to work with the administration in a truly substantive manner”

COLUMBUS - Ohio's governor and attorney general said Thursday they would issue subpoenas and take other aggressive measures against subprime mortgage lenders. via The Cincinnati Enquirer

Charles Prince is leaving Citigroup Inc. at the end of the year with approximately $95 million in stock, a bonus and other benefits, but the amount could fall if the embattled company's shares tumble even ... via PR-inside.com

“Reports of weaker consumer spending in September and a decline in manufacturing activity in October kept mortgages at bay this week”

Rates on 30-year mortgages fell for the third straight week, dropping to the lowest level in five months. via Tuscaloosa News

“I've got appeal that goes beyond our party”

On the stump and in new TV ads, Democrat Barack Obama is focusing on baby boomers' retirement worries and targeting companies that 'leave workers high and dry.'

Campaigning in Iowa on Thursday, Obama said, 'Americans who work hard their entire lives have earned a retirement that is secure and dignified.' Washington is doing too little, he said, but his plans 'will lift up savings for working people and reform bankruptcy laws to protect your pensions.'

Earlier in the week, Obama outlined proposals he said would help working families, and he spent Thursday focusing on one portion of that package _ retirement security. Read more

“Amazingly, we still can't refute the view that there has been no aggregate effect of credit turmoil on the labor market at all, despite mortgage industry layoffs that likely contributed to the swings of the last three months.”

Treasury prices were mixed Thursday as investors took a break from a government bond rally and monitored a shaky stock market. via CNN