As part of his continuing series of reports making sense of economic news, Paul Solman tells the story of some homeowners who have stopped paying their mortgages even though they can still afford them.
The number of U.S. homes worth less than the mortgages owed on them reached 10.7 million, or 23 percent of all mortgaged homes, in the third quarter, according to a new report.
In other news, the House voted overwhelmingly to rein in credit card companies, and the Senate defeated a measure to give homeowners relief in federal bankruptcy court. In Iraq, British troops handed command of Basra to U.S. forces.
The number of U.S. workers filing for unemployment benefits dipped to 639,000 last week, and the House of Representatives moved forward on a bankruptcy home loan bill. Also, the president of Sudan expelled more aid organizations after the International Criminal…
The economic downturn isn't all bad for everyone. Paul Solman reports on some Americans who have seen their quality of life increase.
Reaction in the banking world and among the public to President Barack Obama's plan to ease home foreclosures has proven mixed. Analysts debate the plan's merits and examine what the measure may mean for homeowners and lenders.
The economic downturn in Stockton, Calif., one of the first communities in the country to experience the foreclosure crisis, is bringing challenges and opportunities there. Spencer Michels reports from the central California city.
With about half of the federal bailout allocation spent, questions remain about how exactly recipient banks used the money. Analysts give an update on where this $350 billion has gone.
On Capitol Hill Tuesday, Ben Bernanke and Henry Paulson defended their economic rescue strategy and automakers made their case for federal aid. Senators detail the debate over using bailout funds to help automakers.
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