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Housing Crisis
CNBC Reporter Treated to White House's Wrath
Yesterday fired-up CNBC reporter Rick Santelli laid into the president. He implored Obama to ask Americans whether they really want to "subsidize the losers' mortgages." The traders on the Chicago trading floor cheered for Santelli and booed at the mention of Obama's plan.
Trading Spaces: 4 Changes For US Economic Landscape
If there's one thing we can agree on (or not!) is that innovation is needed to lead America out of its economic mess. Richard Florida, author of The Rise of the Creative Class, tackles how the greatest recession will reshape America in March's Atlantic.
If Florida's right, city living may be the future.
Front Page: Obama Readies $75 Billion Housing Rescue
- After signing the $787 billion stimulus bill, President Obama unveiled a new $75 billion housing program that will cut mortgage payments for millions facing foreclosure. — Reuters
- General Motors says it needs as much as $16.6 billion in new loans from the US government to survive. — Bloomberg
- After arriving in Indonesia, Secretary of State Hillary Clinton said the US seeks to deepen relations with the Islamic world.
Civil Disobedience 2009 Edition: Resisting Home Foreclosures
Homeowners soon to lose that title are finding support form neighbors, community activists, and law enforcement officials alike. A civil disobedience campaign is sweeping the country, and many facing foreclosure are refusing to leave their homes.
Community activist group ACORN has launched a Home Defender campaign, training teams to organize on short notice before an officers arrives to evict a family.
Country on Sale: Foreclosed Home Tours For China's Wealthy
I've heard stories of savvy English people hopping across the pond for a shopping holiday in New York City thanks to the strong pound; but believe it or not, the Chinese are taking shopping trips with the mission of buying million-dollar homes.
These aren't rogue bargain hunters. Rather they're part of organized tours targeted at Chinese investors looking to take advantage of deflated American real estate prices.
Front Page: Plan to Aid Homeowners, Huge Blasts Hit India, Economy Officially Shrinking
- Plan to Aid Homeowners: The Bush administration is discussing a plan to help three million homeowners with their mortgages so they can stay in their homes. In what could be the most comprehensive effort directed at the housing crisis, the government would absorb half of the losses on home loans if mortgage companies lower payments for five years. The $50 billion cost would be part of the $700 billion bailout.
- Huge Blasts Hits India: A series of bomb explosions in India has killed at least 50 people and injured more than 150.
Front Page: Foreclosures Grow by 70%, US Hands Province to Iraqis, Pirate Attacks Up 75%
- Foreclosures Grow by 70%: The number of homes in a state of foreclosure grew 70 percent in the third quarter of this year, compared with the same time last year. Almost 766,000 homes received at least one foreclosure related notice between July and September. By the end of the year it's thought there will be a million bank-owned properties for sale, or a third of all houses on the market.
- US Hands Province to Iraqis: Iraqis have been given control of security of the province of Babil by the US military.
France Weathering Credit Crisis Better: Pourquoi?
Thrifty household spending in France means the economy grows more slowly, but it also means that it slows down more moderately, too. In France, it's nearly impossible to spend money you don't have.
French credit cards are essentially debit cards, so there's no need to cut them up when you want that new Chanel bag, and banks aren't keen on providing a home loan unless you have 20 percent down, and the mortgage payments make up no more than 30 percent of your income.
What Ties Do Campaigns Really Have to Mortgage Giants?
Late last week John McCain criticized Barack Obama for his alleged ties to Fannie Mae, a mortgage giant that, along with counterpart Freddie Mac, received a sweeping federal bailout. In a video McCain inaccurately linked Obama to Franklin Raines, who retired four years ago as the CEO of now bankrupt Fannie Mae. McCain also has been hitting Obama for tapping former Fannie Mae CEO Jim Johnson to lead his VP search team, before he was asked to step down.
Michigan Asks: Does Foreclosure Take Away Right to Vote?
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The housing crisis suddenly has a whole new address: voting rights. Yesterday the chairman of the Macomb County Republican Party was quoted in the Michigan Messenger as saying he's set to assign election challengers with "a list of foreclosed homes and [we] will make sure people aren't voting from those addresses." The statement voting laws, which require an address and a desire to make sure proper election procedures were followed.
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