Bank of America said it will cut about 7,500 jobs after it closes its acquisition of Countrywide Financial Corporation, a mortage lender. The job cuts amount to about 12.5 per cent of the combined companies’ mortgage, home equity and insurace business, after the purchase is completed this week. The Charlotte-based bank said the cuts will […]
Experts Offer Tips on Avoiding Home Foreclosure
by James Parks The mortgage foreclosure crisis, fueled by years of unchecked predatory lending practices and a speculative bubble in real estate prices, has resulted in a disaster for millions of America’s homeowners. Not since the Depression of the 1930s have so many U.S. homeowners owed more on their mortgages than their homes are worth. Defaulting […]
Let’s Celebrate: Exxon Mobil Is Making Record-Breaking Profits
by Tula Connell Trying to keep up with the bad economic news can take up most waking hours these days. Just in the past few days, the following have been reported: U.S. gross domestic product (GDP) grew at a miniscule rate in the past quarter—0.6 percent, giving the Economic Policy Institute (EPI) cause to frame […]
Women at Greater Risk in Today’s Bad Economy
by Mike Hall Women are at greater economic risk in today’s sinking economy than in past recessions, a new report shows. In the past year, women’s real wages fell by 3 percent, compared with half a percentage point for men’s wages. The report comes as the nation is set to mark Equal Pay Day tomorrow […]
Ailing Financial Firm, WaMu,Exits Wholesale Lending Business
Seattle, WA (MarketsBlog) – Ailing financial firm, Washington Mutual has raised $7 billion after cutting its dividend to $0.01/share; the measure is designed to revive the struggling company amid the credit market crisis that has roiled financial firms since last August. Analysts say that the step will help WaMu to stay aflloat despite huge losses […]
Getting out of Debt
One common problem which inflicts a vast majority of the people irrespective of caste, creed or nationality is the debt burden. While developing countries feel the heat arising out of poverty, affluent nations face it out of consumerism. The aftermath of this burden manifests itself in varying consequences, from suicides to bankruptcy. It destroys […]