Unlike a traditional home equity loan in which the homeowner makes monthly payments to a lender, a reverse mortgage provides the homeowner with monthly payments, a lump sum, a line of credit or a.
As his political opponents heap on scorn, Sen. Barack Obama acknowledged that he chose his words poorly when describing small-town Pennsylvanians at a fundraiser on Sunday. But he didn’t back off the.
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NEW YORK — The financial crisis on Wall Street overwhelmed the 2008 presidential race today, as Republican presidential nominee John McCain this afternoon said he would suspend his presidential.
The Home Equity Theft Reporter: Investments Tied To Subprime Junk May Leave Florida Pension Fund "Holding The Bag" In a stealth aftershock of the Great Recession, nearly 100,000 loans that allowed senior citizens to tap into their home equity have failed, blindsiding elderly borrowers and their families and dragging down property values in.
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"Defendants treated investor money — some of which came from a public pension fund — as their own piggy bank to lavish themselves with expensive gifts," said Stephen J. Obie, the commodity futures trading commission’s acting director of enforcement.
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The losses among banks, insurers and money managers may spark the next round of writedowns on CDOs after $660 billion in subprime-related losses. They may force lenders to post more reserves after governments worldwide announced $3 trillion in financial-industry rescue packages since last month, according to Barclays Capital.
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