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IMF Plans Huge Credit Line for Poor Nations

Wave of defaults in developing world could imperil global economy

(Newser) - While the financial crisis is leading the West into recession, other parts of the world from Hungary to Argentina face an even worse fate: default, market panic, and possibly social upheaval. Now the IMF is working to build a giant line of credit, funded by rich nations, to provide...

China Embraces Credit Cards
 China Embraces Credit Cards 
Oct 22, 2008 1:36 PM CDT

China Embraces Credit Cards

Untapped market prompts banks to aggressively market plastic

(Newser) - Banks are moving to tap China’s lucrative market for credit cards, issuing millions in new plastic in recent years, the Los Angeles Times reports. There are about 100 million credit cards today in China, up from 3 million in 2003. And the market is still tiny, by American standards:...

Hungary Gets $6.7B Loan to Avert Meltdown

Budapest secures huge loan to prevent default à la Iceland

(Newser) - The Hungarian government secured a $6.7-billion loan yesterday from the European Central Bank in an attempt to stave off an Icelandic-style national meltdown. The EU newcomer's troubles derive from loans denominated in euros or Swiss francs, rather than the softer Hungarian forint. Frozen credit markets have left Hungary's government...

Russia Drops $5.4B on Iceland's Imploding Economy

Nordic nation pegs exchange rates, nationalizes another bank

(Newser) - Iceland is in talks to receive a $5.43 billion loan from Russia to stave off economic collapse, as the tiny Nordic country nationalized yet another bank and fixed its currency's to the euro. An oversized banking system has left Iceland dangerously exposed to market gyrations, and the prime minister...

Why AIG Got a Bailout (and Lehman Didn't)
 Why AIG Got a Bailout 
 (and Lehman Didn't) 
ANALYSIS
Sep 17, 2008 7:40 AM CDT

Why AIG Got a Bailout (and Lehman Didn't)

Credit default business dooms, saves giant

(Newser) - The Federal Reserve seemed to draw a hard line against bailouts with Lehman Bros., but just days later it stepped over that line to save AIG. Why?  First, says Time: Size. Its implosion would have been "as close to an extinction-level event" as we've been since the Depression. But...

Mrs. Mac Pays Condo Taxes... 4 Years Late

Beer heiress never got San Diego property bills, aides say

(Newser) - A trust company overseen by Cindy McCain has paid almost $7,000 in overdue property taxes to San Diego County, after Newsweek began looking into unpaid bills on the condo. Government notices sent to a Phoenix address were returned by the post office; and the county claims that McCain owes...

Creditors Fed Off Equity Boom, Creating 'Double Bubble'

US charged against home value now gone

(Newser) - As home values boomed, banks raised credit limits and extended offers for new cards, urging consumers to pay off the debt by drawing on their equity, USA Today reports. Many of those borrowers now face high interest rates on homes tapped of equity and hemorrhaging value—and the boom in...

Jacko Can Keep Neverland
 Jacko Can Keep Neverland 
Mar 13, 2008 5:32 PM CDT

Jacko Can Keep Neverland

Last-minute deal keeps King of Pop's ranch from public auction

(Newser) - The King of Pop will live another day as the rancher of Neverland. Michael Jackson made a last-minute deal today to refinance his notorious California homestead and will retain ownership, the AP reports. The 2,500-acre property had been scheduled for a public auction next week after Jackson—who hasn't...

Home Seizures by Banks Jump 90% in Year

Lenders reclaim 45K properties as mortgage payments rise

(Newser) - Banks seized more than 45,000 homes in January, nearly double the number from a year ago and up 8% from December, Bloomberg reports. Rising adjustable-rate mortgage payments were the culprit. Total foreclosure filings, which include default and auction notices in addition to seizures, increased 57% to 233,001, the...

Paulson Calls for More Housing Relief

Treasury secretary suggests aid for prime-rate borrowers

(Newser) - Treasury Secretary Henry Paulson advised the mortgage industry today to give help to millions of financially stressed homeowners whose mortgages are set to rise. His comments signal that the Bush administration is starting to push lenders to expand relief beyond subprime borrowers to homeowners with other adjustable-rate loans, reports the...

Americans Falling Behind on Credit Cards

Amount overdue on US accounts surged 26% in October

(Newser) - It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much brighter. The value of credit card accounts at least 30 days late surged 26% in...

Freddie Mac Chief: Housing Market Will Get Worse in 2008

Tells investors to expect losses in fourth quarter

(Newser) - Predicting even tougher times for the US housing market, Freddie Mac chief Richard Syron yesterday told investors in New York that the government-sponsored mortgage lender would report another net loss in the fourth quarter and credit losses to $12 billion on its mortgage portfolio, reports the Financial Times. Freddie Mac...

Argentina Elects 'New Evita'
Argentina Elects 'New Evita'
Oct 29, 2007 4:07 AM CDT

Argentina Elects 'New Evita'

President Cristina to replace husband

(Newser) - Argentine first lady Cristina Fernandez de Kirchner has become the country's first elected female leader after trouncing 13 rivals in the presidential election yesterday, Reuters reports. A glamorous 54-year-old lawyer and center-left senator, she will take over from husband President Nestor Kirchner in December. Kirchner is credited with leading Argentina's...

Cash-Strapped Jacko Could Lose Neverland

King of Pop defaults on $23M loan and has 90 days to pay—or else

(Newser) - Michael Jackson has defaulted on a $23 million loan against his storied Neverland Ranch, and he’ll lose the Santa Barbara fortress if he doesn’t pay in 90 days. The King of Pop is in his worst financial situation ever, says Fox News, and speculation is mounting that he’...

August Home Price Plunge Is Biggest Since 1970

New-home sales also off more than forecast

(Newser) - New-home sales fell 8.3% in August, Bloomberg reports, a greater decline than predicted. Housing prices fell over last year, with the 7.5% decrease the biggest drop since 1970. Sales fell to an annual pace of 795,000, lowest in seven years. And that may not signal the housing...

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