Credit counselors overwhelmed by U.S. mortgage crisis...Reuters tells us that "when rising interest rates began driving up mortgage payments last year, homeowners started to feel the pain. Phones at credit counselors across the country are now ringing off the hook" and that "Demand for counseling appointments at CCCS's Cincinnati offices has risen 87 percent from a year earlier"...
Motorola's Warning: Unmitigated Disaster...the gist is that mobile phone sales have stalled because consumers are in the process of getting their hands on an IPhone or are holding off of any purchase until they see how the IPhone works out...that makes sense to me...
Rating Agencies Beholden to Issuers Rather Than Subscribers...investors should have this statement tattooed to their foreheads so they see this every morning...
The LA Times says that "Two years ago, former New York Atty. Gen. Eliot Spitzer launched an investigation into mortgage lending practices. But instead of backing Spitzer’s demand for lending records from three national banks, the Comptroller of the Currency filed suit seeking to block the probe"...ouch...
Greg Mankiw says "Maybe it is time for people to recognize that our tax code discriminates against renters--a policy that has little to recommend it on the basis of either fairness or efficiency"...I agree with that 100%..
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