A recession is already here: the credit crunch is a collateral crunch: Mortgage resets have yet to peak, and will do so in 2008. Combine that with decline in house prices and a far stricter credit environment, and a unprecedented uptick in mortgage defaults is on the cards:
Mortgage Lender's Bankruptcy : Thousands of homeowners face an "imminent risk" of losing their homes because of clashes between American Home Mortgage Investment Corp. and its former financial backers, according to Freddie Mac, a government-chartered housing financier.
Recession Time! The Housing Bubble Bursts the Economy : The downturn in jobs reported last month by the Labor Department provided evidence of an economic downturn that even the economy's greatest cheerleaders could not ignore. Healthy economies do not shed jobs.
Mortgage brokers say 57% of customers couldn't refi: Some 57 percent of mortgage broker customers with adjustable-rate loans were unable to refinance into a new loan to avoid higher monthly payments in August, a national survey reported on Tuesday.
Dollar Hits New Low Against Euro: The dollar hit a new all-time low against the euro in overnight trading and remains under pressure Wednesday, as investors continue to weigh the implications of possible U.S. interest rate cuts next week.
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