Wednesday, April 7, 2010 as of 11:14 AM ET
The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value.
Read More at Wikipedia ›A community bank and 19 ex-employees have been criminally charged with issuing hundreds of millions of dollars in fraudulent mortgages that ended up in unwitting investors' portfolios, prosecutors said Thursday in announcing a rare indictment of a bank in the mortgage meltdown that rocked the U.
S. economy.Abacus Federal Savings Bank was hit with mortgage fraud, grand larceny and other charges in what Manhattan District Attorney Cyrus R. Vance Jr. called "a systematic scheme to falsify and fabricate mortgage applications" so that unqualified borrowers could get loans. The loans later were sold to mortgage giant Fannie Mae, which repackaged them into securities for investors.Abacus, a Chinatown-based bank with mainly immigrant customers and branches in New Jersey and Pennsylvania, said it had investigated and reported the problems and would vigorously defend itself.Vance said most of the mortgages in this case were being paid on schedule. But the allegations reflect the lax lending that ...President Barack Obama says the May jobs report shows that the economy is not creating jobs "as fast as we want" but vows that the economy will improve.Obama says, "...
Author, Joel Manby, on integrating faith and love into the workplace and why you don't have to 'leave your heart at home'
With two consecutive months of dismal job growth amid rising unemployment -- and just five months until Americans go to the polls to choose their next president -- t...
WH reacts to low job numbers
Only a month ago, surprisingly strong corporate earnings and steady growth in the U.S. economy had investors in a cheery mood. The Dow Jones industrial average stood...
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Nothing upsets a president's re-election groove like ugly economic numbers.A spring slowdown in hiring and an uptick in the unemployment rate are weighing on Barack ...
The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a...
The International Monetary Fund's top official has expressed regrets for comments about Greeks' suffering during their debt crisis.Managing Director Christine Lagard...
Italian Premier Mario Monti urged his European partners on Thursday to speed up measures to limit contagion from the crippling debt crisis and to stimulate economic ...
Below the steps of Paris' Sacre Coeur church, four sellers of fake Dior sunglasses run off past a group of tourists."The police came, so they ran," said kiosque wor...
The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a...
It's Barack Obama's house now, but his predecessor and political foil, George W. Bush, stole the show at the White House on Thursday with his wisecracks and grin."Th...
New figures show German exports up 5.8 percent in 2012's first quarter over the same period last year, but slowing within the key European Union market and dropping ...
The economy added only 69,000 jobs in May—only about half of what is needed to keep up with natural population growth. The unemployment rate rose to 8.2 percent. In ...
"This building, this half-a-billion dollar taxpayer investment, represents a serious conflict of interest on the part of the president and his team. It's also a symb...
House Speaker John Boehner joined Mitt Romney and other Republicans in expressing concern about the bleak May unemployment report released Friday, saying "Americans ...
Ireland's voters have agreed to ratify the European Union's deficit-fighting treaty with a resounding 60.3 percent "yes," results Friday showed, but government leade...
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