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Almost 3 million homeowners received at least one foreclosure filing during 2009, setting a new record for the number of people falling behind on their mortgage payments.
RealtyTrac, the online marketer of foreclosed homes, reported that one in 45 households — or 2,824,674 properties nationwide — were in default last year. That’s 21% more […]

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The Bank of England said lenders should use improved funding conditions to buffer themselves against further shocks and brace for 1 trillion pounds ($1.6 trillion) in liabilities maturing in the next five years.
“Banks remain exposed to any future deterioration in macroeconomic and market conditions, which could substantially raise the cost of funding and […]

Creditors of bankrupt Freedom Communications Holdings Inc have launched a fight against an “immoral and wicked” reorganization plan that would turn over the Orange County Register owner to JPMorgan Chase & Co and other banks.
A court-appointed committee of creditors asked the judge overseeing the bankruptcy to direct Freedom, which owns 30 daily papers and […]

Latvia will seek to strike a last- minute agreement on budget cuts today to satisfy bailout terms in the latest round of brinkmanship that has tested the patience of the country’s international loan donors.
Prime Minister Valdis Dombrovskis has signaled his Cabinet will agree on an additional 175 million lati ($362 million) in cuts […]

With Wall Street continuing to recover, so are the prospects for this year’s bonus season.
As early as June, experts were speculating that incentive payments for U.S. banks and securities firms could rebound sharply given the resurgence in certain parts of their business.
Now with analysts predicting impressive third-quarter numbers from some of the nation’s largest […]

In my work, I often see people who don’t bother to read the key paperwork that governs their business dealings.
They can read, but they’re reluctant to go through documents of more than a few pages in length.
Almost half of Canadian adults (48 per cent) have low literacy skills, according to the Canadian Council on […]

Despite record U.S. home price affordability, international buyers have been unable to take advantage because of the worldwide recession and credit crunch, a real estate group said Tuesday.
Home sales to foreign clients dropped 9.4% in the year ended in May to 154,000, according to a report from the National Association of Realtors (NAR).
Among international […]

People didn’t make more money in July, but they were spending a bit more, a government report showed Friday.
The Commerce Department said personal income was unchanged in July.
Economists were expecting personal income to increase 0.1%, according to a consensus estimate compiled by Briefing.com.
Personal income shot up by 1.4% in May and then fell […]

Consumers paid down their credit cards and cut other debt in June for the fifth straight month as they rebuild savings battered by the recession.
Outstanding U.S. consumer debt fell by $10.3 billion, or 4.9 percent at an annual rate, to $2.5 trillion, the Federal Reserve said. That’s a much steeper cut than […]

Oil dropped more than 4% near $60 a barrel Wednesday after a U.S. government report showed that distillate stocks have risen near a 25-year high, reinforcing worries about a potential economic rebound.
U.S. crude fell $2.79, or almost 3%, to settle at $60.14 a barrel Wednesday.
That’s the lowest settle price since May 19, when crude […]