Mortgage rates drop for second week (AP)
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AP - Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets.
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November 13th, 2008
Recession gloom raises stakes for crisis summit (AFP)
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AFP - Fresh data showed the rich world plunging into recession on Thursday as the United States warned that an upcoming crisis summit was just the start of a tough reform cycle for the world finance system.
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Ranieri’s Franklin Bank files Chapter 7 bankruptcy (Reuters)
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Reuters - Franklin Bank Corp , the lender founded by mortgage securities pioneer Lewis Ranieri, filed for bankruptcy protection and plans to liquidate, after federal regulators seized its banking unit.
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Jobless claims surge while trade deficit narrows (AP)
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AP - Applications for unemployment benefits soared to the highest level since just after the Sept. 11, 2001, terrorist attacks while the trade deficit shrank more than expected as demand for imports plunged, further evidence of the struggling U.S. economy.
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Mandel: Paulson’s Shift Is Just a Start (BusinessWeek Online)
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BusinessWeek Online - Listening to Hank Paulson's Nov. 12 speech, one is impressed both by his flexibility and a barely controlled underlying sense of panic. In a few short weeks, the Treasury Secretary has gone from a bailout plan focused solely on using $700 billion to buy up mortgage-backed securities to one that may not spend any money at all on mortgage-backed securities. Instead, as he announced Wednesday, much of the remaining money will be used to support consumer loan markets that have frozen up -- credit-card debt, student loans, and auto loans. ...
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Germany in recession as US scraps toxic asset buy-up (AFP)
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AFP - Germany, Europe's biggest economy, entered recession Thursday amid more heavy falls on stock markets after the US scrapped plans to buy up toxic mortgage assets at the heart of the financial crisis.
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