Grim forecasts for British economy: It forecast that the UK economy would shrink by 4.1 percent this year, the biggest peace time contraction since the Great Depression of the 1930s, and 0.4 percent in 2010.
GM reaches swap deal, but bankruptcy still lies ahead: General Motors Corp. said Thursday that it reached a new debt-swap deal with bondholders that likely won't save the automaker from imminent bankruptcy but should help speed the process.
Change... What change .. Delinquent Mortgages, Foreclosures Hit Record High:About 12.07 percent of mortgage loans were delinquent or in the foreclosure process during the quarter, according to the survey by the Mortgage Bankers Association, an industry group. That is the highest ever recorded by the survey, which dates back to 1972. The figure reflects an 8 percent increase compared to the first quarter of 2008.
Americans' credit scores fall as they struggle to pay bills: From the third quarter of 2008 to the first quarter of 2009 — the latest data available — the average TransUnion credit score dropped 6 points to 651, the credit bureau says. Scores fell more dramatically in states hardest hit by the housing bust: California saw a 10-point drop, for example, and Arizona, 11.
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