22 Statistics That Prove That The Middle Class Is Being Systematically Wiped Out Of Existence In America: Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace. U.S. home foreclosures reach record high in second quarter: The number of U.S. homes taken back by banks through foreclosure hit a record high in the second quarter, even as lenders delayed more homes from entering the process through short sales and loan modification efforts, according to data to be released Thursday. Home-buying applications sink to 13-year low: Demand for loans to purchase U.S. homes sunk to a 13-year low last week, and refinancing demand also slid despite near record-low mortgage rates, the Mortgage Bankers Association said on Wednesday.
How Lobbyists Shaped the Financial Reform Bill
By Steven Brill
Along a marble corridor in the Rayburn House Office Building in Washington, I watched about 40 well-dressed men (and two women) delivering huge value for their employers. Except that we, the taxpayers, weren't employing them. The nation's banks, mortgage lenders, stockbrokers, private-equity funds and derivatives traders were. Continue
Friday, 16 July 2010
By Associated Press
Nearly 528,000 homes were taken over by lenders in the first six months of the year. By comparison, lenders have historically taken over about 100,000 homes a year. Continue
Eliminating mortgage interest deduction being considered
By Donna Smith
Restoring U.S. fiscal balance is going to be a painful process that mostly requires spending cuts, but also some tax increases, the leaders of President Barack Obama's deficit commission said on Wednesday. Continue
By Dean Baker
Last week, the IMF told the United States that it needs to start getting its budget deficit down. It put cutting Social Security at the top of the steps that the country should take to achieve deficit reduction. This one is more than a bit outrageous for two reasons. Continue
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