Fed set to downgrade outlook for US: The Federal Reserve is set to downgrade its assessment of US economic prospects when it meets on Tuesday to discuss ways to reboot the flagging recovery. Freddie Mac Q2 loss soars to$6 bn: Bailed out mortgage lender Freddie Mac reported a massive rise in its losses to USD 6 billion in the three months ended June and said it will seek another USD 1.8 billion aid from the American taxpayers.
Tuesday, 10 August 2010
By Faiz Shakir
As of July 2010, one in seven mortgages is delinquent or in foreclosure. According to the Mortgage Bankers Association, one in 10 homeowners missed at least one mortgage payment between January and March, which is an all-time record and a 9.1 percent increase from last year. Continue
By Raymond J. Learsy
'Disproportionate' is the freighted word that shackles our society. Over the past few years some two-thirds of the gain in national income has gone to the top one percent of Americans. Continue
By Richard Alleyne, Science Correspondent
The human race must look to outer space within the next century or it will become extinct, Professor Stephen Hawking has warned. Continue
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