When Raymond Zulueta went into default on his mortgage last year, he did what a lot of people do. He worried.
Raymond Zulueta, with his wife, Josey, and daughter, Amber, in front of their foreclosed home.
In a declining housing market, he owed more than the house was worth, and his mortgage payments, even on an interest-only […]

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The Wall Street Journal reports from California. “As home prices plummet, growing numbers of borrowers are winding up owing more on their homes than the homes are worth, raising concerns that a new group of homeowners, those who can afford to pay their mortgages but have decided not to, are starting to walk away from […]

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NEW YORK (Reuters) - American International Group (AIG.N), on the heels of reporting its largest-ever loss, said on Friday the subprime crisis had thrown it into “uncharted waters” that were likely to remain choppy through 2008.
The world’s largest insurer recorded a loss of $5.3 billion on Thursday, stemming from a $11.12 billion write-down of […]

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WASHINGTON - Congressional Democrats are turning to more populist, economic themes like mortgage foreclosures and big oil companies’ profits now that military progress in Iraq is generating mixed political reviews.
Even when they talk about the war, Democrats often highlight its drain on the economy. One top senator called the new emphasis “a turning point […]

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NEW YORK (Reuters) - Merrill Lynch & Co Inc (MER.N) plans to wind down most of its First Franklin subprime mortgage lending unit, responding to continued deterioration in U.S. mortgage markets, business news channel CNBC reported Thursday.
The move could result in the elimination of 400 to 500 jobs starting next week, CNBC reported. Merrill […]

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AP - Freddie Mac on Thursday said its loss widened to $2.5 billion in the fourth quarter of 2007 as mortgage defaults mounted and falling interest rates hurt certain investments.
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AFP - Dutch bank ABN Amro reported a profits leap for 2007 on Thursday owing to special factors and despite a writedown of 1.561 billion euros (2.36 billion dollars) on account of the US subprime home-loan crisis.
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BEDFORD - Local and county officials yesterday discussed how to tackle one of the northern Westchester’s most nettlesome issues: how to create affordable housing in the region’s high-end real estate market.
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