June 7, 2013 |
Builders are eyeing the next wave of potential home buyers - the so-called millennials - but whether this rising generation will embrace big mortgage debt remains an open question. These 95 million people ages 10 to 32 outnumber their baby-boomer parents by 10 million. The young adults among them, sobered by the recession, have relatively modest material expectations; many say they'd be happy with smaller living spaces. The housing industry will have to convince the next generation that home loans are as necessary and prudent as the student debt so many of them already carry.
April 19, 2013 |
"It's a difficult business," writes David Graeber, "creating a new, alternative civilization. " Just open a window or turn on the TV - the same old civilization is rotting all around us. Budget cuts, police shootings, endless and ever-broadening wars, the climate in full-scale, almost-end-times spasm, a Congress of hand puppets yelping on about the manufactured crisis of the moment, a president whose answer to every crisis is More of the Same....
February 12, 2013 |
The student-loan market is not in a bubble and going into debt to pay for college is still worth it, according to a new report. But those are the rare bits of good news in the otherwise dispiriting report on students' escalating college debt. While concluding that diplomas are worth the money, the study by Wells Fargo economists found that the payoff may not come for years because graduates are squeezed by several factors. Tuition costs are rising faster than incomes. Graduates are having trouble finding solid jobs.
January 29, 2013 |
Canada's elevated housing prices and the extra debt taken on by consumers as a result could be problems for its banks should the economy hit bumps in the road, Moody's Investors Service said in downgrading its credit ratings for six major financial firms. Canada's banks are still highly rated, Moody's said Monday , tied for second place among the world's financial institutions, behind Singapore. The affected banks -- Bank of Montreal, Bank of Nova Scotia, Caisse centrale Desjardins, Canadian Imperial Bank of Commerce, National Bank of Canada and Toronto-Dominion Bank -- continue to have excellent credit ratings.
November 27, 2012 |
WASHINGTON - In a grim new forecast, a leading international economic group sharply cut its outlook for U.S. and global growth next year and warned that the debt crisis in Europe and fiscal policy risks in America could plunge the world back into recession. As it stands now, the industrialized world is looking at a muted and uneven recovery over the next two years, according to the Organization for Economic Cooperation and Development. The Paris-based OECD projected gross domestic product across its 34 member nations - which include the U.S., Japan and the 17-nation Eurozone - to grow a sluggish 1.4% next year.
October 23, 2012 |
WASHINGTON - The nation's largest debt-collection companies will face federal regulatory exams for the first time, starting in January, to determine if they are complying with consumer protection laws. Among the laws that the Consumer Financial Protection Bureau would enforce would be ones that require employees to identify themselves properly and that prohibit the use of "obscene or profane language" in collecting overdue bills. The new oversight comes as the bureau, which was created by the 2010 financial reform law, continues to expand its authority beyond banks.