October 18, 2011 |
Banks fired up the California foreclosure machine in the third quarter, breaking out of a nearly yearlong lull that began in the midst of widespread revelations that banks were improperly seizing homes from delinquent borrowers. A big August surge in foreclosure actions, led by Bank of America, sent the numbers up in the third quarter, according to DataQuick, a real estate information service in San Diego. Notices of default, the first formal step in the foreclosure process, jumped 25.9% over the second quarter, when such filings had dropped to a three-year low. News of the increase comes as talks have stalled over a broad foreclosure settlement by state attorneys general with the nation's five largest mortgage servicers.
April 23, 2011 |
Tasha Younger has been one of the hidden statistics in the growing number of graduates and former students overburdened with education loans. The 38-year-old mother of two — still trying to pay off her loans a decade after quitting nursing school — has been delinquent on her monthly payments but never in default. Statistics typically show how many students simply fail to make payments. But a recent survey has found that for every person who defaults on student loans, at least two more are like Younger: late or short on payments.
July 24, 2011 |
For lawmakers at every level of government, there are two unalterable prerequisites for making bad policy. One: Paint yourself into a corner. Two: Run yourself up against an implacable deadline. Both conditions are spectacularly displayed in the ongoing Washington cabaret over the federal debt ceiling. As I write these words, President Obama and congressional leaders are locked in a high-stakes tug of war over raising the debt ceiling, which the Treasury Department says must be done before Aug. 2 to keep the U.S. from defaulting, for the first time, on its bonds.
November 12, 2012 |
VACAVILLE, Calif. - His jaw clenched beneath a blue surgeon's mask, Opanin Gyaami jerks his right arm and pulls out a prize: the decayed tooth of patient Larry Butler, also known as state prison inmate J22312. By the time he is done, Gyaami's smock and mask are spotted with the inmate's blood. He gently pats Butler on the shoulder and wishes him well. The 71-year-old dentist reports to the state prison in Vacaville day after day, long past retirement age. He wishes he could have hung up his drill and forceps years ago, but he's still paying off a student loan.
CALIFORNIA | LOCAL
June 4, 1995
Is it only a coincidence that most of the article ("Default on Debts Would Hurt O.C.--but How Much?" May 30) on a possible Orange County debt default is adjacent to the obituaries? JANICE H. HILL San Clemente
December 30, 2008 |
Ratings on some bonds for telephone network operator Level 3 Communications Inc. were cut to "default" by Standard & Poor's as the money-losing company struggles to generate enough cash to pay debts. The corporate credit rating for the company was reduced to "selective default" from "CC," S&P analyst Susan Madison said. S&P also lowered its rating for Level 3's convertible notes due in 2010 to "default." The company's cash flow is dwindling as the recession prompts customers to put off phone-service expansions.
July 23, 2013 |
New California foreclosure filings rose considerably in the first quarter over the second but were still down 53% from the same period a year prior and held to their second-lowest level in seven years. Notices of default shot up 39% in the second quarter, according to a report by the real estate firm DataQuick. Lenders filed 25,747 notices of default during the three-month period that ended June 30. Nevertheless, it was the lowest level since the fourth quarter of 2005. The big increase came after notices of default plunged during the early months of 2013 after the so-called “Homeowner Bill of Rights” went into effect.
September 29, 2013 |
News came last month that the Obama administration, following the lead of British Prime Minister David Cameron and his government's so-called Nudge Unit, is recruiting behavioral scientists to help shape regulatory policy. Nudges are ways of offering choices that make people more likely to choose a particular option but preserve their ability to make a different choice. This usage of "nudge" was coined in 2008 by economist Richard Thaler and legal scholar Cass Sunstein, but the concept was first studied more than a decade ago by economist Brigitte Madrian and insurance executive Dennis Shea.