John Karevoll keeps a cartoon on his bulletin board that shows a
man exclaiming: “It’s all one big crapshoot.”
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san francisco – Angelo Mozilo, chief executive of beleaguered
Countrywide Financial Corp., said Tuesday that the lender was making
progress in adjusting to the harsh new realities of the home mortgage market.
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Houses abandoned to foreclosure are beginning to breed trouble,
adding neighbors to the growing ranks of victims.
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Major lenders are repossessing homes in Southern California much
faster than they can sell them, a development that could set off a
downward spiral of price cuts and more foreclosures.
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In the county of Riverside, in the city of Corona, on a street
called Plume Grass, there’s a foreclosed house that no one wants to buy.
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In a significant slap at Silicon Valley, the first chief executive
to stand trial for the backdating of stock options was found guilty
Tuesday of securities fraud and making false statements.
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A sagging real estate market and tighter lending standards are
exacting a growing toll on Californians, forcing them from their
homes in record numbers, figures released Tuesday show.
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This lakeside hamlet is about as remote as you can get in Southern
California and still have plumbing and pavement.
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Susan Decker knows how to make a statement.
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As home foreclosures began soaring early this year, Nancy Burns of
the Moorpark Redevelopment Agency was told to figure out how many
homeowners in her city were in trouble.
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