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...exactly, is this bailout supposed to 'save' credit markets? Not entirely clear. Paulson and Bernanke described it as a way to jumpstart trading in mortgage securities for which there's no market at the moment, thus allowing banks to clean up their balance sheets and get back to lending. But a lot of economists outside government believe that the real problem is that lots and lots of financial institutions are insolvent--their losses, if they actually recognized them, are enough to wipe out their capital reserves. If that's true it would make more sense for taxpayers to give them...

Author: /time Magazine | Title: 18 Tough Questions (and Answers) About the Bailout | 9/30/2008 | See Source »

While Congress bickers over how to fix the financial meltdown, there's a decent chance you haven't even felt it. Why, you may be asking yourself, does everyone think there's such a big a problem when you're still being offered credit cards in the mail and 0% financing at the car dealership? Maybe you used to bank with Washington Mutual or Wachovia and overnight you've become a Chase or Wells Fargo customer, but if your money's still there, why does the rest matter...

Author: /time Magazine | Title: The Credit Crunch: Where Is It Happening? | 9/30/2008 | See Source »

...mortgage - they're not all evil, but these days they are exceedingly rare - or with a jumbo loan, which now carries an average rate 1.2 percentage points above a regular mortgage. (In normal times, the spread is closer to a quarter of a percentage point.) "Some people are saying, 'Credit crunch, what credit crunch?' and others are ready to cry uncle," says Greg McBride, a senior financial analyst at Bankrate.com. "It shows it really matters where you fall on the risk spectrum...

Author: /time Magazine | Title: The Credit Crunch: Where Is It Happening? | 9/30/2008 | See Source »

...about those credit card offers. You may not feel it, but there are fewer of them going out - 1.1 million during the second quarter, down 17% from the same time last year, according to Synovate, a research firm that tracks direct mail. Who's being ignored? Well, subprime borrowers (no surprise there), but also anyone who doesn't make a lot of money: 52% of households with an annual income of less than $50,000 received at least one offer in the second quarter, compared with 66% of such households during the same period last year...

Author: /time Magazine | Title: The Credit Crunch: Where Is It Happening? | 9/30/2008 | See Source »

Already got all the credit cards you need? You're still not immune from higher delinquency fees or lower limits. American Express typically cuts the credit limit on about 4% of its members in any given year. That figure now stands closer to 10%, as the card company takes a hard look at customers' credit profiles - including data on who lives in the areas with the most house-price deterioration...

Author: /time Magazine | Title: The Credit Crunch: Where Is It Happening? | 9/30/2008 | See Source »

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