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...upswing in recent months, the Boston-based National Consumer Law Center reported this week that many large banks and other mortgage servicers have decided it's cheaper to foreclose than to offer more affordable loan terms. Making matters even worse, as many as 86% of foreclosure victims in hard-hit areas didn't have legal counsel last year, according to the Brennan Center for Justice at the NYU School of Law, which released a report earlier this month...
Like most of the investment community, Harvard’s vaunted economists were hit hard by the recent financial crisis and ensuing downturn...
...Even when his portfolio took a hit during the crisis, he maintained the ratio by investing more cash into stocks in order to compensate for what he had lost in the market decline. This “rebalancing” is Mankiw’s main active portfolio strategy. Otherwise, he says, he is relatively passive...
...about the expelled Germans, also questioned Klaus' motives. "Every time I hear someone play this card I feel like the war has never ended," he tells TIME. "It's like it's from a different planet." Diplomats have griped that the Czech Republic's standing in the E.U. has hit a new low, with some talking about how the country could be denied a seat in the next European Commission. (Read "The Czech Republic's Klaus Defies E.U. on Treaty...
Since the global financial crisis hit last year, Chinese officials have been firm about the need to maintain about 8% economic growth to ensure stability. Before the last office door swung shut at Lehman Brothers in New York, Beijing was planning how to get there, eventually unleashing a massive $586 billion stimulus package in the spring and freeing up lending to allow billions more to slosh into the economy. With this week's announcement that GDP had expanded by 8.9% in the third quarter, China is well on its way to reaching its target for the year. That will make...