Word: lender
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...same period of 2008. A stellar six months at the investment-banking unit of London-based HSBC, meanwhile, helped prop up its falling profits. Income across Europe's largest bank fell to $5 billion, half the level hit a year earlier. At Barclays, the U.K.'s second-biggest lender, profits rose 8%, to $5 billion. (See pictures of London's financial crisis...
...help. By the summer of 2008, Charles and Jennifer Lively knew they were going to start having trouble with the mortgage on their home in the Boise, Idaho, area, since Charles's paycheck (he works in plumbing, tied to new construction) had taken a major hit. They called their lender and were told there was nothing to do until they missed a payment. Eventually, the couple did and applied for a modification four different times but kept getting turned down. They desperately asked why and what they had to do to make it work, but they couldn...
...what's the reason for all this bullishness? Surely not the economy, which continues to muddle along through the muck of heavy consumer debt and a poor housing market. But businesses are in better shape, and the financial crisis seems to be fading from view, even as small business lender CIT struggles to survive another day. (Stock futures turned negative after the market close on news that CIT was not likely to get a government rescue.) (Watch TIME's video of Peter Schiff trash-talking the markets...
...based on a debt-to-income ratio and is fluid and flexible in a way that most government systems are not. And if the Education Department is serious about abolishing the two-track loan system (in which it provides direct loans as well as subsidizes private-lender loans), this is just one more way of convincing borrowers to throw their hat in with the feds...
...chairman Bjorgolfur Gudmundsson lost his trousers in the credit crunch. Iceland's Straumur Bank, CB Holding's major shareholder, is itself in the midst of restructuring after being bailed out by the Icelandic government in March. In Spain, once mighty Valencia is effectively controlled these days by local lender Bancaja, its major creditor, after hapless management and a soured stadium-development plan left the club about $725 million in debt. (See pictures of the global financial crisis...