Word: mortgagees
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Evidence of just how bad the global recession is shaping up to be is building fast. The worst of the news Monday came with the announcement that financial insurance giant American International Group had lost $61.7 billion in the last quarter of 2008, the largest quarterly loss in corporate history...
With only a part-time job - she visits office-supply stores and makes sure that the floor-model printers have enough paper and ink for demonstrations - Stevens found she could pay for food and utilities, or she could pay the mortgage. Not both. After she fell four months behind on...
Both the rant and the laments are too broad. Not everyone who has fallen behind on a mortgage is a loser complicit in the housing collapse. And not every solvent American has broken faith with those who are struggling. Obama, in presenting his mortgage plan, promised to distinguish between the...
"America's middle class is hurting," said Vice President Joe Biden last month when he announced the formation of a Middle-Class Task Force, which will meet for the first time on Feb. 27. The recession, with its job losses, mortgage defaults and stock-market tumbles, has threatened Americans' ability...
Vice President Biden attempted to define middle-class Americans as people who would find it difficult to miss more than two paychecks, and he wasn't far off; with wage increases failing to keep pace with inflation, about 21% of middle-class Americans have spent themselves to the limit. Personal...