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Yellen tells Congress US expected to hit debt limit Thursday
Treasury Secretary Janet Yellen notified Congress that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures.”
Study: U.S. could default as early as Oct. 18
WASHINGTON — The United States could default on its obligations as early as Oct. 18 if Washington fails to agree on legislation to raise the government’s borrowing cap, a new study predicted Tuesday. The Bipartisan Policy Center analysis says the default date would come no later than Nov. 5 and that the government would quickly […]
Surgeon pays price for defaulting on loan deal
A surgeon has agreed to work at an underserved hospital in Arizona for the next three years as part of a deal to work off half of $1.07 million in unpaid medical school loans, interest and treble damages she incurred by defaulting on a federal loan-forgiveness program.
Post office nears historic default on $5B payment
WASHINGTON — The U.S. Postal Service is bracing for a first-ever default on billions in payments due to the Treasury, adding to widening uncertainty about the mail agency’s solvency as first-class letters plummet and Congress deadlocks on ways to stem the red ink. With cash running perilously low, two legally required payments for future postal […]
Government opens program to sell troubled loans
WASHINGTON — The government has opened a program for investors to buy troubled mortgages in hard-hit areas and work out terms with homeowners in an effort to avoid foreclosures. The government on Wednesday announced the planned sale of about 3,500 home loans insured by the Federal Housing Administration in the first four cities: Chicago; Newark, […]
U.S. foreclosures drop 16% in 1st quarter
The number of foreclosure filings in the U.S. during the first quarter of 2012 was down 16 percent from the opening quarter of 2011, possibly signaling a “hairline crack” in the pent-up housing market, a new report released Thursday said. In Maryland, foreclosure filings decreased by 12.4 percent over the same period. The report, by […]
Foreclosure filings up in Baltimore metro area
While the number of foreclosure filings in the United States decreased by 2 percent from January to February, the Baltimore metropolitan area saw a 32 percent increase, new data show. There were 698 foreclosure filings — default notices, scheduled auctions and bank repossessions — in the area in February, accounting for one in every 1,622 […]
Post office near default? Losses mount to $5.1B
WASHINGTON — The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar payment and to future bankruptcy as the weak economy and increased Internet use drive down mail volume. The financial losses for the year ended Sept. 30 came despite deep […]
U.S. foreclosure activity hit 7-month high in Oct.
LOS ANGELES — More U.S. homes entered the foreclosure process in October than in the previous month, with Florida, Pennsylvania and Indiana registering among the largest monthly increases, new data show. Some 77,733 properties received an initial default notice last month, up 10 percent from September, foreclosure listing firm RealtyTrac Inc. said Thursday. The number […]
Freddie Mac reports Q3 loss, asks for $6B in aid
WASHINGTON — Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same […]
The next front for ground-rent reforms
This week’s Court of Appeals decision invalidating one ground-rent reform opens the door for the next stage: a separate class action brought by ground lease holders who say another recent change has made their investments worthless. In April, Anne Arundel County Circuit Court Judge Paul F. Harris Jr. put the class action on hold, refusing […]
U.S. foreclosure activity edged higher in 3Q
LOS ANGELES — More U.S. homes are entering the foreclosure process, but they’re taking ever longer to get sold or repossessed by lenders. The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter, RealtyTrac Inc. said Thursday. That increase signals […]
