“Senator and presidential candidate Chris Dodd (D-CT) today announced plans to introduce legislation that would undo changes to bankruptcy law passed in 2005, a measure largely criticized as Congress’ gift to credit card companies and the financial industry.
“Individuals are forced into bankruptcy by a devastating medical event or the loss of a job,” Dodd said. [...]

“The Abu Dhabi Investment Authority will invest $7.5 billion in Citigroup, offering the nation’s largest bank needed capital to offset big losses from mortgages and other investments.”
The purchasing entity is the investment arm of the Abu Dhabi government. The “equity units” it is buying for all of this cash are convertible into no more [...]

If you are wondering what a CDO is — in light of Wachovia’s announcement of over a billion in write downs based on deterioration in its CDO portfolio, here is a link to a definition: http://en.wikipedia.org/wiki/Collateralized_debt_obligation . In short a collateralized debt obligation is a kind of asset backed security.
As to [...]

Chrysler has announced the cancellation of several models, with speculation that more may be on the chopping block. Evidently, the Pacifica, the Crossfire, the PT Cruiser (convertible only for now) and the Dodge Magnum have all been cancelled. Rumors that the large Jeep Commander, which is too close in size to the Grand Cherokee [...]

Citigroup — the world’s largest bank — may write off as much as 13.7 billion dollars.
Quote:
Citigroup Inc., the world’s biggest bank, may have losses from asset-backed bonds of as much as $13.7 billion, roughly equal to the company’s profit so far this year. The shares fell for a sixth straight day.
The bank may have to [...]

In this day of record foreclosures, homeowners are also being faced with additional stresses. Bankruptcy courts are bringing attention to what some questionable practices. Legal specialist’ “contend that companies instigating foreclosures may be taking advantage of imperiled borrowers.
Because there is little oversight of foreclosure practices and the fees that are charged, [...]

RealtyTrac (an online marketer of foreclosed properties) announced that filings have increased 30 percent from the last quarter and have doubled from the same period in 2006. Forecasters do not see any relief in sight. Many of the loans that were done in 2004 and 2005 are now scheduled to reset.
“Given [...]

The Federal Reserve has continued on its path of dumping more and more money into the economy in a effort to prop up stocks and avoid further impact of the worsening economy. In interviews before he became chairman, Mr. Bernanke had jokingly illustrated his belief in solving economic woes by dumping money into the [...]

Ms. Tina Eskreis Nelson, the creator of Lawsuit, was a medical malpractice lawyer on the staff of the New York State Attorney General’s Office. Her husband, Eric, who is a solo practitioner said, “Tina came up with a way to give our kids an idea of what we do, without making it dry or [...]