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Economy

A Chicago Foreclosure Tale

Retirees Warren and Mildred Johnson's dream of owning a home came true in 2005. Developers came to their neighborhood advertising cheap property. Then their mortgage rate skyrocketed and they lost their South Chicago home.

A Chicago Foreclosure Tale

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Business

The Great 'Locksmith' Swindle

Every day, about a quarter of a million people in this country call a locksmith — or at least they think they're calling a locksmith. In fact, a growing number may actually be reaching a con man who's better at picking pockets than he is at picking locks.

The Great 'Locksmith' Swindle

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IRS Warns of Tax-Rebate Phone Scams

As lawmakers debate an economic-stimulus package that could result in tax rebates for many Americans, hucksters are wasting no time. The IRS says identity thieves are using prospects of a rebate to fuel scams aimed at getting people to reveal sensitive information. The IRS does NOT ask for personal information over the phone.

IRS Warns of Tax-Rebate Phone Scams

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Economy

Fed Cuts Interest Rates by a Half-Point

With economic growth grinding to a halt, the Federal Reserve cut interest rates again Wednesday, this time by half a percentage point. Just before it did, the Commerce Department reported some dismal growth figures for the end of last year. The Fed hopes its aggressive moves will help avoid a full blown recession.

NPR's Chris Arnold reports on All Things Considered

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Economy

Unabating Foreclosures Ravage Southern California

The booming city of Fontana, Calif., is a sprawl of closely packed subdivisions east of Los Angeles. As housing values tumbled — and subprime mortgages ballooned — Fontana became one of the many epicenters of foreclosures in Southern California.

Unabating Foreclosures Ravage Southern California

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Economy

Will Countrywide Benefit from a Takeover?

Countrywide Financial's year-end earnings report came out Tuesday, raising questions about whether Bank of America's proposed takeover of the troubled mortgage lender will benefit either of them.

Will Countrywide Benefit from a Takeover?

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Embattled Countrywide CEO to Trim 'Parachute'

The chief executive of the ailing mortgage lender Countrywide Financial says he will forfeit more than $37 million in severance pay and perks that were part of a retirement package. The Securities and Exchange Commission is probing Angelo Mozilo's sales of company stock.

Embattled Countrywide CEO to Trim 'Parachute'

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Lender Offers Tips for Those Looking to Refinance

The Federal Reserve's decision to cut a key interest rate this week prompted a burst of activity in the mortgage market, as homeowners tried to figure out whether to refinance. Russell Rothstein, the director of mortgage lending for Beacon Mortgage in Rockville, Md., offers advice.

Lender Offers Tips for Those Looking to Refinance

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Business

Futures Trader Blamed for French Bank Fraud

More details emerge from France about a futures trader who may be at the center of a $7 billion bank fraud. Jerome Kerviel, 31, worked for the Paris-based international bank Societe Generale.

Futures Trader Blamed for French Bank Fraud

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Analysis

Lessons from the 2001 Tax Rebates

Jason Furman of the Brookings Institution talks about the studies of how consumers used their 2001 tax rebates and how effective they were in stimulating the economy. If checks had been sent to poor people who don't pay taxes, the effect on the economy would have been more significant, he says.

Lessons from the 2001 Tax Rebates

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