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When prime real estate is a slum

Aug 23, 2007
The Indian government wants to turn its financial capital of Mumbai into a world-class city. But what will it do with a notorious slum, the largest in Asia, and the people who live there? Miranda Kennedy reports.
Posted In: Housing

Hang in there, homeowners

Aug 23, 2007
Millions of American homeowners are now trapped in adjustable rate mortgages watching their monthly payments creep ever upward as options for refinancing dwindle away. We ask mortgage consultant Kassie Welch, what now?
Posted In: Housing

Countrywide gets some color back

Aug 23, 2007
It's amazing what a little extra cash can do. Word broke last night that Bank of America bought $2 billion of stock in ailing mortgage giant Countrywide Financial, and suddenly investors are feeling a bit rosier too. Amy Scott reports.
Posted In: Housing, Wall Street

A swift reversal of fortune

Aug 22, 2007
Relative calm has settled in the stock markets. But there are still some unsettling noises coming from the housing and mortgage industries. Recently, tens of thousands of people in the lending business have lost their jobs. Bob Moon reports.
Posted In: Housing, Investing, Wall Street

Market turmoil is good for S&Ls

Aug 22, 2007
The mortgage industry can't come up with cash. Mortgage companies are laying people off — or worse, going bankrupt. But investors are smiling on one slice of the mortgage market, the good, old-fashioned thrift. Jill Barshay reports.
Posted In: Housing

Market taking toll on builders

Aug 22, 2007
The effects of the subprime crash and ensuing credit crunch have officially rippled over to home builders. Construction of new homes dropped 6.1 percent in July, falling to its lowest level in more than a decade. Amy Scott reports.
Posted In: Housing, Wall Street

Construction jobs hang on

Aug 22, 2007
The housing bubble has burst and new home construction has slowed dramatically, but a new study shows that Hispanic construction workers have managed to keep finding work. Though maybe not as much. Dan Grech explains.
Posted In: Housing, Immigration, Jobs

Dear Kai, Countrywide needs your cash

Aug 21, 2007
Kai Ryssdal got an invitation from Countrywide in his mail, urging him to apply for a 40-year mortgage. This piqued his interest, since Countrywide's reported to be teetering on the brink of bankruptcy. He got mortgage broker Seth Asher to explain.
Posted In: Housing

Another mortgage business goes down

Aug 21, 2007
Layoffs at Countrywide made headlines yesterday, even as the company took out full-page newspaper ads to say everything's going to be OK. Meanwhile, Capitol One decided to quit the wholesale mortgage business. We asked Ben Steverman for a reality check.
Posted In: Housing, Wall Street

Lenders look for ways to raise cash

Aug 20, 2007
Three large mortgage lenders -- Luminent, Thornburg and Countrywide -- reported steps they are taking in their attempts to recover from the liquidity crisis. Stacey Vanek-Smith has the details.
Posted In: Housing, Investing, Wall Street

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