Financial services

Mortgage lenders now cast themselves as saviors

Mortgage lenders now cast themselves as saviors

PacWest Funding’s CEO watched in late 2007 as rival mortgage brokerages, banks and collaborators collapsed under the weight of the declining housing market. Fearing his company would be next, Curtis Melone restructured his business to offer what he felt people needed most: help with their crushing mortgage debt. Melone re-christened his company Green Credit Solutions, […]

The high cost of living without a bank

The high cost of living without a bank

The nickel-and-diming never stopped. The fees were constant: $28 to cash a paycheck. $1.50 for a money order. A dollar or more every time I swiped the prepaid cash card I bought at the drug store. In all, I racked up $93 in fees in a monthlong experiment of living without a bank and making […]

The case against Maxine Waters

The case against Maxine Waters

The House ethics committee on Monday announced three counts of alleged ethics violations against California Democrat Maxine Waters, including a charge that she requested federal help for a bank where her husband owned stock and had served on its board. Waters, a 10-term representative from Los Angeles, has denied any wrongdoing and had urged the […]

Rich more likely to default on mortgages

Rich more likely to default on mortgages

No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars. The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged. Whether it is their residence, a second home or […]

Mixed bag in jobs report

Mixed bag in jobs report

A wave of census layoffs cut the nation’s payrolls in June for the first time in six months, while private employers added a modest number of jobs. The unemployment rate fell to 9.5 percent, its lowest level in almost a year. Employers cut 125,000 jobs last month, the most since October, the Labor Department said […]