CNNMoney - Special Report Issue #1: America’s Money - Every day on CNN, Last Updated: October 27, 2008: 11:17 AM ET

Three years after the passing of new legislation aimed at reducing personal bankruptcies, 2008 filings approach the one-million mark.

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By Jessica Dickler, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — In 2005, Congress passed a bill aimed at reducing the number of personal bankruptcy filings. But that was before a housing meltdown, a credit crunch and a global economic downturn.

In the midst of the financial crisis, more and more Americans are filing for bankruptcy. And experts say the numbers are likely to get worse.

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The Associated Press  August 11, 2008, 10:26PM ET

NEW YORK.

JPMorgan Chase & Co. revealed Monday that it has incurred more substantial losses in its mortgage investments so far in the third quarter than it did in the previous three months.

In a regulatory filing to the Securities and Exchange Commission, the bank said turbulence in the credit markets has caused it to lose about $1.5 billion, after hedges, in its mortgage-backed securities and loans to date in the July-to-September quarter.

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CNNMoney - Special Report Mortgage Meltdown, Last Updated: August 8, 2008: 1:47 PM EDT

In wake of huge losses, Fannie Mae announces changes that will make home loans harder and more expensive to obtain.

By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — The good news: Mortgage giant Fannie Mae is taking steps to shore up its finances. The bad news: You’re going to pay for it when you take out a mortgage.

Fannie plays a central role in the market for home mortgages by purchasing loans, securitizing them and selling them to investors. In announcing announcing a $2.3 billion loss on Friday, it also said it would make major changes that could have a significant effect on mortgage liquidity and pricing.

The company said it will increase its fees, stop buying certain high-risk loans and charge a higher risk premium for buying loans in the declining market.

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CNNMoney - Special Report Mortgage Meltdown, August 7, 2008: 12:04 PM EDT

Washington will give funds to states and cities to rehab houses. Proponents say it will help stabilize neighborhoods, but others say it’s too little to do much good.

By Tami Luhby, CNNMoney.com senior writer

NEW YORK (CNNMoney.com) — City officials and community activists can’t wait to get their hands on nearly $4 billion the federal government is about to inject into blighted neighborhoods suffering from record foreclosures.

Opponents of the measure say the paltry sum won’t do much good considering the number of vacant homes on the market - one million families are expected to lose their homes this year - and will more likely turn into a political boondoggle.

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FORTUNE - Last Updated: August 6, 2008: 3:37 PM EDT

Investors blanch at the mortgage giant’s effort to reveal the risks it bears as house prices tumble.

Colin Barr, senior writer

NEW YORK (Fortune) — Mortgage giant Freddie Mac (FRE, Fortune 500) says it’s intent on providing a clearer view of its risks. But so far, there’s little sign that investors like what they see.

On Wednesday, CEO Richard Syron said the big government-sponsored mortgage company would offer “significantly more information about our credit position.” Freddie said the numbers should give investors confidence that the company has adequately reserved for future credit losses.

Handily, the figures also give analysts and investors “an erector set” for building their own loss-expectation models. With house prices falling faster than the company expected, and credit quality accordingly deteriorating more rapidly, Freddie seeks to offer “absolute complete transparency,” Syron said.

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BUSINESSWEEK - The Associated Press  August 3, 2008, 3:09PM ET

By IEVA M. AUGSTUMS

CHARLOTTE, N.C.

The first read on insurance companies’ second-quarter earnings shows they’re taking hits from the same kinds of mortgage-backed investments as other financial firms — but so far, most haven’t had the severe losses that banks and investment firms have seen.

The Travelers Cos., Hartford Financial Services Group Inc. and MetLife Inc. have all reported profit declines and Genworth Financial Inc. posted a quarterly loss driven by credit-related investments. This week, investors will get more clues about the damage insurers have suffered when American International Group Inc., Ambac Financial Group Inc. and Marsh & McLennan Cos. issue their reports.

AIG will be under particular scrutiny after the world’s largest insurer lost $7.8 billion in the first quarter due to mortgage-backed investments.

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MONEY CULTURE - Jul 18, 2008

What the FDIC is doing to stabilize troubled banks.

by Daniel Gross

In ordinary times, a public discussion on deposit insurance would hold all the frisson of a seminar on Canadian land use. But these are no ordinary times. Last Wednesday at the Chicago Mercantile Exchange, a bank of television cameras, several reporters and about 100 people picking at their lunch—arugula salad, stuffed chicken, a strange fruit/cream confection—paid close attention when a 50-something woman with the mien of a professor took the podium. Sheila Bair, chairman of the Federal Deposit Insurance Corp., stood under a large banner reading “CONFIDENCE AND STABILITY”—an unsubtle attempt to bolster flagging confidence in the nation’s financial sector. The panel discussion, featuring Terry Savage, the Suze Orman of the Windy City, was part of a $5 million public education campaign marking the FDIC’s 75th anniversary. As Bair told me before the excitement began: “We’re bringing in local experts, and banks, and talking about deposit insurance.” Par-TAY!

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