1 in 8 U.S. homeowners late paying or in foreclosure

One out of eight U.S. households with a mortgage ended the first quarter late on loan payments or in the foreclosure process, in a crisis that will persist for at least another year until unemployment peaks, the Mortgage Bankers Association said on Thursday.

U.S. unemployment in April reached its highest rate in more than a quarter century and is still rising, helping propel mortgage delinquencies and foreclosures to record highs…

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Zimbabwe’s White Farmers Facing Extinction

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Yen Falls as North Korea Holds Nuclear Test, Launches Missiles

The yen fell from the near highest level in more than two months against the dollar after North Korea conducted its first nuclear test in three years and launched three short-range missiles, posing a threat to the region’s security.

The euro traded near the strongest in almost five months versus the dollar and rose against the pound after a report showed German business confidence in May improved for a second month. New Zealand’s dollar declined versus the greenback on concern export revenue will drop after the U.S. increased subsidies for its dairy products…

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GM and Chrysler are Closing Dealerships, But How Does it Affect You?

GM and Chrysler are going to close dealerships. The U.S. government says they have to do this to become viable companies. But how do these two automakers decide which dealerships they’ll close? And how does a dealership closing affect you, the consumer?

Consumers may think that because Chrysler is in bankruptcy court, there will be a huge liquidation sale on the vehicles so they can get rid of the inventory before they close the dealerships. Unfortunately for bargain hunters, this is not what goes on in Chapter 11 bankruptcy, or reorganization bankruptcy. Chapter 11 bankruptcy allows the debtor (ie: Chrysler) to restructure its debt in court…

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