July 2011 Archives

Reuters
July 28, 2011

New research finds an appalling 20 to one chasm in net worth between white and black Americans, and an 18 to one gap between whites and Hispanics. The Pew Research Center found that the net worth gap has widened during the Great Recession, mainly because the housing bust disproportionately cut into the wealth of African-Americans and Hispanics.

USA Today
By: Mary Beth Marklein
July 28, 2011

Colleges are tacking on mandatory student fees at a time when state funding is dwindling and public universities are trying to hold the line on tuition.

The Wall Street Journal
By: Naftali Bendavid & Carol E. Lee
July 29, 2011

The House postponed a Thursday night vote on Speaker John Boehner's plan to raise the federal borrowing limit after he failed to stem a revolt by conservative GOP members. The delay leaves the credit status of the U.S. government in jeopardy with five days remaining before it begins running out of money to pay all its bills.

Time
By : Stephen Gandel
July 28, 2011

Early on in the financial crisis there was talk of this finally being the Wall Street recession. Investment bankers, CEOs and other high paid types would be thrown out of their jobs or see they paychecks cut. Manufacturing and other sectors that employ middle class workers would see a comeback. But, according to a new study from National Employment Law Project, that's not how things worked out. Recessions often narrow the income gap. This recession has done the opposite.

The Wall Street Journal
By: Angus Loten
July 28, 2011

But Consumer Protections Are Often Lacking, Spurring Calls for Regulation

More small companies--already struggling with weak sales and tight lending--are being forced to rely on business credit cards to provide working capital.

Black Voice News (California)
By: Charlene Crowell
July 28, 2011

(NNPA) As the Consumer Financial Protection Bureau begins operations, the Center for Responsible Lending (CRL) is releasing new findings on the growth and effects of a new short-term and high-cost loan product. Big Bank Payday Loans, a new CRL research brief, details how mainstream banks have entered the triple-digit interest rate payday loan market with a product that on average virtually guarantees repayment within 10 days. Yet for consumers, these loans lead to 175 days of indebtedness for the average borrower - twice as long as the maximum length of time the Federal Deposit Insurance Corporation has advised.

Pell as a Paycheck

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Inside Higher Ed
By: Libby A. Nelson
July 28, 2011

For a Pell Grant recipient at a college with low tuition and fees, the beginning of a new semester can bring a windfall: a check in the hundreds of dollars representing the difference between total financial aid and the cost of attendance.

NPR
By: Claudio Sanchez
July 28, 2011

Fifth in a five-part series

Today, the people who seem to be hurting the most in our sputtering economy are dropouts in their 30s, 40s and 50s.

The Washington Post
By Ylan Q. Mui & Brady Dennis
July 27, 2011

Richard Cordray is no stranger to defeat.

The Courier-Journal (Kentucky)
By: Michael Gerson
July 28, 2011

WASHINGTON -- This week the fiscal crisis was momentarily interrupted for a public service announcement.

Center for American Progress
By: Jordan Eizenga
July 26, 2011

Programs They Rely on Would Face Cuts

If Congress fails to raise the debt limit before August 2 the United States's credit rating will almost certainly be downgraded and interest rates will jump. Without the ability to borrow, the federal government will have no choice but to immediately cut the payments it is obligated to make by 40 percent. This will threaten Social Security benefits, active-duty military pay, Medicare and Medicaid payments, and all other federal activities, from law enforcement to education to health care. The American economy will quickly be plunged back into recession if the federal government is unable to meet a significant portion of these obligations.

The Huffington Post
By: Reid Cramer
July 26, 2011

Today, we spend roughly $30 billion dollars a year in rental housing assistance to benefit almost 5 million households. It is a primary part of our social safety net. But millions of eligible families don't receive any support. To get the most out of our resources, we should be looking for more effective ways to encourage those receiving assistance to increase their earnings and transition toward self sufficiency. Housing assistance should be a foundation for this process, especially if it can be re-made to more effectively promote income and asset growth.

The Christian Science Monitor
By: Ron Scherer
July 26, 2011

The unemployment rate for black men stands at 17 percent, more than double that of white men. An education gap, criminal records, and racial bias all contribute to problems in the job market, experts say. What type of intervention would help?

The Huffington Post
By: Mitch Rosin
July 26, 2011

Ready or not, the demands on America's workforce are changing. In 1950, unskilled positions accounted for 80 percent of U.S. jobs, but today, 85 percent of our country's professions require skilled workers who have critical-thinking capabilities combined with career and industry specific requirements (Blodgett, 2000).

The Washington Post
By: Brady Dennis
July 26, 2011

Raj Date, a top deputy to Elizabeth Warren at the Consumer Financial Protection Bureau, will take over day-to-day operations of the new watchdog agency when she departs at the end of this month, Treasury officials announced Tuesday.

The New York Times
By: Catherine Rampell
July 25, 2011

The unemployed need not apply.

That is the message being broadcast by many of the nation's employers, making it even more difficult for 14 million jobless Americans to get back to work.

NPR
By: Claudio Sanchez
July 26, 2011

Of the million or so kids who drop out of school every year, nearly half are girls. They drop out for the same reasons boys do: they skip school, fall behind academically and they're bored. But the single biggest reason girls drop out is because they get pregnant.

The Washington Post
By: Peter Whoriskey
July 26, 2011

The wealth gap between whites and minorities has risen to a historic high, according to new census data analyzed by the Pew Research Center, as the collapse of housing prices more severely affected the net worth of African American and Hispanic households.

One Way to Help the Jobless

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The New York Times
July 25, 2011

It is hard to recall a time when it was tougher to find a job. Fully two years after the official end of the recession, unemployment is at 9.2 percent. Job creation has stalled. Making things even more difficult, many employers, staffing agencies and online job-posting firms are expressly screening out applicants who are unemployed, apparently as an expedient to cull résumés, or on the presumption that the unemployed are poor performers.

The New York Times
By Ben Protess
July 14, 2011

WASHINGTON -- An unexpected voice dominated a closed-door meeting a few months ago on Capitol Hill, where senior Senate aides were discussing the financial regulatory overhaul adopted last summer.

The Chronicle of Philanthropy (PCC)
By: Maureen West
July 24, 2011

UNCF (United Negro College Fund)

Benefactors: Citigroup and Citi Foundation

Amount awarded in 2010: $7.5-million for the Partnership for College Completion, a joint effort with the Corporation for Enterprise Development and the Knowledge Is Power Program (KIPP)

The Hill (CFED)
By: Robert Friedman
July 22, 2011


"Tax cuts for job creators!" It is a rallying cry echoing these days from both ends of Pennsylvania Avenue. For Republicans in Congress it means never raising taxes on the wealthiest 2 percent of the population. The White House, meanwhile, is considering a general reduction in payroll taxes for all.

The Travails of Ms. Warren

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The New York Times
By: Joe Nocera
July 22, 2011

It's finally live.

2 Dads, 2 Daughters, 1 Big Day

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The New York Times
By: Frank Bruni
July 20, 2011

Even in a city as diverse as New York and a neighborhood as progressive as the West Village, a little kid knows that having two dads is different. Eight-year-old Maeve certainly did.

Consumers vs. the Banks

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The New York Times
July 24, 2011

The Consumer Financial Protection Bureau officially opened its doors last week a year after it was established under the financial reform law. Score one for consumers. But the fight to create a bureau strong enough and independent enough to really take on the banks isn't over.

The Huffington Post
July 25, 2011

A new nonprofit is pairing creative, eager entrepreneurs with distressed cities nationwide.

Time
By: Zac Bissonnette
July 22, 2011

Most of the public scorn for payday lenders is heaped on mom and pop storefront operations -- and the national chains that do nothing but payday loans: publicly-traded companies like Advance America, EZ Corp, and QC Holdings.

The Washington Post
By: Ylan Q. Mui
July 21, 2011

The new Consumer Financial Protection Bureau officially opened for business Thursday during rancorous political debate over the structure of the agency and who should lead it.

The Wall Street Journal
By: Naftali Bendavid, Carol E. Lee & Janet Hook
July 22, 2011

President Barack Obama and House Speaker John Boehner are moving toward a deficit-reduction deal that could cut as much as $3 trillion in spending and overhaul the tax code by the end of next year to raise up to $1 trillion, according to people familiar with the talks.

The state of America's children

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Florida Courier
By: Marian Wright Edelman
July 21, 2011

The Children's Defense Fund has just released a new report, "The State of America's Children® 2011," which paints a disturbing portrait of child needs across our country.

NPR
By: Tamara Keith
July 21, 2011

There's a new cop on the money beat: The Consumer Financial Protection Bureau, and it opens its doors Thursday. It was created by the Dodd-Frank financial overhaul, signed by the president one year ago.

The Nation
By: George Zornick
July 20, 2011

President Obama endorsed [1] the Senate "Gang of Six" deficit reduction plan Tuesday, saying that the proposal "is broadly consistent with the approach that I've urged" and "makes sure that nobody is disproportionately hurt from us making progress on the debt and deficits."

The Washington Post
By: Ylan Q. Mui
July 20, 2011

Corey Stone has seen what happens when good intentions go awry.

Five years ago, he became chief executive of a start-up called PRBC that claimed a lofty goal: to help disadvantaged Americans build their credit. He planned to use unconventional data such as rent payments and everyday bills to help them qualify for better loans. That could open the door to a new world of possibilities available almost exclusively to those with good credit -- a home, a car, even a college education.

The Washington Post
By: Paul Kane & Lori Montgomery
July 20, 2011

The contentious budget talks that have dominated Washington for months intensified Wednesday, prompting President Obama to say he would accept a short-term hike in the debt ceiling if it gave lawmakers time to finalize a comprehensive deal.

The Atlantic
By: Mike Haynie
July 19, 2011

What's the single best idea to jumpstart job creation?

The United States should create a national microlending program positioned to provide ready access to capital to small business. It is widely acknowledged that small business represents the engine of job creation in this country. Small business accounts for approximately 50 percent of all private-sector jobs, and roughly 70 percent of all new jobs created in the past decade.

Clarion-Ledger (Mississippi)
By: Cassandra Mickens
July 17, 2011

Program provides incentives

Chandra D'Avy's paychecks are spent before they hit the bank, so why even bother opening a checking or savings account, she reasoned.

New America Foundation
By: Stephen Burd
July 19, 2011

Starting Thursday, there will be, for the first time, a single federal agency in charge of regulating private student loans. The new Consumer Financial Protection Bureau (CFPB) replaces a patchwork of government agencies that for years turned a blind eye to the predatory private loan practices that we at Higher Ed Watch have helped expose since the blog's start in 2006.

The Atlantic
By: Carl Camden
July 20, 2011

What's the single best idea to jumpstart job creation?

The most important thing the United States can do to create jobs is strip away outdated policies that no longer support companies or the people who work in them. To do so, we have to recognize that the way people work is undergoing fundamental changes.

Obama Backs Latest Bargain

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The Wall Street Journal
By: Janet Hook, Naftali Bendavid & Damian Paletta
July 20, 2011

President Barack Obama, in a last-ditch bid for a bipartisan "grand bargain" on the budget, threw his weight Tuesday behind a $3.7 trillion deficit-reduction plan unveiled by six Republican and Democratic senators.

San Francisco Chronicle (IDAs)
By: Erica Mu
July 18, 2011

As recent graduates struggle to find jobs, they do so with an alarming amount of student debt. Education debt has now surpassed the nation's credit card debt, which means students are paying off their loans instead of investing or saving.


The Washington Post
By: Ylan Q. Mui
July 16, 2011

Atlanta entrepreneur Mike Mondelli has access to more than a billion records detailing consumers' personal finances -- and there is little they can do about it.

The Washington Post
By: Renae Merle
July 18, 2011

The Obama administration has no plans to introduce another large-scale program for relieving the troubled housing market, despite the president's recent admission that his past efforts have not solved the problem, according to a senior administration official.

Los Angeles Times
By: Cyndia Zwahlen
July 18, 2011

Helping young people discover a reason to use and polish math, reading and writing skills is part of the programs. For some, goals also include keeping at-risk students in school by engaging them in a relevant, hands-on learning.

Fourteen-year-old entrepreneur Gianna Gallardo is entering ninth grade, but in some ways she already has an advantage over many small-business owners.

The Huffington Post
By: Amy Guerrieri and Jenifer Howard
July 18, 2011

With the dim news about rising unemployment reaching 9.2 percent, job prospects in Martin County, Kentucky, one of the most poverty-stricken areas in Appalachia, are pretty few and far between. After working in the area for more than two years, the Rockin' Appalachian Mom Project (RAMP), saw an opportunity to help some entrepreneurial individuals in Martin County through a microloan program. The goal of the program is to create jobs, revenue for local residents, and long-term sustainability. The RAMP Microloan Program, created in partnership with Rockin' Water™, a kids beverage company, and Whole Foods Market, that has partnered with RAMP, has funded its first microloan in the area to Betty Harris. We've written about Betty before -- she is a standout example of a leader in her community that won't put up with the status quo; she is a go-getter, and a person of strong faith and beliefs -- so much so that she puts aside her own struggles, both financially and in health, and puts others before her. Betty and her husband Elmer, of Inez, Ky, have helped put food on the table of more than 500 families. They run a small church, food pantry and community garden on the top of a hollow in the Calf Creek region of the Appalachian Mountains. And, since the first day we met Betty, she has told us about her dream to have her own sewing and quilting business.

Chicago Sun-Times
By: Jesse Jackson
July 18, 2011

When I checked in late at night at a hotel in Indiana last week, I was greeted by the night desk manager, a young woman with a noticeable limp. She said she had stepped in a hole, ripped up her leg, had three operations, but it still wasn't right. She was working full-time to help support her parents: her mother, who had suffered an aneurism and was bedridden, and her father, also suffering from disability. None could afford health insurance, so this young woman just had to keep going.

Big Mortgages Are Back

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The Wall Street Journal
By: Annamaria Andriotis
July 16, 2011

Low interest rates are driving high-end home buyers to supersized mortgages at a pace unseen since the housing boom. But the deals may have a limited shelf life.

The Huffington Post
By: Elizabeth Warren
July 18, 2011

This is a big week for the Consumer Financial Protection Bureau (CFPB). Today, the President will announce his intent to nominate Richard Cordray to serve as the first Director of the Consumer Financial Protection Bureau. On Thursday, the CFPB makes its transition from a start-up to a real, live agency with the authority to write rules and to supervise the activities of America's largest banks.

Out of Poverty, Family-Style

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The New York Times
By: David Bornstein
July 14, 2011

Fixes looks at solutions to social problems and why they work.

Shortly after Candace Keshwar immigrated from Trinidad to Boston in 2002, her life took a difficult turn. Her dream had been to go to college and have a career where she could help others. But her first daughter was born with cerebral palsy and Keshwar spent the next seven years caring for her at home. She grew isolated. Her husband worked in construction, but jobs were sporadic, and the family relied on government assistance. "It was a real dark space for me," Keshwar said. "I kept thinking, 'This cannot be my life. I know I have the potential to do so much more.'"

The Atlantic
By: Megan McArdle
July 15, 2011

What's the single best idea to jumpstart job creation?

Warren: No Plans for Bans

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The Wall Street Journal
By: Maya Jackson Randall
July 15, 2011

Obama Adviser Lays Out Scope of Soon-to-Launch Consumer Protection Agency.

White House adviser Elizabeth Warren said Thursday the Consumer Financial Protection Bureau isn't seeking to ban certain financial products, addressing Republicans' questions about the scope of the consumer-watchdog agency set to open its doors this time next week.

The Huffington Post
By: Amanda M. Fairbanks
July 13, 2011

Halfway through her junior year of college, Crystal Nance suddenly needed to come up with $15,000 in order to graduate.


The Wall Street Journal
By: Sara Murray
July 14, 2011

About 100 young CEOs descended on the nation's capital Wednesday to encourage entrepreneurship among the country's under-30 set - and to get that group to buy their products.

Wall Street Journal

Budget Shell Games Are Contrary to Law

By Michael W McConnell

July 14, 2011

 

After sending up a budget in February that would only add to government spending and deficits, President Obama has now come around to the view that "it is a moral imperative to tackle our debt and deficits in a serious way." Both sides have to make sacrifices, he says. It is time to "eat our peas." The president's evident purpose is to put the blame on Republicans for failing to come to an agreement.

Washington Post

If everything is on the table, how will some women afford to eat?

By Michelle Singletary

July 14, 2011

 

There's one thing about the federal debt-ceiling talks that makes me hotter than the heat wave rolling through the East Coast.

Business Insider

Students Are More Worried About Paying For College Than Being There

By Elle Spektor

July 14, 2011

 

The "MetLife Survey of the American Teacher" recently
discovered that more high school students worry about financing their education
than about actually getting into college or even being successful at college.
Not long ago, administrators at California State University Fullerton stated
that they lose more students to credit card debt than to academic failure

Diverse: Issues In Higher Education (PCC)
Alumni
By: Amara Phillip
July 13, 2011

Faced with troubling statistics about the college completion rates of its graduates, a network of college-preparatory public charter schools is helping to launch the Partnership for College Completion (PCC), an ambitious college-completion initiative that combines matched savings accounts, college-readiness and financial literacy workshops, as well as academic scholarships.

The Wall Street Journal
By: Sara Murray
July 13, 2011

GLOUCESTER COUNTY, N.J.--Like many in this middle-class suburb, Chad Flexon sees the efforts of Washington politicians to cut the budget deficit as far removed from his life.

Consumer Agency Set to Launch

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The Wall Street Journal
By: Maya Jackson Randall
July 13, 2011

WASHINGTON--The new Consumer Financial Protection Bureau will begin supervision of the nation's largest banks next week and expects to subject the biggest of those firms to year-round supervision, the agency said Tuesday.

The Wall Street Journal
By: Carol E. Lee, Damian Paletta & Naftali Bendavid
July 13, 2011

McConnell Breaks GOP Ranks, Says the President Should Be Given Authority to Raise the Borrowing Limit on His Own.

NPR
By: Wendy Kaufman
July 13, 2011

In a sluggish economy with slow growth and high unemployment, innovation may be part of the solution.

Spotlight on Poverty and Opportunity: The Source for News, Ideas and Action \
By: Ethan Geiling & Genevieve Melford
July 11, 2011

Something as simple as a checking account can be the first step in saving, planning for the future, building credit, and climbing the economic ladder. Unfortunately, basic financial services like checking accounts are out of reach for many low-income American families.

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U.S. Tackles Housing Slump

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The Wall Street Journal
By: Nick Timiraos
July 12, 2011

The Obama administration is ramping up talks on how to revive the housing market, which is weighing on the economic recovery--and possibly the president's re-election in 2012.

The Wall Street Journal
By: Annamaria Andriotis
July 12, 2011

After years as the lending market's undesirables, aspiring home buyers with less-than-stellar credit are being offered home loans again--with some of the same conditions and catches critics say tripped up subprime borrowers five years ago.

The Wall Street Journal
By: Nick Timiraos
July 12, 2011

The Obama administration is tapping Carol Galante, a housing official and former affordable housing developer, as the acting commissioner of the Federal Housing Administration.


The Huffington Post
By: Amanda M. Fairbanks & Andrew Lenoir
July 8, 2011

This story was reported in collaboration with our partners at Patch.com.

NEW YORK -- Seventy-five job applications. Forty cover letters. Twelve interviews. Zero job offers.

NPR
By: NPR Staff
July 10, 2011

Members of the Federal Reserve Board of Governors tend to speak cautiously: Their words can move markets. Yet last month, Fed governor Sarah Bloom Raskin was remarkably candid about the growing gap between America's rich and poor.

The Washington Post
By: Daniel de Vise
July 10, 2011

Megan Tuck is living that pleasant lull between college and career, traveling from her Suitland home to a different Starbucks each day with her laptop to look for a job.

The New York Times
By: Motoko Rich
July 10, 2011

An extraordinary amount of personal income is coming directly from the government.


Deficit Negotiators Hit Reset

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The Wall Street Journal
By: Carol E. Lee, John D. McKinnon & Naftali Bendavid
July 11, 2011

Divisions on Spending Cuts and Tax Increases Remain as Debt-Limit Clock Ticks.

President Barack Obama and Republican leaders in Congress clashed Sunday over the scope of an effort to cut the federal deficit, one that could be shorn of its most ambitious elements, including revamping the tax code and significantly reducing growth in benefit programs.

Sheila Bair's Bank Shot

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The New York Times
By: Joe Nocera
July 9, 2011

'They should have let Bear Stearns fail," Sheila Bair said.

The Washington Post
By: Sheila C. Bair
July 8, 2011

The nation is still struggling with the effects of the most serious financial crisis and economic downturn since the Great Depression. But Wall Street seems all too ready to return to the same untenable business practices that brought it to its knees less than three years ago. And some in government who claim to be representing Main Street seem all too ready to help.

Milwaukee Public Radio (IDAs)
By: LaToya Dennis
July 11, 2011

Since the start of the economic downturn, cities have been grappling over what to do with foreclosed houses. While the problem in Wisconsin never reached the levels seen in states such as Michigan, foreclosures are a major concern here. The vacated homes bring down property values because often times they are not maintained and attract squatters and criminals. To address the problem, the U.S. Department of Housing and Urban Development is doling out a third round of funding in its Neighborhood Stabilization Program. WUWM's LaToya Dennis visited Racine - one city utilizing the NSP program and others to get new owners into foreclosed homes. --------------------------------------------------------------------------------
Jennifer Dieter and her three children have lived in their home on Racine's west side for about three months. At the age of 37, she's a first time home owner.

KIPP helps grow college funds

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Houston Chronicle (PCC)
By: Jennifer Radcliffe
July 7, 2011

Organizations will match money that families save

A housekeeper since her teenage years, Rebeca Figueroa wants better for her four children.

Sights Set on Grand Debt Deal

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The Wall Street Journal
By: Carol E. Lee, Janet Hook & Naftali Bendavid
July 8, 2011

Obama, Congressional Leaders Eye Sweeping Bargain to Cut Deficit by $4 Trillion.

The Wall Street Journal
By: Anne Tergesen
July 7, 2011

A 2006 law designed to boost employees' retirement-savings is having the opposite effect for some people.

The New York Times
By: Andrew Martin
July 7, 2011

Help is on the way from the federal government for some homeowners struggling to make their mortgage payments because of prolonged joblessness.

Bloomberg
By: Drake Bennett & Carter Dougherty
July 7, 2011

Elizabeth Warren's admirers often refer to her as a grandmother from Oklahoma. This is technically true. It's also what you might call posturing.

Editorial: The American Dream

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Deseret News (CFED)
July 6, 2011

One of the most remarkable things about the recent housing crisis in the U.S. is Americans' extraordinary and enduring faith in the importance of homeownership. Roughly 9 in 10 people continue to say homeownership is an important part of the American Dream, according to a recent New York Times/CBS News poll.

The New York Times
By: Carl Hulse & Mark Landler
July 6, 2011

WASHINGTON -- Heading into a crucial negotiating session on a budget deal on Thursday, President Obama has raised his sights and wants to strike a far-reaching agreement on cutting the federal deficit as Speaker John A. Boehner has signaled new willingness to bargain on revenues.

Taxes and Billionaires

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The New York Times
By: Nicholas D. Kristof
July 6, 2011

The House speaker, John Boehner, suggests that the Republican threat of letting the United States default on its debts is driven by concern for jobs for ordinary Americans.

The Washington Post
By: Peter Wallsten & Cecilia Kang
July 6, 2011

President Obama made a rare admission of a policy misstep Wednesday, acknowledging that his administration failed to provide enough support to struggling homeowners and recognize the scope of the nation's housing crisis.

R&D Magazine (SEED)
By: University of Michigan
July 5, 2011

ANN ARBOR, Mich.--Opening a bank account for a young child in a low-income family could someday lead to a society with a reduction in asset gaps by socioeconomic class, a new study says.

The Boston Globe
By: Taryn Luna
July 6, 2011

NEW BEDFORD - Low-income families use costly check-cashing and loan services not because they lack access to banks, but because they lack knowledge of banking options and their advantages, according to a study by the University of Massachusetts Dartmouth.


By: Kate Berry
July 6, 2011

The Federal Housing Administration is considering tightening borrowers' debt-to-income ratios, a move that would prevent the most highly leveraged consumers from qualifying to buy a home.

The Washington Post
By: Ovetta Wiggins
July 6, 2011

Louise Golden, 79, recently stood at the front door of her tidy brick split-level in Lanham, still shocked to hear the terms of the refinancing agreement she and her now-deceased husband, Stanley, signed in 2006.

The Wall Street Journal
By: Carol E. Lee & Janet Hook
July 6, 2011

President Barack Obama called a budget-deficit summit Thursday at the White House, suggesting he and congressional leaders are moving closer to a deal that would clear the way for a vote to raise the government's borrowing limit and avoid default.

The Wall Street Journal
By: Nick Timiraos
July 6, 2011

A California Republican is set to introduce a bill as soon as Wednesday to merge Fannie Mae and Freddie Mac and restructure the company into a government-held corporation.

The Wall Street Journal
By: Dana Mattioli & Sarah E. Needleman
July 6, 2011

Many big public companies are likely to report strong second-quarter profits, but that isn't the story on Main Street, where small businesses are grappling with jittery customers, rising costs and tight credit.

The Wall Street Journal
By: Nick Timiraos & Alan Zibel
July 6, 2011

October Change Is Meant to Reduce the Government Footprint in Housing, but Industry Fears It Could Lead to Lower Prices.

The federal government is readying its first retreat from the mortgage market, with the size of loans eligible for government backing set to decline in October.

Mortgage News Daily (CFED)
By: Jann Swanson
June 24, 2011

According to the Department of Housing and Urban Development's (HUD) research publication, Evidence Matters, the U.S. has not examined its national rental policy since the housing crisis began. As a result of that crisis, an ever-increasing number of renters are facing a shortage of decent, safe, and affordable homes.


Deficit Talks Focus on Taxes

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The Wall Street Journal
By: John D. McKinnon & Carol E. Lee
July 5, 2011

Democrats, GOP at Odds Over Raising Revenue as Negotiations Hit Critical Stage.

The Washington Post
By: Cezary Podkul
July 4, 2011

Sandra Allwine has been pleading with her bank for more than two years to modify the mortgage on her Arlington County home. Despite exhausting all her savings and having her daughter move in to help with her $3,000 mortgage payment, Allwine, 65 and unable to find work, is struggling to save her home from foreclosure.

Bloomberg Businessweek
By: Antoine Gara
June 30, 2011

Michele Bachmann seems to think so. Many economists, though, see little job creation from abolishing the law

The Atlantic
By: Derek Thompson
July 1, 2011

How is it possible that we're both working harder and finding it more difficult to make a living? Maybe the same thing is making work cheap and life expensive. It's the productivity paradox.

The New York Times
By: David Streitfeld
July 2, 2011

As millions of Americans struggle in foreclosure with little hope of relief, big banks are going to borrowers who are not even in default and cutting their debt or easing the mortgage terms, sometimes with no questions asked.

The New York Times
By: Janice M. Nittoli
July 1, 2011

DESPITE persistent unemployment and stagnant wages, few believe that our cash-strapped government is likely to simply create better-paying jobs. But there is a way for this country to get more from the millions of jobs we already finance with federal dollars, while reducing the cost of entitlement programs.


The Star-Ledger (Newark, New Jersey)
July 3, 2011

At least this time, the governor spared us the blather about shared sacrifice.

NPR
By: The Associated Press
July 1, 2011

The Senate canceled its planned July Fourth recess on Thursday, but partisan divisions remained razor sharp as the clock ticked on efforts to strike a deal to avoid a government default and trim huge federal deficits.

The New York Times
By: Richard Perez-Pena
July 1, 2011

TRENTON -- Gov. Chris Christie on Thursday vetoed more than $1.3 billion in spending, much of it for schools, and struck down a sharp tax increase on high-income people in a sweeping rejection of attempts by Democrats in the Legislature to assert some control over the state budget.

New America Foundation
By: Rachel Black
June 30, 2011

Or, such is the distillation of the comments made yesterday at the event "Rebuilding the Road to Financial Stability" (co-sponsored by the Congressional Savings and Ownership Caucus and the Center for Financial Security at the University of Wisconsin-Madison) made by Federal Reserve Governor Sarah Bloom Raskin. She was joined in that sentiment today by Sheila Bair, Chair of the FDIC, at a hearing before the Senate Committee on Banking, Housing, and Urban Affairs. In particular Chirwoman Bair focused on the role of consumer protection in economic inclusion.

Elizabethan Drama

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Time
By: Michael Crowley
June 30, 2011

Clarification Appended: June 30, 2011

Here's some good news for consumers who feel themselves trampled by soulless banking and credit giants: on July 21, a new consumer-protection agency will open its doors in Washington, with the mission of making everything from mortgage documents to credit statements fairer and easier to understand and generally giving the little guy more power against the financial corporate juggernauts.

The Jobless Summer

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The Wall Street Journal
July 1, 2011

Why only one in four teens is employed

Perhaps you've already noticed around the neighborhood, but this is a rotten summer for young Americans to find a job. The Department of Labor reported last week that a smaller share of 16-19 year-olds are working than at anytime since records began to be kept in 1948.

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