Wednesday, April 30, 2008

Scenes From the Mortgage Crisis, Part Next

Sources tell the Wall Street Journal that the G-Men are finding evidence of wrongdoing in the mortgage approvals at Countrywide, connected to a company program called "Fast and Easy" in which the lender handed out mortgages without documentation of the borrowers' finances. It was reported elsewhere that the lender lost $893 million in the first quarter. Chariman Angelo Mozilo was paid more than $22.1 million and another $121.5 million in stock options last year for his management skills...

Now that cold weather is abating, hundreds of thousands of utility customers across the country may be facing disconnect notices, says USA Today. Most states in the Midwest and Northeast have moratoriums on disconnecting utilities in winter months, which are ending now.

And an investment columnist for the Wall Street Journal urges his readers to hoard food.

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