Cleveland's foreclosure crisis is no longer a problem that's just for the poor. Read more…

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Reuters - Mortgage applications rose last week to the highest level since July 2005 despite a jump in borrowing costs, an industry group said on Wednesday. Read more…

Reuters - The U.S. subprime mortgage crisis was an "accident waiting to happen" as a period of unprecedented global growth seduced investors into underpricing risk, former Federal Reserve Chairman Alan Greenspan argued in an article published by The Wall Street Journal on Wednesday. Read more…

Reuters - Billionaire investor Warren Buffett said the United States could slip into a recession if the jobless rate increases, he told CNBC television on Tuesday. Read more…

FT.com - In a chat shortly after Citigroup (NYSE:C) bought his Old Lane hedge fund, the soft-spoken and affable Vikram Pandit brushed off questions about whether he considered himself a future chief executive of the giant global bank. Read more…

AP - The chief executives of Fannie Mae and Freddie Mac on Tuesday warned their ailing mortgage-finance companies will suffer further in 2008 due to a weakening housing market and rising home-loan defaults. Read more…

Reuters - A hotline for a program that aims to help about 1.2 million subprime borrowers received 45,000 calls in the three days after President George W. Bush announced the program, the HOPE NOW alliance said on Tuesday. Read more…

Reuters - Freddie Mac expects to see credit losses of $10 billion to $12 billion on the book of mortgages it currently owns, the mortgage finance company's chief executive said on Tuesday. Read more…

AP - Washington Mutual shares tumbled in early trading Tuesday amid concerns over its exposure to turmoil in the mortgage and credit markets. Read more…

Americans are nearly equally divided on whether those facing defaults on their mortgages should get special help, with most believing the borrowers are to blame for their own problems. Read more…

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Reuters - H&R Block Inc , slammed over the past year by exposure to risky mortgages, on Tuesday reported a bigger-than-expected quarterly loss after shutting down its Option One Mortgage subprime lender, sending its shares down nearly 7 percent. Read more…

AFP - Europe's top equity markets dropped Tuesday, with banking shares losing further ground amid the subprime lending crisis and as investors positioned themselves before a key US interest-rate call. Read more…

AP - Mortgage finance giants Fannie Mae and Freddie Mac are changing their criteria for purchasing delinquent home loans they've guaranteed, in order to reduce the number they buy from investors, the companies said Monday. Read more…

Reuters - H&R Block Inc , slammed over the past year by exposure to subprime mortgages, said on Tuesday it expects to report a wider quarterly loss due to losses on mortgage assets sales and charges related to restructuring its Option One Mortgage unit. Read more…

FT.com - Japanese shares rose on Tuesday after UBS (NYSE:UBS)' announcement of a $11.5bn capital injection created a sense of relief among investors that the worst of the global credit crisis might be over. Read more…

Reuters - Reinsurer Swiss Re said it is committed to the Financial Services unit that was the source of last month's large subprime writedown and said it was likely to speed up its share buyback program. Read more…

More trouble looms for the nation's battered housing market next year, even as the pace of home sales inched up in October from the depths of this summer's mortgage meltdown, according to data released Monday by an industry trade group. Read more…

Reuters - Washington Mutual , one of the largest U.S. home mortgage lenders, said on Monday it would slash its dividend by almost three-quarters, cut 3,150 jobs and raise $2.5 billion in new capital as it sees losses from mortgages increasing through 2008. Read more…

FT.com - UBS (NYSE:UBS)'s aggressive writedowns on its exposure to subprime mortgage securities have seen the Swiss bank fall in line with its US peers. Few observers believe that this is the last announcement by an investment bank of similar hefty losses. Read more…

Reuters - The chairman of the Senate Banking Committee on Tuesday will introduce legislation to give mortgage borrowers more protection from high-cost and predatory loans, the lawmaker's staff said on Monday. Read more…

AP - Washington Mutual Inc., the nation's largest savings and loan, said Monday problems in the mortgage and credit markets are forcing it to close offices, slash over 3,100 jobs, and set aside far more than expected for loan losses in its fourth quarter. Read more…

Reuters - Rev. Jesse Jackson and other U.S. civil rights leaders converged on Wall Street on Monday to demand the government and the financial community step up aid to stem a home-loan foreclosure crisis. Read more…

FT.com - Hopes of naming a bidder for Northern Rock, the stricken mortgage lender, by Christmas receded Monday. Read more…