The number of people filing initial claims for state unemployment
benefits rose by 31,000 to a seasonally adjusted 473,000 last week, the
Labor Department reported Thursday, a sign that labor markets remain
Nineteen months ago, the recession took Bob Walker's job. Then,
creditors lined up to take the three-bedroom hilltop home that the
computer consultant shared with wife Stephanie Walker, a playwright
still looking for her first break.
Experts fear a new wave of foreclosures will hit this year as prolonged
unemployment makes it difficult for millions of homeowners to pay their
mortgages — and many of them aren't likely to get much help from a
federal program aimed at keeping them in their houses.
First he called congressional Democrats' yearlong march toward health
care overhaul an ugly process. Now President Barack Obama wants to talk
directly with Republicans, the very people his Capitol Hill allies call
obstinate and uncooperative.
Over the next few years, a wave of commercial real-estate loan failures
could threaten America's financial system, and in the worst case
scenario, hundreds of additional community and midsize banks could face
insolvency, a congressional watchdog group said Thursday.