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NEW YORK TIMES

Editorial

Published: August 30, 2006

If you're still harboring the notion that the economy is "good," prepare to
be disabused.
Even the best number from yesterday's Census Bureau report for 2005 is bad
news for most Americans. It shows that median income rose 1.1 percent last
year, to $46,326, the first increase since it peaked in 1999. But the entire
increase is attributable to the 23 million households headed by someone over
age ...   more »

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Sun and Rust Belt Cities Dominate Remainder of Nation's Top 10
New Orleans and Boston Among Cities With Lowest Foreclosure Rates
Indianapolis, Atlanta and Dallas posted the nation's three highest
metropolitan foreclosure rates in the first quarter of 2006, according to
the RealtyTracT U.S. Metropolitan Foreclosure Market Report, which ranks the
foreclosure rates of the 100 largest metropolitan areas.

Cities in the Sun Belt and Rust Belt generally had the highest foreclosure
rates in the first ...   more »

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Lynne Marek
The National Law Journal

Despite what's expected to be a 12-year low in bankruptcy filings this
year, major U.S. law firms are starting to beef up their ranks of
restructuring attorneys in anticipation of heavier caseloads next year.

Restructuring preparation with some companies behind the scenes is
already picking up, some bankruptcy attorneys said, declining to
identify any. Companies in the automotive, telecommunications, retail
and health care industries are most likely to encounter trouble, ...   more »

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Michelle J. White, Special to washingtonpost.com's Think Tank Town,
washingtonpost.com


Last fall, following years of intense lobbying by the credit card companies,
Congress passed the "Bankruptcy Abuse Prevention and Consumer Protection Act
of 2005" (BAPCPA). While U.S. bankruptcy law was very debtor-friendly prior
to BAPCPA, it has become much more pro-creditor today.


Last fall, following years of intense lobbying by the credit card companies,
Congress passed the "Bankruptcy Abuse Prevention and Consumer Protection Act
of 2005" ...   more »

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By DAVID CAY JOHNSTON
If you owe back taxes to the federal government, the next call asking you to
pay may come not from an Internal Revenue Service officer, but from a
private debt collector.
Within two weeks, the I.R.S. will turn over data on 12,500 taxpayers - each
of whom owes $25,000 or less in back taxes - to three collection agencies.
Larger debtors will continue to be pursued by I.R.S. officers.
The move, an ...   more »

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By Kenneth R. Harney
Special to the Mercury News

WASHINGTON - Call it the reset jitters.

Lenders, mortgage investors and financial regulators across the country are
concerned about the ability of millions of homeowners to handle the
potentially painful payment spikes coming due on loans they took out during
the height of the housing boom.

Though estimates vary, some industry experts say that at least a
half-trillion dollars worth of loans with reduced initial payment terms ...   more »