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Mexican economy in the balance of carmakers rescue (Tiscali)
SILAO, Mexico (Reuters) - The spectre of bankruptcy hanging over automakers in Detroit is also stoking fears in Mexico, whose car industry is heavily dependent on the U.S. economy.
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Let bankruptcy help fix bad mortgages (The Christian Science Monitor via Yahoo! News)
I watched a middle-aged widow lose her home recently. Her story was familiar. She owned her simple brick residence outright until four years ago, when a mortgage broker stopped by and offered her a loan too good to be true. In exchange for taking on a modest monthly payment, she could make some needed repairs and consolidate other debts.
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An S&L's Path To The Cliff (Forbes)
The government stood by while Downey Savings met a grisly fate.
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Improve Your Credit Score (Forbes)
What you thought was a good FICO score could keep you locked out of getting a loan. Here's what to do.
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Pilgrim's Pride Files For Chapter 11 Bankruptcy (CattleNetwork.com)
Pilgrim's Pride Corp. (PPC), the nation's largest chicken producer, filed for bankruptcy protection Monday, two days before a 30-day grace period on a missed $25.7 million interest payment was set to expire.
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Carbuyers Staying Home, Figures Show (The Lakeland Ledger)
NEW YORK | Ford's U.S. light vehicle sales tumbled 31 percent in November, while Toyota's plunged 34 percent and Honda's dropped 32 percent, dashing hopes that the industrywide drop in vehicle demand might be easing as Detroit's automakers prepare to state their second case for a federal bailout.
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Delphi Wins Motion To Delay Loan Payback (WNEM TV 5 Mid-Michigan)
NEW YORK -- A bankruptcy judge has said Delphi can postpone by six months the repayment of $4.35 billion in loans. The delay was necessary in part because Delphi has depended on former parent General Motors for financing amid a seizure of the credit markets.
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UAW agrees to concessions as exec warns of depression (Baltimore Sun)
UAW agrees to restart contract talks with Detroit Three to consider givebacks A top Chrysler executive warned today that a carmaker collapse could send the economy spiraling into a depression, while the United Auto Workers agreed to new concessions for their companies.
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Let bankruptcy help fix bad mortgages (The Christian Science Monitor)
It's a powerful step back to financial stability.
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Investor Sues to Block Mortgage Modifications (BusinessWeek Online via Yahoo! News)
The battle over the mass modifications of troubled mortgages has begun in earnest. On Dec. 1, William Frey, a private investor in mortgage-backed securities, filed a lawsuit in New York State Supreme Court alleging that the proposed modification of some 400,000 home loans originally underwritten by the defunct lender Countrywide Financial is illegal.
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