Financial News Story of the Day – 70 Californians Protesting Rising Education Costs Arrested

We previously wrote about how rising college education costs are bankrupting the next generation, but here’s another development in the ongoing struggle for affordable education: 70 activists were arrested in California’s capitol today after failing to leave the premises after the building closed.…

Financial News Story of the Day – The Housing Market is No Longer a Free One

Just when you think there’s nothing left that government can do to destroy the housing market, along comes two daggers right into its heart – principal reductions and foreclosure rentals. If you haven’t been paying attention, California’s attorney general Kamala Harris has been pressuring Fannie and Freddie to reduce the principal on mortgages where “homeowners” are underwater.…

Financial News Story of the Day – America’s Debt Ceiling Limit Dangerously Close

It was just last summer that Treasury Secretary Timothy Geithner argued for an increase in America’s debt ceiling, claiming that failure to allow more borrowing would mean the country would essentially run out of money. Timmy got his wish and the debt ceiling was raised by over $2 trillion, but America still hasn’t recovered from its spending problem.…

Financial News Story of the Day – Fannie Mae and Freddie Mac Ordered to Reduce Legal Fees

Fannie Mae and Freddie Mac were ordered to cut costs associated with their legal fees. So far, the companies spent $109 million of your dollars since the bailout. Fannie and Freddie are the government housing programs that grew to become giants in the industry, guaranteeing mortgage loans with low down payments that were unlikely to be approved by private lenders.…

Financial News Story of the Day – Oil Prices Rise as Iran Halts Shipment to U.K and France

Iran’s Oil Ministry on Sunday announced the suspension of crude oil sales to companies from the U.K and France as the Islamic state responds to a European Union embargo set to take effect July 1. Combined with a surprise decision on Saturday by the People’s Bank of China to reduce banks’ reserve requirements for the second time since November, however, Iran’s action helped to boost West Texas Intermediate crude oil above $105 per barrel in electronic trading Monday.…

Yes, the infamous Allen Iverson “Practice” video where he says “practice” over 20 times

Financial News Story of the Day – Former NBA Star Allen Iverson May be Broke

Former NBA superstar Allen Iverson may be broke, as a judge seized his bank accounts and will begin garnishing his wages in order to repay his debts.…

Financial News Story of the Day – GM Posts Record Breaking Profits at $7.6 Billion

General Motors has just come back in a big way, posting a record profit of $7.6 billion in 2011. Although overseas losses have cut into the profits, GM has reclaimed the top spot as the number 1 auto manufacturer in the world from Toyota after natural disasters hurt its production numbers.…

Financial News Story of the Day – Robo-Signing Scandal May be Resolved with Settlement

When foreclosures reached epic proportions following the housing bubble burst in 2006, banks couldn’t work fast enough to clear out all the paperwork, giving birth to a process known as robo-signing. The definition of robo-signing is when a bank mortgage lender representative signs hundreds of documents foreclosing on a property without actually verifying the validity of the process.…

Financial News Story of the Day – Outrageous Student Loan Debt Bankrupting Graduates

Student loan debt is the next bubble to pop, and if something isn’t done, it could be the next thing the pull the U.S. economy down if housing doesn’t kill us first. You might as well call it the silent killer, as graduates from college are burdened by an average debt of $25,000 while heading into the worst recession on record in U.S.…