Subprime lender New Century moved a step closer to bankruptcy as its lenders called in their loans. Track the falling dominos and it might push the whole economy lower, too. Hillary Wicai reports.
The nation's largest independent sub-prime lender may be the latest victim of the housing slowdown. New Century Financial says the banks that keep its money flowing are cutting the lifelines.
Analysts are speculating that New Century Financial could be another casualty in the subprime mortgage market. How did the industry get in such a mess? Steve Tripoli reports it was step by reality-ignoring step.
Sub-prime lenders are suffering double-digit drops on Wall Street. Consumer advocates say it's the fallout of shady lending practices, and today they launched a national campaign to address the problem.
HSBC, the U.K.'s largest bank, managed to post a 5 percent second-half profit in spite of $11 billion in losses due to sub-prime loans gone bad in the States.
Disneyland is suing its hometown of Anaheim, Calif. The park wants to make sure no new housing goes up within two miles of its front door. Pat Loeb reports.
Even as the housing market continues its slide, depleted university budgets and an upward trend in student enrollment have built a profitable little investment pocket in some college towns.
Economics correspondent Chris Farrell says low long-term interest rates are propping up the housing market — for now. But when rates ratchet up, the market still has plenty of room to fall.
New-home construction plunged 14% last month. Residential building is at a 10-year low. And January housing starts are down 38% over last year. Ashley Milne-Tyte reports on the housing market's search for the bottom.
