District is seeking to erase a projected $50 million budget shortfall

Associated Press

KANSAS CITY, Mo. - The Kansas City school board narrowly approved a plan Wednesday night to close nearly half the district's schools in a desperate bid to avoid a potential bankruptcy.read more »

Major Miami hospital system in 'death spiral' as it runs low on cash; reflects woes nationwide

Christine Armario, Associated Press Writer

MIAMI (AP) -- The city's major hospital network, which runs Miami's only round-the-clock trauma center and is a safety net for the poor and uninsured, is running out of money and could close, a predicament that illustrates the precarious financial state of many hospitals around the country.read more »

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By Dakin Campbell

March 8 (Bloomberg) -- The Federal Deposit Insurance Corp. is trying to encourage public retirement funds that control more than $2 trillion to buy all or part of failed lenders, taking a more direct role in propping up the banking system, said people briefed on the matter.read more »

by Catherine Reagor | The Arizona Republic

Homes that fall into foreclosure in Phoenix are sold at a public auction. The highest bidder becomes the new owner. The former owner then has to move out.read more »

By Susan Taylor Martin, Times Senior Correspondent

When his lender started to foreclose in 2003, Jeffrey De­Mauro appealed for time to resolve his financial problems.

"I sincerely want to work this situation out and get back on track and save my home,'' De­Mauro wrote to Pinellas County court officials. "I have two children and do not want to be put out of our house and on the street.''read more »

Nonpartisan Group Led by Nobel Winner Calls for Stronger Financial Reforms

By MATTHEW JAFFE

Even as many Americans still struggle to recover from the country's worst economic downturn since the Great Depression, another crisis – one that will be even worse than the current one – is looming, according to a new report from a group of leading economists, financiers, and former federal regulators.read more »

Many borrowers in default stay put as lenders delay evictions

Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free. Pressure on banks to modify loans and a glut of inventory are driving the trend.read more »

Gregory White

Niall Ferguson is candidly calling time on the American Empire, or at least pointing to the combination of factors that will soon lead to its demise, in the latest issue of Foreign Affairs.

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