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<p>NEW YORK (CNNMoney.com) -- American consumers are defaulting on their credit cards at a sharply higher rate compared to last year, in what could be another consequence of the recent subprime mortgage market crisis, according to a report published Tuesday.</p>

<p>Waiting to see big banks piling into the mortgage business a la Bank of America (BAC - Cramer's Take - Stockpickr - Rating)? Don't hold your breath.</p> <p>BofA surprised Wall Street last week by making a $2 billion bet on struggling Countrywide (CFC - Cramer's Take - Stockpickr - Rating). The news, announced after the close last Wednesday, gave Countrywide's sinking stock a one-day reprieve.</p>

WASHINGTON (AFP) - Former US Treasury secretary Larry Summers said Sunday it was too early to declare the financial markets crisis over and said chances had risen sharply of an economic downturn in the United States. ADVERTISEMENT Despite interventions by the US Federal Reserve last week which appeared to reverse heavy selling pressure over the collapsing US housing debt market, Summers said the risk of recession was its highest since the immediate aftermath of the September 11, 2001 attacks. "We certainly saw some repair and some return to normality this week, but I think it would be far premature to...

<p>NEW YORK (Reuters) - Countrywide Financial Corp Chief Executive Angelo Mozilo said on Thursday the U.S. housing downturn is likely to lead the country into recession, but that the largest U.S. mortgage lender will survive.</p> <p>In an interview, Mozilo also said that to promote liquidity, the U.S. Federal Reserve should cut the rate it charges banks to borrow.</p>

NEW YORK (CNNMoney.com) -- Bond remained higher Friday despite a surprisingly strong durables goods reading as credit worries continued to trouble investors. The dollar fell against the euro and the yen. Video More video Luke Newman joins CNN to explain how a private investor can build a balanced portfolio in uncertain times. Play video The 10-year benchmark note gained 8/32, or $2.50 on a $1,000 note, to yield 4.62 percent, down from 4.64 late Thursday. Bond prices and yields move in opposite directions. Bernanke: The un-Greenspan The closely watched three-month Treasury bills, which have been the focus of the market...

NEW YORK (CNNMoney.com) -- Countrywide Financial, the nation's biggest home lender and one of those most affected by the subprime mortgage crisis, found itself the target of stinging criticism Thursday from an organization trying to help homeowners in peril. The Neighborhood Assistance Corporation of America said Countrywide (Charts, Fortune 500) was not doing enough to help people who took out subprime adjustable-rate mortgages (ARMs) over the past few years and now may lose their homes. Subprime loans are issued to borrowers with poor credit histories who often lack the funds to make large down payments. Justin Urquhart Stewart of Seven...

As the carcasses of subprime mortgage-backed securities lie rotting on Wall Street, the buzzards are circling heretofore untouchable prey: the rating agencies. Critics say the ratings industry was too late in downgrading mortgage-backed securities, echoing cries after past crises involving Enron, WorldCom and Russian debt, among others. But the current episode comes with a different twist: Rather than merely third-party observers, some sources say Moody's (MCO - Cramer's Take - Stockpickr - Rating), Standard & Poor's and their smaller rival Fitch Ratings played active roles in structuring MBS and related securities. Therefore, they could be deemed underwriters and exposed to...

Remember when Wall Street would obsess over the next leveraged buyout candidate, and hedge fund masters of the universe could raise ungodly war chests with just a handful of phone calls? What a difference a few months make. Lately, hedge fund implosions have replaced the LBO parade as the market's signature event. Investors have seen huge setbacks at funds run by Bear Stearns (BSC - Cramer's Take - Stockpickr - Rating), UBS (UBS - Cramer's Take - Stockpickr - Rating) and Goldman Sachs (GS - Cramer's Take - Stockpickr - Rating), among others, as the credit environment has grown fraught...

NEW YORK (CNNMoney.com) -- Fallout from the mortgage mess and lower home prices may have started to creep into the credit card arena, judging from July payments and some initial moves by issuers to tighten the screws on cardholders. After falling for three consecutive months, delinquent payments on credit cards -- defined as more than 30 days late - increased slightly in July, to 4.64 percent from 4.62 percent in June, according to CardWeb.com. A year ago, the delinquency rate was 4.18 percent. The amount of credit card debt consumers are paying off, meanwhile, has fallen. The portion of outstanding...

Fretting about bonus money is Wall Street's latest fixation, but investment bankers may soon have more pressing worries. September could bring a wave of layoffs as big banks aim to bounce back from the summer's credit market swoon. Mass firings now could help brokerage firms cut costs and show investors they're taking decisive action to compete better in a tough market. It also may have dawned on banking honchos that cutting staff will help preserve whatever's left of their dwindling bonus pools. "I think [bank execs] are thinking, if I cut right now maybe I save some of this bonus,"...

NEW YORK (AP) - With the congressional sex scandal still troubling Republicans, one of the United States' top evangelical leaders is now accused of paying for gay sex. Heading into Tuesday's elections, liberals and some conservatives are saying the Republican party that prides itself on family values has a hypocrisy problem. Ted Haggard, a staunch foe of same-sex marriage and occasional participant in White House conference calls, resigned as president of the National Association of Evangelicals and head of his Colorado church following allegations he met monthly with a homosexual prostitute for three years. Haggard denies having sex with the...

After nearly three weeks of covering every aspect of the Mark Foley scandal, CNN’s "American Morning" still hasn’t tired of the story. Wednesday’s edition of the program featured over 18 minutes of coverage. This encompassed seven full reports on the disgraced Congressman and one anchor read. In contrast, there were no reports on the unfolding controversy of Senate Minority Leader Harry Reid, a Democrat, and his questionable land deal. Additionally, the October 18 "American Morning" featured only two brief anchor reads on a racially charged remark made by Democratic House Minority Whip Steny Hoyer. "American Morning" has actually increased their...

I was one of a number of Jewish conservatives who spoke out in defense of Mel Gibson's film "The Passion of The Christ." (See, "More Power To Mel," published on this site and elsewhere) For that, I have no regrets. I believed then - and continue to believe - that "The Passion" is not anti-Semitic. However, based on what followed Gibson's drunk-driving arrest on Friday, I'm convinced that the actor/director himself is an anti-Semite. According to various news reports, when he was arrested by a sheriff's deputy in Malibu for DUI, Gibson was enraged. At one point, he reportedly told...

What do you think about Mel Gibson's remarks? He is an anti-Semite bigot He represents the view of many others He apologized and should be forgiven He actually has a point Who cares about Gibson?

When we interviewed Mel Gibson over two years ago for his controversial movie, The Passion of the Christ, we expected to make news. But we didn't know then that what Gibson had to say to us would be just as relevant today. Our interviewer, Peggy Noonan, asked Gibson about his father's rumored doubts about the scope of the Holocaust. Here's how Gibson responded:MEL GIBSON: My dad taught me my faith, and I believe what he taught me. The man never lied to me in his life. He was born in 1918. He lost his mother at two years of age....

On a July evening 22 years ago, 20-year-old Terry Wallis climbed into a pickup truck with two friends and rode off down a rural Arkansas highway. He never came back -- or, more precisely, he never came back the same. The truck went off a bridge. One of Wallis' friends was uninjured; the other died. Wallis barely made it. First, he was in a coma, then in what doctors called a "vegetative state," and then in what they called a "minimally conscious state." He was paralyzed from the neck down and couldn't talk. His parents assumed legal guardianship from his...

Mountain View, Arkansas, July 4, 2006 (LifeSiteNews.com) – On Monday The Journal of Clinical Investigation published new research on the recovery of a brain damaged man from his 19 years in a minimally conscious state, adding to the growing evidence that those with “hopelessly” severe brain injuries may be able to recuperate with therapy or other kinds of assistance. The Journal’s research focuses on the sudden recovery of Terry Wallis, who experienced a car wreck in 1984 when he was 19 years old. The accident sheared the nerve connections in his brain, putting him in a minimally conscious state (MCS)...

A vandal or vandals spray-painted words from "The Da Vinci Code" on the front doors of the Holy Rosary Catholic Church on Main Street late Tuesday night or early Wednesday morning.A groundskeeper at the church discovered the graffiti around 11 a.m. Wednesday and was visibly disheartened.A funeral was scheduled to take place at the church in the afternoon.The message sprayed in black paint read, "So DARK the con of man." That same message is a clue in the plot of "The Da Vinci Code," the best-selling novel by Dan Brown that has been made into a movie.The grafitti also included...

Controversy in the press surrounding "Da Vinci Code" author Dan Brown, just beginning to fade, will likely revive later this week when the July issue of Vanity Fair hits the stands. According to an advance copy, the magazine's contributing editor Seth Mnookin alleges -- in a massive article titled "DaVinci Clone?" -- two new instances of possible plagiarism in Brown's past. Two textual analysis experts also tell him they believe Brown borrowed the plot for his book from Lewis Perdue's "Daughter of God." The two libel experts say they are convinced Brown borrowed heavily from the Perdue book, despite Brown's...

A reader of the Window wrote asking me to explain why I found The Da Vinci Code anti-Catholic. That's a fair question, since as she pointed out, I didn't supply any examples.Anyone doubting my word can consult the film's co-producer, John Calley. He told The New York Times (9/7/2005) that the movie was "conservatively anti-Catholic" but not "destructively so."   I wonder if Mr. Calley sought any expert opinions on what would be destructive to the Church, or if he considered himself qualified to make that call. Why did he reject the request for a disclaimer at the beginning of...