News

Recession Briefing 3.4

What you need to know today to survive and thrive in the recession.

The recession is hitting almost every part of the U.S., and job loss is disproportionately harsh on those without a college degree. An interactive map shows county-by-county unemployment figures. (New York Times)

Loan Do-Overs?: The Obama administration will begin testing a program of mortgage modifications to let struggling homeowners pay less each month. (CNN/Money)

A new report finds that 19.8% of homeowners in the U.S. owe more than their home is now worth. (Time)

The former top execs of Countrywide — one of the lenders blamed for triggering the economic downturn by issuing risky loans — have formed a company to buy up delinquent home mortgages from the government. (New York Times)

Auto sales in February were down 41% percent from last year, and some are worried that the market hasn’t even bottomed out yet. Luxury car sales also remain weak. (BusinessWeek, Wall Street Journal)

Kvetch Not: Jeffrey Zaslow writes that a positive byproduct of these troubled economic times may be a decrease in the urge to complain. (Wall Street Journal)

If you’re recently laid off and turning to freelance work, here are 85 Web tools and resources to help you get started. (Mashable)

Flaunt it if you’ve got it?: Here are ten of the least recession-friendly new products — including a $1.7 million sports car. (CityFile)

The recession is already resulting in a spike in crime, but there remains a little civility out there: one recent robber apologized as he grabbed a stack of twenties at a convenience store. (New York Mag/Daily Intel)

Matthew DeBord thinks that the government’s bailout isn’t enough, and won’t do the job — and suggests we need to nationalize the auto industry. (The Big Money)

As construction projects are halted, luxury home sites turn into wastelands, and are targeted by thieves. (Los Angeles Times)

Tags: bailout, News, personal finance, politics, real estate