-
The last few months have seen the problems in sub-prime lending start to have a national and even international impact on the credit and stock markets.The combination of expanded sub-prime lending programs with mortgage rates that adjust upward after two to five years, reduced or eliminated down-payment requirements, and a housing market that has seen real estate prices actually decline in many markets, has left many marginal borrowers unable to pay higher monthly mortgage payments, unable to refinance to more traditional mortgages, and unable to sell homes at a price sufficient to cover the mortgage obligation.
October 7 -
Leave it to the guys from Harvard, eh? Right now, when everybody and his cat are trying to figure out what’s happening in the stock market, three entrepreneurs out of Cambridge, Mass. are gathering the best financial minds in the business to figure it all out for you. It’s called Fantasy Investing and it can be found at www.updown.com. This is a Web site launched by these Harvard Business School students. Each partner, it is said, has a significant start-up experience, and shares a common vision to revolutionize the investing world. In effect, The UpDown is a community for stock investors.
October 4 -
Tennessee accounting firms Petty & Landis and Lattimore Black Morgan & Cain have merged their practices, giving Nashville-based LBMC a physical presence in the Chattanooga market.
October 4 -
The International Auditing and Assurance Standards Board issued new requirements for auditing group financial statements.
October 4 -
Ernst & Young Chairman and CEO James S. Turley has been appointed chair of the governing board of the Center for Audit Quality to help improve investor confidence in the audit process.
October 3 -
Tax technology vendor Vertex said it planned a major hiring initiative that would double the size of its consulting group over the next six months.
October 3 -
Software developer Rivet Software is introducing software to convert financial reports and documents into the interactive format that the Securities and Exchange Commission has been promoting.
October 3 -
Former Dynegy CFO Robert Doty Jr. will pay the Securities and Exchange Commission $375,000 for his role in a $300 million accounting fraud.
October 3 -
AICPA CEO Barry Melancon and other accounting profession luminaries have been appointed to the Treasury Department's new Advisory Committee on the Auditing Profession.
October 2 -
The trend toward convergence of accounting standards seems to be picking up speed after a bumpy start, but there are still plenty of hurdles ahead.
October 2