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economy

House Of Cards - P1

26.05.08 US Credit Crisis Adds to Gloom Of Arctic Norway’s Long Night query.nytimes.com At this time of year, the sun does not rise at all this far north of the Arctic Circle. But Karen Margrethe Kuvaas says she has not been able to sleep well for days. What is keeping her awake are the far-reaching ripple effects of the troubled housing market in sunny Florida, California and other parts of the United States. Ms. Kuvaas is the mayor of Narvik, a remote seaport where the season’s perpetual gloom deepened even further in recent days after news that the town — along with three other Norwegian municipalities — had lost about million, and potentially much more, in complex securities investments that went sour. ”I think about it every minute,” Ms. Kuvaas, 60, said in an interview, her manner polite but harried. ”Because of this, we can’t focus on things that matter, like schools or care for the elderly.” Norway’s unlucky towns are the latest victims — and perhaps the least likely ones so far — of the credit crisis that began last summer in the American subprime mortgage market and has spread to the farthest reaches of the world, causing untold losses and sowing fears about the global economy. Where all the bad debt ended up remains something of a mystery, but to those hit by the collateral damage, it hardly matters. Tiny specks on the map, these Norwegian towns are links in a chain of misery that stretches from insolvent homeowners in California to the state …

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Mortgage Fraud Up 17%

Interthinx Vice President Ann Fulmer breaks down what you can do to fight mortgage fraud.

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