Recession Hits Wealthy Too as More Private Planes are Being Repossessed


This 1941 Stearman, worth about $400,000, was repossessed.

The recession isn’t just stripping the middle class of their prize possessions. The wealthy are losing out, too.In the past few weeks, Ken Cage, who specializes in repossessing private planes, says he’s recovered two jets worth a combined $7.1 million.


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Courts Overwhelmed with a Backlog of Millions of Foreclosure Cases


Homesowners face a backlog of foreclosure cases in the courts.

Shortly after Orlando Eslava’s bank started to push him through the foreclosure process last year, he got some good news: He was eligible for a government mortgage relief program that would lower his loan payments. But the lender plowed ahead with the foreclosure sale anyway, taking back the condo in Aventura, Fla., even as Eslava made payments under the federal plan.