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As the financial markets continue to roil, Governor David Paterson steps in to help ailing insurance giant AIG. WNYC's Elaine Rivera reports. In an unusual move, Paterson says he'll allow the American International Group - the world's largest insurer - to use $20 billion in its subsidiary assets to help ...

Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors this morning and says it's trying to sell off key business units. The filing was made in the U.S. Bankruptcy Court in the Southern District ...

The mood outside Lehman Brothers today was more optimistic than you might expect. Carmine Visone is a managing director and has worked at the investment bank for more than 35 years.

REPORTER: He says he had a great run at Lehman, and that he'll survive, as will many others.

VISONE: We didn't ...

The job losses that are likely to come from the bankruptcy of Lehman Brothers and the sale of Merrill Lynch to Bank of America will affect the economies of New York City and New York State.

REPORTER: But Greg David, editor in chief of Crain's New York Business, tells WNYC's Brian ...

In the wake of Lehman Brothers' collapse and the ongoing chaos on Wall Street, Mayor Bloomberg had a few words for a room full of reporters, namely- "Fear Not." WNYC's Arun Venugopal has more. REPORTER: As an extremely successful businessman who also happens to govern the nation's financial capital, Mayor ...

U.S. Senator Charles Schumer is calling on the newly tapped chief executives of Fannie Mae and Freddie Mac to temporarily freeze foreclosures on all whole loans held by the companies. Schumer says the freeze is critical to preventing another wave of foreclosures as a result the near collapse of the ...

It looks like New York City is about to lose another one of its big financial institutions. Investment bank Lehman Brothers is up for sale, and top executives are racing to find buyers. The company's stock price was down 14 percent by the market's close today. To talk about what ...

A new legal clinic is claiming great success in helping homeowners fight off foreclosure of their homes.

REPORTER: In the case of US Bank v. Deborah Singleton, Deborah Singleton is defending herself.

SINGLETON: I can represent myself, I don't have to pay thousands of dollars to a lawyer who may not help ...

Consider this: in January 2007, a barrel of heating oil cost about a $150. A year and a half later, the price has more than doubled. Despite the recent dip in the price of crude, the small suppliers who sell home heating are so. WNYC's Ilya Marritz reports.

REPORTER: This is ...

Unemployment has shot up in New York State as the economy has cooled down. And a new analysis by the Fiscal Policy Institute finds New York is doing a poor job of helping the unemployed.

The Institute's James Parrott says the state hasn't made a cost-of-living adjustment to benefits since the ...

New numbers released by the Census Bureau show poverty in New York City dipped slightly in 2007.

The federal data show the drop is less than one percent, or about 39,000 people.

Citywide, about 1.5 million people live below the poverty line. Pete Jones, who lives at a homeless shelter in midtown, ...

The nation's two largest secondary mortgage corporations, Fannie Mae and Freddie Mac, say they'll stop buying subprime mortgages in New York State. WNYC's Ilya Marritz has more.

REPORTER: The trigger was Gov. David Paterson's signature on a new law intended to help subprime borrowers about to lose their homes.

The law creates ...

Even though the New York metro area is weathering the economic downturn better than other parts of the country, some local mental health professionals are reporting an increase in anxiety about jobs, housing, and financial prospects. WNYC's Fred Mogul reports.

The New York state Senate is back in session this morning to approve hundreds of millions of dollars in budget cuts agreed to by lawmakers and Gov. Paterson.

The governor called legislators back to Albany for a special session yesterday to deal with looming deficits projected in the billions of dollars.

They've ...

State Assembly Speaker Sheldon Silver says the legislature and Gov. David Paterson have agreed on significant state budget cuts that were needed to deal with New York's rising deficit.

SILVER: The overall reductions that we have done translate on a two year basis to over $1 billion.

REPORTER: Even with the across-the-board ...

Gov. David Paterson and state legislators reached an agreement today to cut state spending by about $1 billion over the next two years. City University, nursing homes and public hospitals are among those that will see their programs trimmed. With us to talk more about some of these cuts are ...

The state legislature is set to hold a special session tomorrow to address New York's budget crisis. Governor Paterson hopes lawmakers will agree to $600 million in cuts to plug this year's growing deficit.

REPORTER: Some assembly members are fighting the cuts saying they will hurt valuable city services. Speaking on ...

Even by Bloomberg Administration standards, rebuilding Willets Point in Queens is a massive development project. This summer, the city proposal to tear down the industrial district near Shea Stadium, known for its auto repair shops, and build housing, retail and a convention center has been steadily clearing hurdles. At the ...

The buck stops here. That's Governor Paterson's message to New Yorkers concerning the state's fiscal crisis.

Paterson's July 29 Budget Speech

Paterson's July 30 Budget Update

PATERSON: It is time for New York and other governments to cut up our credit cards. The era of ...

In his address to the state last night and in a press conference today, Gov. David Paterson said New York State's economic outlook has deteriorated badly over the past several months.

REPORTER: He's asked lawmakers to reconvene next month and reopen this year's budget so they can make $600 million in ...