The check is not in the mail. Prichard, Alabama, came out of Chapter 9 bankruptcy in 2002 and promised to make deposits into its public pension fund. They didn’t and now they are simply out of money. Retirees did not… Continue Reading →
Municipal bond defaults over the last two years occur in sectors that tie into the financial crisis: real estate. Multi-family housing and land development projects that never took off are at the front line. Special entities – usually a district… Continue Reading →
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