Home » Archive for August, 2009
NY Federal Reserve President Says US Can Avoid Coming Inflation
Bank president of the New York Federal Reserve, William Dudley, said that the Federal Reserve has the tools it needs to prevent inflation from accelerating and doesn’t need to begin shrinking its balance sheet. The central bank has... More of this article »
US Government Collects $4 Billion in Profit from TARP Participants
The United States Federal Government has collected profits of about $4 billion from eight of the nation’s largest banks that have repaid fully their loans from the Troubled Asset Relief Program (TARP) in addition to the repayment... More of this article »
Important Information for Taylor Bean Customers
If you had a payment held by Taylor, Bean & Whitaker Mortgage Corporation before the company went under and laid off most of its employees on August 5th, you’re going to have a bit of a difficult time making your payment. You... More of this article »
Federal Reserve Audit May be Part of Financial Regulation Overhaul
Barney Frank, Chairman of the House Financial Service Committee, announced that a Federal Reserve audit will be part of the Congress’s regulatory overhaul on the financial services industry. In February of this year, Congressman... More of this article »
Will Business and Banking Bailouts Kill the American Economy?
While most in the mainstream media have been presenting Ben Bernanke as a hero who has saved the American economy, the reality is he may have done the greatest damage to it of any single man in American economic history. Usually he’s... More of this article »
FDIC’s Actions Could Further Damage Banking Industry
I wanted to take a look at the recent communication between the FDIC and the banking community, where the FDIC asserted that “Recent experience demonstrates that newly insured institutions pose an elevated risk to the Deposit... More of this article »
Obama’s Pay Czar Is A “Paid” Man
In early June President Barack Obama appointed Kenneth Fienberg to act as the pay czar for the Treasury Department and essentially policing Wall Street Compensation. Fienberg is probably most known for overseeing the government’s... More of this article »
Banks Aren’t Lending, Consumers Aren’t Spending – What Recovery?
The assertion by analysts and economists that data from the quarter from July-September signals the end to the recession is so distorted and ridiculous, that you have to question either their integrity, sanity or ability to make that... More of this article »
Ron Paul’s “End the Fed” Movement Gaining Steam
The growing interest in the book soon to be released by Ron Paul named “End the Fed” is unprecedented in monetary history, and reveals the extraordinary times we live in where a chance to change the monetary policy in... More of this article »
Analysts Predict FDIC Will Charge Additional Fees to Prop Up Insurance Fund
The Federal Deposit Insurance Corporation will likely need to charge the banking industry additional fees through 2013 to keep the agency’s reserve fund a float at a level mandated by law, according to analysts from Fox-Pitt Kelton... More of this article »
Affinity Bank, Mainstreet Bank, Bradford Bank Fail—84 Total Failures in 2009.
Three additional banks failed on Friday, bringing the total number of failures this year to 84 as the banking industry continues to struggle with unexpected delinquencies and defaults on the loans on their books. Federal regulators... More of this article »
Ron Paul’s Bill Will Pass Says House Financial Services Chairman Barney Frank
Now that the public is slowly starting to understand the source of many of the booms and busts in history – the Federal Reserve – pressure has been mounting on House Financial Services chairman Barney Frank to bring the... More of this article »
Wells Fargo Home Mortgages Modifies 240,000 under Home Affordable Modification Program
Wells Fargo (NYSE:WFC) announced today that it has modified more than 240,000 mortgage loans from January through July, including 20,219 trial modifications under the federal government’s Home Affordable Modification Program, more... More of this article »
Guaranty Financial Group Files for Chapter 11 Bankruptcy Protection
Less than a week after federal regulators seized Gauranty Financial Group’s banking unit and sold the assets to Banco Bilbao Vizcaya Argentaria SA (a Spanish bank), Guaranty Financial Group Inc (GFGF.PK) has filed for Chapter 11... More of this article »
New Banks Will Face Increased Scrutiny by FDIC
After facing 81 bank failures in 2009 and estimates that there will be hundreds more over the next few years, U.S. regulators are stepping up their capital requirements and general scrutiny over new financial institutions in hopes... More of this article »
Dwindling FDIC Funds Putting Pressure On Surviving Banks
The announcement yesterday by the FDIC that the Deposit Insurance Fund dropped to $10.4 billion is a little suspicious based on the 1.94 balance reduction/estimated losses ratio for the previous five quarters, which suddenly improved... More of this article »
Federal Reserve Continues its Mantra that “Disclosure” Will Hurt Banks
The more the Federal Reserve continues to fight the public disclosure of what banks and financial institutions were the recipients of billions in taxpayers’ dollars to artificially prop them up, the more it looks like the Fed... More of this article »
Federal Reserve urges Secrecy in Bank Bailout Programs after Losing in Court
There was recently a lawsuit against the U.S. Federal Reserve by Bloomberg News in which the Fed refused to release the names of the banks that participated in an emergency lending program and the amount of money that they received.... More of this article »
416 Banks Now Considered “Problematic” by FDIC
In the FDIC’s Quarterly Banking Profile released this morning, it said that the number of what are considered “problem” banks has grown from 305 as of March 31 to 416 as of June 30; a huge increase by any measurement... More of this article »
FDIC Eases Investor Guidelines Ahead Of Quarterly Briefing
The Federal Deposit Insurance Corporation approved a softer set of investment requirements on Wednesday in its quest to expand the pool of eligible and interested investors. The current changes are aimed at bringing in private equity... More of this article »
The Financial Services Industry Brings Buying and Selling Gold into the 21st Century
For hundreds of years, consumers and investors have taken refuge in gold and other precious metals knowing that they would have value around the world whether or not the US Dollar or any other currency would succeed. As the economy... More of this article »
Kennedy Death Could Mean Major Changes for Senate Banking Committee
The death of Senator Edward Kennedy could have significant ramifications in the Senate committee overseas credit unions and will be handling President Obama’s plan to restructure regulation of consumer financial services. Chairman... More of this article »
RBC Capital Markets: Up to 1,000 Banks Could Shutter from 2008-2012
RBC Capital Markets has asserted in the past that up to 1,000 banks could fail during the 2008-2012 credit cycle, and they continue to hold to those numbers. Most banks expected to fail should be under $3 billion in size, although... More of this article »