Archive for October, 2009
Next Bank Failure will be No. 100 this Year – FDIC Will Operate in Red through 2012 at Least
The Federal Deposit Insurance Corp. and the government have been dreading the eventual failure of bank No. 100 this year, as the unwanted milestone is a negative psychological barrier which reminds the American people that the recession isn’t close to being over, no matter what the mainstream media lapdogs assert and parrot. As far as [...]
$7.2 Million in New Loans Originated by Peer-to-Peer Lending Companies in September
Peer-to-Peer Lending Giants, Prosper.com and Lending Club originated a total of $7.2 million during the month of September, according to internal statistics from both companies. Both companies saw a significant increase in new loans during the month of September. Prosper.com enjoyed a 44% increase in the amount of loans that it originated, partially due to [...]
Citibank Korea (NYSE: C) launches new “Citi Step-Up” Variable Rate Certificate of Deposit
Citibank’s (NYSE: C) Korean Arm, Citibank Korea, is offering a new timed deposit account which has a variable interest rate that raises and lowers every three months. Typically consumers think of a certificate of deposit as an investment with a fixed interest rate over whatever term the customer chooses to lock in at. This makes [...]
Bank of America (NYSE: BAC) Mortgage Interest Rates Drop to 4.82%
Bank of America’s (NYSE: BAC) mortgage interest rates for refinances are the lowest that consumers have seen in months. BofA’s mortgage rates have steadily dropped over the last several weeks despite the 10 year treasury rates recent up-tick. The 30-year fixed rate for conventional mortgages dropped to 4.82%, while the 15 year fixed rate has [...]
Citibank (NYSE: C) and Wells Fargo (NYSE: WFC) Boosts Mortgage Modifications in September
A new report released last week by the U.S. Treasury Department showed that Citibank (NYSE: C) and Wells Fargo (NYSE: WFC), as well as a loan servicer which was part of the now defunct Lehman Brothers (LEHMQ) have made good progress during the month of September in making modifications for delinquent borrowers under the government’s [...]
Tips for Buying Car Insurance in 2009
Americans are cutting back in all areas of their household, including the day-to-day purchases they make, taking fewer vacations, keeping vehicles longer, and generally avoiding big purchases. Consumers are finally looking to save more money, spend less, and pay off long held debt. As part of this process, consumers should also re-evaluate their investments, monthly [...]
Self Employed? Here’s How to Shop For an Individual Health Insurance Policy in 2009 and 2010.
While the 48 million uninsured Americans wait for congress and the president to enact health care reform, there is still an immediate need for insurance, regardless if more affordable health care policy options become available down the line. If you’re self employed, own your own business or don’t get health insurance from your employer, this [...]
American Banking News Twitter Updates for the Week of 2009-10-18
Royal Bank of Scotland agrees to put hidden art collection on public display – guardian.co.uk http://tinyurl.com/ykqo6ut #Econ # 7 reasons to watch the NASCAR Banking 500 at Lowe's Motor Speedway: No. 1 … – Scene Daily http://tinyurl.com/ylzxwu2 #Econ # Bank of America Refinance Mortgage Rates – Interest Rates Still Below 5% – Subprime Blogger http://tinyurl.com/ylde9mo [...]
CIT Group (NYSE: CIT) Adjusts Debt Restructuring, Aims To Avoid Chapter 11
CIT Group (NYSE: CIT) announced last Friday amendments to the restructuring plan launched on October 1. The New York based lender that focuses on small and mid-size businesses, has been burdened with growing loan losses that has threatened the firm’s livelihood. The restructuring plan targets roughly $10 billion in unsecured shorter term debt, in hopes [...]
CBO: House Health Insurance Reform Bills Stay within Obama’s $900 Billion Spending Limit
The Congressional Budget Office released preliminary estimates showing that House leader’s efforts are very close to President Obama’s goal of having a healthcare bill that totals less than $900 billion, but these newly released numbers have not done much to unite House Democrats around a single legislative plan to change the world of health insurance [...]
San Joaquin Bank Marks 99th Bank Failure in 2009
California’s regulatory agency for banks, the California Department of Financial Institutions, shut down San Joaquin bank on Friday, marking the 99th bank failure this year. The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver for San Joaquin Bank, based in Bakersfield, CA. The bank had $775 million in assets and $631 million in [...]
Bankers Continue to Fight Honest Home Loan Disclosure Closing Costs
In the battle to provide home loan estimate costs that closely reflect the reality at closing, major banking groups like the Mortgage Bankers Association, American Bankers Association, the American Escrow Association, the American Financial Services Association and the Consumer Mortgage Coalition, sent a strong letter to Housing and Urban Development Secretary Shaun Donovan saying they [...]
Week In Review: U.S. Economy And Banking Sector
Investors received a mix of good and bad news this week on both the economic and corporate earnings front. Retail sales fell less than expected in September and banks, such as Goldman Sachs (NYSE: GS) and JP Morgan (NYSE: JPM) blew-out earnings estimates. However, Bank of America (NYSE: BAC) fell short, while Citigroup (NYSE: C) [...]
Citibank (NYSE: C) Earnings Disappoint Shareholders and Analysts
Citibank (NYSE: C) disappointed investors, shareholders and industry analysts when they announced their disappointing third-quarter earnings which were significantly hindered by non-performing loans. Citibank earned a slim profit of $101 million, but common stockholders endured a loss of 27 cents per share because most of the profit was paid back to the government in dividends [...]
Editorial: Wells Fargo (NYSE:WFC) Battles IRS Over SILO Deals
In a typical scenario where one arm of the government – in this case the IRS – doesn’t know what another arm of the government is doing, the IRS has continued to legally pursue Wells Fargo (NYSE:WFC) over SILO deals which another government arm – the Federal Transit Administration – had approved of for Wells [...]
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