So read the headling in this CNN-Money story. As this article noted: Just last month, Bank of America CEO Ken Lewis warned lawmakers at a high-profile Congressional hearing on the government’s $700 billion rescue plan that he had no doubts 2009 would be an “awful year” for the credit card industry. Unfortunately for Lewis and [...]
March 2009
First compare bank’s ratings. Two good online resources to check for a bank’s financial stability are www.bankrate.com and www.FDIC.gov. Second, ensure the bank carries FDIC insurance and has opted in for unlimited coverage on non-interest bearing accounts. Financial stability is shown by a high capital to asset ration and a strong liquidity position. If a [...]
Democratic Senators Richard Durbin (Ill.) and Charles Shumer (N.Y.) have introduced a bill to create a Financial Product Safety Commission that could police mortgage products offered by any lender – including federally chartered banks. The consumer credit protection agency would ensure mortgages and other consumer financial products are safe and not abusive or predatory for the [...]
Residential servicer, TCB Financial asked for permission to return to the Treasury $361.2 million infunds they received under TARP (Troubled Asset Relief Program). Current rules allow depositories receiving TARP funds to return the money after giving the government 30 days notice. The CEO of TCB stated that the servicer “has sufficient capital and access to [...]
This interesting article published by MSN Money discusses common mortgage foreclosure rescue scams and loan scams, and others that have recently flourished due to the poor economy. According to the article, some warning signs that you may be dealing with a mortgage foreclosure rescue scam are if the company: Has no telephone number or physical [...]
Every day, newspapers, TV and radio programs and blogs like this one report about the “foreclosure crisis” in the United States. Much of the information about foreclosures comes from a federal agency called the Office of Comptroller of Currency, or OCC. The OCC is a federal agency that charters, regulates and supervises national banks in [...]
