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May
6

Stress Test Causes Stress

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Washington, DC — An inside source has said that Bank Of America is likely to need an additional $34 billion. This comes after their CEO, Kenneth Lewis, said, “We absolutely don’t think we need additional capital.”
The stress test is a U.S.A. government plan to examine the health of banks. The results expected to be [...]

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Apr
24

Bailout? What Bailout?

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Washington, DC — There is a misplaced belief that the US government is bailing out big business and financial institutions; however, bailing out is probably not a good way to describe the arrangement.
Many of the small and medium sized banks did not want to take Troubled Asset Relief Program (TARP) money. At the time, [...]

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Feb
27

Insured Banks and Thrifts Lost $26.2 Billion in the Fourth Quarter

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from the FDIC
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported a net loss of $26.2 billion in the fourth quarter of 2008, a decline of $27.8 billion from the $575 million that the industry earned in the fourth quarter of 2007 and the first quarterly loss since 1990. Rising [...]

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Feb
16

Bank Failures Increase Worldwide

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by widgette.com
Bank failures continue to escalate over the face of the globe. Four more US banks were closed by regulators in Nebraska, Florida, Illinois and Oregon.
In the UK, Lloyds is already 43.5% government owned after having to seek assistance last fall. Now, they face $14.2 billion loss. At the same time, they [...]

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Jan
16

The Economy

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Citibank reported a fourth-quarter net loss of $8.29 billion (its 5th straight quarterly loss.) They also announced they are splitting into 2 seperate businesses.
Bank of America Corp (BAC.N) posted its first quarterly loss in 17 years. First, they obtained an additional $20 billion from the government’s Troubled Asset Relief Program (TARP). [...]

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Jan
14

Federal Reserve Board: Resources for Consumers Mortgage Foreclosures

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If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. The following resources provide information and links to agencies and organizations that may be able to help you.
If you are having difficulty making your mortgage payment, one of the most important things you can [...]

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