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The crisis in the housing market made its debut with foreclosures in residential units – primarily with those who had sub-prime mortgages. These mortgages were granted without checking on the financial capability of the loan taker and thus when the interest spiraled they began to default. It was a cascade of foreclosures like nine pins [...]
US President Barack Obama won a thundering and first standing ovation in the Senate, while making his address on the State of the Union. His remark “it’s time we impose a fee on those biggest banks, which were saved by the bailout of the government” was welcomed with cheers.
President Obama made his first address on [...]
Written on February 2, 2010 | Posted in
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There are signs of recovery in the economy but trends show that demographics together with consumer activities have become the force behind new housing activities. Consequently the emerging residential market is totally different from the one that was there previous to the recession.
During the Midwinter Meeting of the Urban Land Institute the issues that were [...]
Written on January 28, 2010 | Posted in
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Responding to heavy pressure from Washington the loan servicers are now expediting the process of permanent loan modification. By the end of last December the number had increased to 66,465 – it being 7.4% of all the trial modifications. In November the number had been 31,382. Another lot of 46,056 are waiting the final inking [...]
Written on January 26, 2010 | Posted in
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Neel Kashkari, the architect of TARP, the $700 billion foreclosure relief program, disclosed the backstage drama behind the measure.
Kashkari was a favorite choice of the previous Treasury Secretary Henry Paulson, for making a blueprint of TARP. Kashkari narrated how one of his peers began screaming over the exploding situation – the impending collapse of the [...]
Written on December 10, 2009 | Posted in
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Daily Mail
The Daily Outrage: Bailed-out bank boosting some salaries by as …
The San Francisco Examiner, California
WHAT: Bailed-out Citigroup is increasing base salaries of thousands of managers by as much as 50 percent. WHY IT’S HAPPENING: In a contemptuously transparent scheme to bypass new federal restrictions on executive bonuses for taxpayer-aided companies, …
Executive pay WatertownDailyTimes.com
Citi Boosting [...]
Written on June 25, 2009 | Posted in
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WASHINGTON – President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America’s troubled financial institutions, proposing the most ambitious revision since the Great Depression. Continue
Tags: Bail+Out, Banks
Foreclosures rise with unemployment | Geithner says more time is … – Examiner.com
Examiner.com
Foreclosures rise with unemployment | Geithner says more time is …
Examiner.com
Foreclosures and job losses continue to dominate headlines nationwide. During the first quarter of 2009, the percentage of borrowers behind on their mortgage, or in foreclosure, doubled from a year earlier, to nearly [...]
Stocks edge higher as investors look to banks – The Associated Press
Globe and Mail
Stocks edge higher as investors look to banks
The Associated Press
NEW YORK (AP) — Investors are showing little reaction to word that 10 of nation’s largest banks can repay $68 billion in bailout money. Stocks are moderately higher but traders are reacting [...]
Written on June 9, 2009 | Posted in
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NEW YORK (AP) — Financial stocks came under pressure Tuesday as several big banks scrambled to raise capital to help repay government bailout funds. A negative outlook on the sector from Moody’s also weighed on stocks. The moves came as the banks Read Full Article
Written on June 2, 2009 | Posted in
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