Equifax Information Services, LLC—one of the three major U.S. credit reporting agencies—reached a resolution yesterday with the Federal Trade Commission concerning charges the credit bureau had unlawfully sold lists of consumers who had missed mortgage payments. Equifax, as well as … [Read more...]
Foreclosure Filings Decrease
In a recent report, released by a realty company, it was reflected that September foreclosure filings had dropped to their lowest point in over five years. In that report Realty Trac, a foreclosure listing firm, disclosed that foreclosure listings in comparison to the third quarter … [Read more...]
Dimon Says JPMorgan 2008 Purchase of Bear Stearns was Favor to Fed
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon addressed the lawsuit filed against the company last week by the New York attorney general when speaking at a Council on Foreign Relations event in Wasington, D.C. today. Dimon lashed out at the government for alleging Bear … [Read more...]
Walmart Expands Financial Services to Customers
Walmart, in an effort to expand its services to customers, is broadening their service by offering a prepaid debit card. … [Read more...]
U.S. Files Suit Against Wells Fargo for Faulty FHA Mortgages
Today Wells Fargo became the latest bank to be sued by the U.S. government for alleged fraud leading to the housing bust and financial meltdown. Manhattan U.S. Attorney Preet Bharara, in conjunction with the U.S. Department of Housing and Urban Development, filed a civil suit against … [Read more...]
Regulations for Stress Tests on Large Banks Approved
In a recent announcement, the FDIC announced approval of new proposed changes for stress tests conducted on large banks. The FDIC is the Federal Deposit Insurance Corporation and insures some financial accounts through various financial institutions. Prior to the recent financial … [Read more...]
Wal-Mart, Amex to Offer Unbanked a Bluebird of Happiness
Stock for prepaid debit card company Green Dot Stock plummeted more than 20 percent today, finishing at $10.36, while competitor NetSpend Holdings Inc. fell more than 7 percent to close at $9.96 per share after Wal-Mart and American Express announced their joint venture in Bluebird, a … [Read more...]
United Healthcare Expands Global Services
UnitedHealth Group Incorporated recently announced plans to be a major stakeholder in healthcare benefits provided to the country of Brazil. This announced deal is in the amount of $4.9 billion in cash. The spending of these invested monies will allow UnitedHealth to purchase 90% of … [Read more...]
Pew Examines Attitudes Toward Prepaid Debit Cards
As banks nationwide struggle to regain their reputations after the financial crisis that hit Wall Street, and consumers’ frustration with additional checking account and credit card fees grows constantly, more people are turning toward the prepaid debt card. … [Read more...]
The Great Recession Negative Impact on Baby Boomers
The Great Recession has proven especially troublesome to baby boomers, many of whom have depleted their retirement accounts and, unlike previous generations, are unsure they will be able to live comfortably into their Golden Years. The AARP Policy Institute recently released a … [Read more...]
Pleas for Leniency from Greece Go Unheeded
The dire situation regarding the national finances for Greece came to another boiling point as Greek Prime Minister Antonis Samaras voiced a directed plea for an “accommodating policy” to the ECB (European Central Bank). This plea was to ease financial obligation on Greece's current … [Read more...]
Government Reports Indicate Rebounding Economy
The Federal Reserve announced Friday August consumer borrowing increased $18.1 billion over July, its highest amount in three months. The figure rebounded from July’s $2.5 billion borrowing drop—the first in almost a year. Not only did borrowing gain in areas of auto loans, credit … [Read more...]
Low Interest Rates Cause Refinancing of Homes Surge
Because of low interest rates available for homeowners, mortgage brokers have seen an increase of applications for refinancing of mortgages. In addition, because mortgage interest rates are continually adjusting downwards, opportunities for homeowners to refinance home loans, on a … [Read more...]
Concerns About Inflation Expressed
In the wake of the recent steps that have been taken by the Federal Reserve, there has been a surge of concerns being voiced in regards to inflation looming on the horizon. One of the voices that are sounding the alarm is Federal Reserve Bank president Esther George. … [Read more...]
QE3 Already Boosting Housing Market
Reports indicate the Federal Reserve’s newest round of quantitative easing is working as planned. Freddie Mac’s weekly Primary Mortgage Market Survey indicates average fixed mortgage rates have fallen to record lows for the second consecutive week. Fed-purchased mortgage securities … [Read more...]
More Responsibility Seen Through Use of Credit Cards
Recent reports reflect that consumers are using credit cards more responsibly. In a report released by the American Bankers Association, it shows that credit card customers have become less delinquent on their credit card payments. Correspondingly, this has decreased the amount of … [Read more...]
Supreme Court Hears Case of U.S. Violation of Credit Reporting Law
In what could be a landmark case against the U.S. government, the U.S. Supreme Court heard arguments Oct. 2 concerning whether the federal government could be held financially liable for actions not in accordance with the Fair Credit Reporting Act. … [Read more...]
Family Dollar Stores Report Increased Quarterly Profits
Family Dollar Stores Incorporated released their fourth-quarter earnings statement. In that earnings statement they show a 1.4% increase in sales volume. The volume of sales was primarily in their consumables inventory. This increase in sales by 16% helped to offset sluggish sales … [Read more...]
Auto Sales for Chrysler on the Rise
Chrysler Group LLC celebrated a great sales month. For sales of Chrysler products in the month of September a 12% increase in vehicle sales was realized. This sales volume for the month of September was the largest increase in sales for Chrysler products in any year-to-year … [Read more...]
JPMorgan Sued for Bear Stearns Fraud
New York Attorney General Eric Schneiderman, in conjunction with the newly-formed Residential Mortgage-Backed Securities Working Group—created by President Obama to hold Wall Street agencies accountable for misconduct related to the nation’s financial crisis—has filed a civil lawsuit … [Read more...]
