Welcome to Banking Update, a roundup of articles and news from around the Internet.  Exactly how do you keep your money safe, will Bank of America fail in 2012, a potential housing bottom, Fannie and Freddie executives line their pockets, foreclosures take a short break for the holidays and why this great recession just won’t end.  On to the links- Many people fear that [...]

Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. The credit ratings of eight major banks were downgraded by Fitch. The eight global trading and universal banks (GTUB) that saw their credit ratings lowered were Bank of America, Morgan Stanley, Goldman Sachs, Barclays, Credit Suisse, BNP Paribas, Deutsche Bank and Societe [...]

Fannie Mae and Freddie Mac just keep on laughing at the taxpayers as they award bonuses,  send employees off on expensive travel junkets and pile up losses that have already cost the taxpayers $183 billion. Just weeks after it was revealed that the top ten executives at Fannie and Freddie received $47.8 million in bonuses while simultaneously asking the U.S. Treasury for an additional [...]

What we all wouldn’t give to be an executive at bankrupt housing agencies Fannie Mae or Freddie Mac? According to a report released by the Inspector General of the FHFA, a total of $47.8 million was paid to the top ten executives of Fannie Mae and Freddie Mac since they were placed into receivership.  The top six wunderkinds working at Fannie and Freddie have received compensation [...]

In a speech before the American Mortgage Conference, Acting Director Edward DeMarco of the Federal Housing Finance Agency (FHFA), said that Fannie Mae and Freddie Mac have little chance of emerging from conservatorship. Both Fannie Mae and Freddie Mac, the mortgage financing giants of the housing  industry, faced collapse in late 2008 as mortgage defaults skyrocketed and property [...]

Who says the mortgage crisis is over?  Regulators revealed today that the nation’s banks and thrifts have an alarming delinquency rate of almost 20% on their $2.6 trillion mortgage portfolio. The Office of the Comptroller of the Currency and the Office of Thrift Supervision jointly released the 2011 first quarter Mortgage Performance Report.  The Report provides an in depth analysis [...]

Despite the public uproar over the bailout of the financial industry, the U.S. Treasury is no pushover when it comes to demanding stiff terms on its loans. The returns on some of the loans made to various banks and financial institutions would make a payday lender blush.  For example, when the U.S. completes  the sale of its remaining warrants of Citigroup, the Treasury expects [...]

September 15, 2010 – Defaulted mortgage loans sold to Fannie Mae and Freddie Mac during the peak years of the mortgage boom are now resulting in billion dollar losses for some of the largest banks in the country. Fannie Mae and Freddie Mac, now under the conservatorship of the Federal Housing Finance Agency (FHFA), are seeking to limit their losses on defaulted mortgages by [...]

August 30, 2010 – In 2008, Fannie Mae and Freddie Mac were on the verge of failure after an unprecedented decline in housing values triggered a  subsequent wave of mortgage defaults.  To avoid the total collapse of these two mortgage giants, the Federal Housing Finance Authority (FHFA) placed Fannie Mae and Freddie Mac under conservatorship in September 2008. To “enhance [...]