Welcome to Banking Update, a roundup of articles and news from around the Internet. The government keeps trying new foreclosure programs despite the failure of previous ones, homeowners past due by more than 60 days are unlikely to recover, home prices continue to drop, mortgage fraud continues and almost half of all home purchases are […]
Banking News – Daily Banking Update
December 23, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Worries about the “bubble” in 30 year mortgages, the impact of Europe’s banking crisis on the U.S. and problems with small banks. Also, worries about the safety of bank deposits, the root causes of depressions and how to live well on […]
Banking Update – Daily Banking News
December 23, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. The Fed’s low interest rate policy has killed savers but is it also killing the economy? Also, the U.S. is heading for another credit downgrade, what capital levels do banks real need and housing prices drop again. On to the links. […]
Mortgage Default Is A Financial Bonanza For Many Homeowners As Foreclosure Crisis Continues
December 22, 2011 By 6 Comments
The Office of the Comptroller of the Currency (OCC) painted a gloomy picture for the housing markets with its release of the OCC Mortgage Metrics Report for the third quarter of 2011. Mortgage delinquencies remain at high levels and foreclosures increased by double digits. The OCC report covers mortgages serviced by federal savings associations and […]
Banking Update – Daily Banking News
December 21, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. The Bank of America situation just keeps getting worse with another large fine for BofA, foreclosures are weighing down the balance sheets of banks, Nevada home prices just keep on dropping after a 63% delcine, home equity borrowings have collapsed, the […]
Banking Update – Daily Banking News
December 20, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. Business at pawn shops is booming. Bargains for buyers and easy credit for borrowers has resulted in pawn shops taking over the role of traditional banks and retailers for many consumers. The average loan amount […]
Banking Update – Daily Banking News
December 19, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. Runs on the bank are intensifying in Europe – fragile confidence in the banking system is being shattered. Banking holidays and capital controls may be necessary which would fuel the panic further. Chinese homeowners go […]
Banking Update – Daily Banking News
December 13, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the internet. The FDIC settles a civil lawsuit against Washington Mutual executives for a fraction of the $900 million originally sought. Virtually none of the settlement money came from the three WAMU executives but rather from insurance policies covering professional misconduct. The three […]
Increase In Third Quarter Banking Profits Largely Due To Phony Accounting Gimmicks
November 23, 2011 By Leave a Comment
The FDIC’s Quarterly Banking Profile for the third quarter of 2011 shows banking industry profits increasing by 48% from the third quarter of 2010. Aggregate net income of the banking industry for the third quarter of 2011 totaled $35.3 billion compared to $23.8 billion in the third quarter of 2010. Although traditional news organization headlines proclaimed “Strong Profit Growth […]
SunFirst Bank, Saint George, Utah, Finally Closed By Regulators
November 4, 2011 By Leave a Comment
The Utah Department of Financial Institutions closed SunFirst Bank, Saint George, Utah, and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, under which Cache Valley will assume most of the deposits of SunFirst Bank. The FDIC will retain $15 million in deposits that […]