The housing crisis is widely viewed as the biggest impediment to economic recovery. Despite the expenditure of trillions of dollars in financial support from the Federal Reserve and other government agencies, housing prices continue to decline. In addition, the wide ranging regulatory overhaul of banking and mortgage practices being implemented under the Dodd-Frank Act, is […]
Major Mortgage Lender Calls It Quits – Mortgages Become A Losing Proposition For Banks
January 13, 2012 By Leave a Comment
While the Federal Reserve and other government agencies urge banks to lower credit standards and increase lending, one major mortgage lender is calling it quits due to onerous regulatory burdens that increase lending risks and reduce profits. MetLife, the country’s largest insurance company, is closing its $20 billion mortgage operations and firing 4,300 employees. The […]
Total 2011 Foreclosure Filings Reach 2.7 Million – Expect 2012 To Be Worse
January 13, 2012 By Leave a Comment
Fed Chairman Ben Bernanke must be talking to himself by now. Despite driving interest rates to zero and the expenditure of trillions of dollars to prop up the housing market, home prices declined again in 2011. The most recent data on foreclosure activity makes it clear that the Fed’s efforts to date have accomplished next […]
The FDIC Has A $30 Billion Junk Loan Problem
January 12, 2012 By 3 Comments
In its capacity as receiver for failed banks, the FDIC is responsible for either selling or winding down the operations of failed banks. In the vast majority of cases, the FDIC is able to sell a failed bank to a purchaser who agrees to purchase some or all of the assets of the failed institution. […]
Banking News – Daily Banking Update
January 10, 2012 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the internet. The Federal Reserve’s political moves threaten its independence, loan modification companies prey on vulnerable homeowners, the big banks refuse to disclose their risk on derivatives, consumers want to be bailed out for foolish financial decisions, loss of confidence in governments grow […]
Banking News – Daily Banking Update
January 4, 2012 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Banks continue to be sued for selling defective mortgages, the Fed says a housing recovery is essential for economic recovery, Americans still believe owning a home is part of the “American dream”, banks are still engaged in risky behavior, savings rates […]
Banking News – Daily Banking Update
January 2, 2012 By Leave a Comment
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 […]
FDIC Issues 72 Enforcement Actions Against Problem Banks In November
December 30, 2011 By Leave a Comment
The FDIC issued a total of 72 enforcement actions against banks in November 2011, down slightly from 75 in October. Included in the November enforcement actions were 9 civil money penalties, 1 prompt corrective action and 13 consent orders. The FDIC also terminated 37 consent orders and prompt corrective action directives due to either the […]
Banking News – Daily Banking Update
December 28, 2011 By 3 Comments
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 […]