Rachel Maddow vs. John Mccain: Economy fundamentally strong
The financial meltdown on Wall Street is more than a cyclic correction brought on by a mismanaged business cycle. It is emblematic of a problem at the very foundation of the right wing economic philosophy that became conventional wisdom during the Bush years — and would be continued in a McCain presidency. The zealots of unfettered “free markets” cast aside the critical lesson that the world learned during the Great Depression: left to their own devices, unregulated financial markets do not necessarily function to benefit the society as a whole — or, in the end, even many individual market participants. For many years after the Great Depression, most mortgages were provided by banks and savings and loans. Traditionally these institutions would originate their own loans, evaluate the risk, and maintain a relationship with the borrower. It was in the self-interest of the institution to make loans — that’s how it made money. But it was also in the institution’s interest to assure that the borrower could pay the loan back, because it was lending its own money. Over the last thirty years, the mortgage market has fundamentally changed. Now most loans are originated by brokers or other mortgage companies who make their money through “origination fees” and often payments from big, unregulated lenders. Once these loans are made, they are then packaged and sold as securities through the secondary mortgage market. Mortgage originators had every incentive to make all the loans …
Bank of America outreach offers homeowners in financial straits help, hope in keeping their homes
Bank of America is offering troubled homeowners help with restructuring their home mortgage loans during a three-day outreach event that lasts through Saturday.
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Source: Miami Herald
Date Published: 24th June 11
Buying Aventura Real Estate Requires Financial Cushioning To Support The Necessary Additional Fees
Everyone who is familiar with real estate transactions will know that buying a home property requires being able to come up with the down payment which we often find to be around 20 percent of the total home value of the property.
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Source: Turks.US
Date Published: 23rd June 11
FSA delays MMR proposals till autumn
The Mortgage Market Review proposals will not be published until Autumn Lord Turner, chairman of the Financial Services Authority, said this morning.
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Source: Mortgage Introducer
Date Published: 23rd June 11
Discover Profit Rockets
Discover Financial Services’ second quarter earnings per share of .09 came in dramatically ahead of both the Zacks Consensus Estimate of 72 cents and 33 cents recorded in the year-ago quarter.
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Source: Zacks.com via Yahoo! Finance
Date Published: 23rd June 11
Martin Lewis answers your money questions
The cash-saving guru from moneysavingexpert.com tells us why he thinks what he does matters, and answers your questions He’s our favourite financial anorak (well, not everyone’s, but we’ll come to that later), Britain’s evangelist of thrift. His message: they’re out to screw you – don’t let them. Every year, he helps millions save millions on everything from credit cards to mobile phone …
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Source: Guardian Unlimited
Date Published: 23rd June 11
Morgan Keegan to Pay $200M to Settle Fraud Charges Related to Subprime Mortgage-Backed Securities
Washington, D.C., – The Securities and Exchange Commission, state regulators, and the Financial Indu…
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Source: citybizlist Atlanta
Date Published: 22nd June 11
Clark targets Johnson return
Huddersfield hope to bring Damien Johnson back to the Galpharm Stadium – but accept Plymouth’s perilous financial situation will complicate any potential deal.
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Source: PA Sport via Yahoo! UK & Ireland Sport
Date Published: 22nd June 11
Regions Explores Morgan Keegan ‘Alternatives’ After Settlement
Regions Financial Corp. said it will consider “strategic alternatives” for its Morgan Keegan division after the unit resolved claims by federal, state and industry regulators over subprime mortgage-backed securities.
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Source: BusinessWeek
Date Published: 22nd June 11
What home loan lenders want to know
LENDERS looking for more than a deposit and secure job, they’re now searching for skeletons lurking in a borrower’s financial closet.
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Source: News.com.au
Date Published: 18th June 11
