News on Credit Services and Intermediation

House GOP calls for Fannie, Freddie phase out

2010-03-19T13:46:01Z

<div><p>WASHINGTON (Reuters) - Republicans in the House of Representatives on Friday recommended the country's top two mortgage finance companies, the recipients of a massive government bailout during the height of the financial crisis, be phased out in four...

Mortgage rates still below 5 percent

2010-03-18T08:31:20Z

<div id="subtitle">Rates on 30-year mortgages edge up, but remain below 5 percent as Fed prepares exit</div><div><p>Mortgage rates held below the 5 percent threshold for the third straight week as the Federal Reserve prepares to end a program that has kept rates at or near record lows.</p><p>The average rate on a 30-year fixed rate mortgage edged up to 4.96 percent this week from 4.95 perc...

Fed's Bernanke sees U.S. backing Fannie, Freddie debt

2010-03-17T15:16:01Z

<div><p>WASHINGTON (Reuters) - Current Fannie Mae and Freddie Mac mortgage-backed securities are likely to retain U.S. government backing should Congress create a new system for financing U.S. homes, Reuters) - Fannie Mae, the largest provider of U.S. residential funding, on Wednesday slashed its forecast for residential investment this quarter following a "setback" in home sales, and warned on its impact on the economic recovery.</p><p>Fannie Mae <FNM.N> also cut...

Data show surge in consumer cases in fiscal 2009

2010-03-16T17:18:12Z

<div id="subtitle">New court data show surge in cases related to consumer issues in fiscal 2009</div><div><p>The number of new cases in federal courts related to consumer issues surged in the year ended last Sept. 30 as Americans battered by the recession fought foreclosures and downgraded debt ratings, data released Tuesday show.</p><p>The statistics were compiled by the Reuters) - Credit card delinquency rates improved at JPMorgan Chase & Co and a majority of others -- a sign the lenders still face hurdles in the wake of the deep recession.</p><p>The delinquency rates likely received a seasonal boost, but nonetheless signal the card issuers are less likely to have to wri...

Pay czar limits exec pay at still-struggling GMAC

2010-03-15T15:46:27Z

<div id="subtitle">Pay czar restrains top salaries at GMAC as auto finance giant loses money, relies on bailout</div><div><p>The Obama administration's pay czar is limiting 2010 compensation for top executives at GMAC Inc. because the auto finance giant continues to lose money and can't yet repay its $16.3 billion taxpay...

Payday Loans ? Bad Publicity Notwithstanding Payday Loans Are Advantageous

2010-03-15T22:34:42Z

The cost of payday loans and the pessimistic media has focused on the stringency of these loans. We in fact feel that this is an advantage. The stringency serves two uses, the first and the very significant is to let lending companies to not have to run through strict and many a times tedious regulations and formalities that oversee bigger lenders. By means of this, a number of smaller lending companies can be laid down and lets this service to be provided to more individuals. The next use is...

Back to Basics For Commercial Mortgage Loans

2010-03-14T20:00:25Z

The need for small business owners to be prepared for an extremely difficult commercial lending environment is a primary emphasis in this discussion about "getting back to basics" for commercial real estate loans. Because of the recent ineffectiveness that continues to prevail with commercial banking, obtaining commercial mortgage loans can no longer be taken for granted by small businesses. Small business borrowers are increasingly likely to have less resources and leverage than large corpor...

Payday Loans ? Online Fast Cash Advance to Tackle Your Urgent Situations

2010-03-14T12:14:19Z

The fastest means to obtain cash as soon as you want it for urgent situations like paying off an unanticipated bill or credit card dues that you just cannot extend paying or urgency like an unforeseen need for travel to attend a funeral or a wedding of a relative is a fast cash advance payday loan. Obtaining cash as fast as feasible is an essential in these circumstances. Lingering for days is just not a choice for you as it won?t help you in any case.<br><br>A situation could ari...

Short-term stagnation expected for Capital One (COF)

2010-03-12T19:15:16Z

<div id="subtitle">Stock could find a technical ceiling in the $42 neighborhood</div><div><p>Technically speaking, the shares of Capital One Financial Corp. (NYSE: COF, Stock Forum) have more than quadrupled since flirting with the $8 level a year ago. Since the start of 2010, however, the equity has become somewhat sluggish, advancing less than 1% year-to-date. Nevertheless,...

Geithner Gives Speech At Export-Import Bank Conference

2010-03-12T11:33:15Z

WASHINGTON - MARCH 12: U.S. Treasury Secretary Timothy Geithner (R) appears with Export-Import Bank President Fred Hochberg (L) at the Export-Import Bank of the United States 2010 Annual conference March 12, 2010 in President Barack Obama arrives to speak at the Export-Import Bank's Annual Conference in Washington, Thursday, March 11, 2010. (AP Photo/Charles Dharapak)

...

GMAC CEO will receive no cash salary for 2010

2010-03-11T17:00:43Z

<div id="subtitle">After lucrative 2009, GMAC CEO agrees to take no cash salary for 2010 in deal with pay czar</div><div><p>The CEO of bailed-out auto finance giant GMAC Inc. will receive no cash salary for 2010 and will be compensated in restricted stock, under a deal approved by Obama administration pay czar

Mortgage rates remain below 5 percent

2010-03-11T08:30:42Z

<div id="subtitle">Rates on 30-year fixed mortgages fall to 4.95 percent, weeks before Fed exit</div><div><p>Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, weeks before a government program that has been keeping rates low is scheduled to expire.</p><p>The average rate on a 30-year fixed rate mortgage was 4.95 percent this week, down from 4.97 percent a week earlier, mortgage finance company GMAC bailout, taxpayers could lose $6.3 billion</div><div><p>The Treasury Department sank billions into auto finance giant GMAC Inc. without an exit strategy or proof the company was viable — a decision that could cost ta...

GMAC Oversight

2010-03-10T21:31:09Z

File - In this file photo taken Thursday, April 30, 2009, a GMAC sign is shown at a GM/Chrysler dealership in Oakland, Calif. The Treasury Department sank billions into auto finance giant GMAC Inc. without an exit strategy or proof the company was viable _ a dec...

U.S. bailout watchdog criticizes Treasury over GMAC

2010-03-10T21:30:07Z

<div><p>WASHINGTON (Reuters) - The U.S. Treasury's decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less viable, an oversight group said on Thursday.</p><p>The China Mobile invests $5.8B for 20 pct stake in Shanghai Pudong Bank to develop mobile banking</div><div><p>China Mobile Ltd., the world's biggest phone company by subscribers, said Wednesday it was investing $5.8 billion in a Chinese bank as part of a plan to develop mobile phone banking and business services.</p&g...

Nationalized UK bank Northern Rock back in profit

2010-03-10T01:00:33Z

<div id="subtitle">Nationalized UK lender Northern Rock says it returned to profit in second half of 2009</div><div><p>Nationalized mortgage lender Northern Rock said Wednesday that it returned to profit in the second half of 2009 as interest income rose and losses on loans fell.</p><p>Northern Rock said it posted a profit of 466.7 mill...