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Archive for September, 2008

Sovereign Bank Stock Bounces Back

Sovereign Bancorp Inc. (NYSE: SOV) another beat up regional bank, lost 70% of it’s stock value on Monday amidst all the chaos surrounding Congress’s failure to past the Senate banking bailout bill. Today the stock at last check was up almost 72% on the announcement of a new CEO. New Sovereign Bank CEO The Wall [...]

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Mark-to-market accounting principals are being defined today as the root cause of the banking crisis stemming back to the devaluation of the subprime mortgage backed securities. It is suggested if mark-to-market was suspended by executive order, the banking crisis could be avoided without tax payer money. Mark To Market Problem Defined Forbes printed a Newt [...]

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Congress is expected to pass the Paulson financial rescue plan that is now been converted from a hazy three pages to over 100 pages in the new bill called the Emergency Economic Stabilization Act of 2008 sometime today. Emergency Economic Stabilization Act of 2008 Why do we need this bank bailout bill? We’ll undoubtedly you’ve [...]

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Wachovia Corp (NYSE: WB), at one time the fourth largest banking operation in the US, is currently fending off failure by holding talks over the weekend with potential buyers. Wells Fargo & Co. (NYSE: WFC) seemed to be the front runner over the weekend, but I just got a press release from the Treasury Department’s [...]

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The FDIC announcement tonight of the Washington Mutual failure and subsequent JP Morgan Chase buyout, was 24 hours premature. The FDIC typically announces financial institution failures after the markets close on a Friday, but due to internal leaks to the media they were forced to act sooner. Reuters reports, “A top U.S. bank regulator said [...]

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Balloon Mortgage – Glossary Term

A balloon mortgage is a mortgage that has a payment calculated over a long period like 30 years. However, the mortgage balance is due and payable before 30 years are up. For example, a 15 year balloon mortgage would mean the payment is calculated or amortized over 30 years but at the 15 year mark, [...]

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CitiMortgage Review

CitiMortgage is a subsidiary retail mortgage lender and servicer of parent Citigroup Inc. (NYSE: C) which has 200 million customer accounts and does business in more than 100 countries. We located a website, seven telephone numbers, and a link to customer complaints. CitiMortgage Website and Phone Contacts CitiMortgage Website: CitiMortgage Phone: 800-667-8424 (800) 283-7918 [...]

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Debt Consolidation Mortgage Pitfalls

Debt consolidation mortgage sellers love to entice borrowers into sacrificing their future for more disposable income today. This is the biggest selling point and the pitfall of debt consolidation advertising. The Debt Consolidation Mortgage Pitch It goes like this, “How Would Like To Cut Your Monthly Bills In Half!” You maybe thinking, “What’s wrong with [...]

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The Bush speech tonight on the “financial crisis” reminds me of another phantom crisis he used to get Congress to spend hundreds of billions of tax payer money…the Iraq War. Linking terrorism to Iraq got Congress to roll over and put billions in the pockets of defense contractors and oil companies. Linking the mortgage crisis [...]

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