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US eases loan repayment terms for homeowners (Guardian Unlimited)
Hundreds of thousands of American homeowners are to make lower mortgage repayments under a sweeping programme of loan renegotiations brokered by the US government to slow down the rate of property repossessions. Treasury officials yesterday announced a programme restricting repayments to 38% of household income for many borrowers. The arrangement will involve loans packaged by the mortgage ...
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Citigroup freezes US home repossessions (Guardian Unlimited)
The US bank Citigroup is halting repossessions for most of its struggling mortgage borrowers in response to pressure for a softer approach in tackling the vast American sub-prime loans crisis . Citi said it was imposing a moratorium on foreclosures for all clients willing to work "in good faith" to restructure mortgages, as long as they have sufficient income to make payments of some ...
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Small businesses grateful to Albina (South County Spotlight)
Bryan Steelman admits it was a big gamble when he strode into US Bank back in 2004, seeking a loan to open a Mexican restaurant.
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300,000 Londoners face negative equity trap (Evening Standard)
Hundreds of thousands of London home owners are heading for negative equity as the economy slides inexorably towards the uncharted territory of deflation.
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TD Bank sees C$350 million trading charge, stock drops (Reuters via Yahoo! Canada News)
Toronto-Dominion Bank said on Thursday that the "dramatic" lack of liquidity in global credit markets will prompt charges of C$350 million ($273 million) for credit-trading losses, reducing its fourth-quarter earnings.
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Obama Said to Pick Geithner as Treasury Secretary (Update5) (Bloomberg)
Nov. 21 (Bloomberg) -- President-elect Barack Obama picked Timothy Geithner , head of the Federal Reserve Bank of New York, to be his Treasury secretary, with Lawrence Summers getting a senior White House role, a Democratic aide said.
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Citigroup's Pandit Targets 52,000 Job Cuts as Loan Losses Grow (Bloomberg)
Nov. 17 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit said the bank will eliminate 52,000 jobs over the next year, twice the target announced last month, as loan losses surge and the economy shrinks.
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Gresham’s MBank navigates difficult times (The Gresham Outlook)
Tom Perrick says the bank that he leads will survive the current economic downturn the same way it built up its business to start with — by staying in close contact with its customers. Perrick, who is MBank’s chief executive officer, may or may not be a natural-born optimist. Few would ...
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Bank to cut 52,000 jobs (Sun-Sentinel)
Citigroup Inc. has suffered four consecutive quarterly losses Citigroup Inc. Chief Executive Officer Vikram Pandit said the bank will eliminate 52,000 jobs over the next year, twice the target announced last month, as loan losses surge and the economy shrinks.
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Realty Q&A: A lawyer may help your mortgage-modification case (Market Watch)
What do you think of hiring a law firm to negotiate a loan modification? They charge $3,995 and say they have a 95% success rate. Do you think this is better than trying to do it on your own since so many people have so much trouble?
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