Ireland Debt Status Drops »
Because of the hemorrhaging of the Irish banking system, Standard & Poor’s has decided to cut the Irish debt rating to double-A-minus. This comes in a time when Ireland’s finances are starting to loom even larger in the market system.
In order to pay off the bailout of the banks, the Irish government will have to [...]
Quaid Files Lawsuit against City National Bank »
Actor Randy Quaid is looking to cash in as he files a lawsuit against his financial advisors for conspiring with his bank in an attempt to forge his name on multiple loans for counterfeit real estate. Quaid, who is well known for his multiple movies, states that his advisors and City National Bank conspired against [...]
Chicago’s ShoreBank Fails »
For more than 30 years the ShoreBank, based in Chicago, has helped those people that weren’t able to find lending assistance anywhere else to purchase homes, start businesses, and apartment buildings. But, on Friday, they failed making it, the 118th bank to fail so far this year.
The good news is that its deposits and quite [...]
Germany Seeks Differing Financial Regulations »
Germany raised a red flag during talks about government budget reforms in the European Union and warned that any proposal to ignore state pension liabilities could destabilize the regions pact. The finance minister from Berlin said it would be highly skeptical that any changes to the way debt was calculated would take into account any [...]
Japan’s Stocks Fall Over Economic Worries »
With the speculation that economic worries will get much worse, Japanese stocks take a turn for the worst falling to the lowest level since November. The major companies in Japan, such as Toyota, lost up to 1 percent after Prime Minister Naoto Kan informed people that the economic conditions around the world need to be [...]
New Sanctions, No Money »
New regulations were released on Friday by the Treasury Department that could potentially bar foreign banks from having access to the US financial system. The regulations state that any foreign bank that does business with countries that the United Nations and the US have sanctions on would not be allowed access to US financial systems.
This [...]
Mortgage Rates Hit All-time Low »
Mortgages are starting to see more refinancing as rates drop lower than they have in 50 years. Although interest rates have been hovering around the 50 year low mark, they have finally dipped into unchartered waters. This last week they went to 4.44%, which is the lowest since 1971, when tracking of interest rates began.
Economists [...]
China Banks Told to Put Loans On Record »
The China Banking Regulatory Commission has told banks in China that they must account for close to $340 billion in loans that were off the books. This could have some lenders feeling the stress, and incur another round of money-raising. The loans that have been transferred or sold to lighter regulated trust companies are to [...]
Feds Buy Government Debt »
The Federal Reserve released a statement today saying that the recovery of the economy was going slower than expected. Because of this the Fed will start to buy up small amounts of government debt to help move things along a bit.
This means the Federal Reserve will start reinvesting approximately $2.05 trillion that was initially placed [...]
Racine gains Houses to Clear off Debt »
The Racine Mutual Housing Association in Racine Wisconsin made plans to turn over four homes to the city in order to help clear up some of its debt. The housing association has been having a hard time meeting its debts, and went as far as putting off loan payments on 19 of its currently held [...]
