Bank of America Next Wikileak Target?

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Bank of America Next Wikileak Target?

Tuesday, November 30th, 2010 | Comments Off

Wikileaks founder Julian Assange recently said he was soon going to release thousands of documents from a major US bank that will reveal the corruption style thinking prevalent in the offices of these giant financial institutitons. Reporters everywhere have wondered what bank this might be. However, in an interview last year Assange revealed that he […]

ATM Machines Take a Bite Out of Your Budget

Monday, November 22nd, 2010 | Comments Off

Our Frugal Finance editor has a bit of advice for these had times: keep enough cash onhand that you don’t need to withdraw money at another bank’s ATM machine. Why all the fuss? On average, your bank will charge you around $1.32 to use another institution’s ATM, according to a Bankrate.com survey in 2009. Furthermore, […]

Soda Pop Tax

Wednesday, November 17th, 2010 | Comments Off

Former Federal Reserve Vice Chairman Alice Rivlin and former Republican Senator Pete Domenici, heading a 18-member group of experts on the U.S. federal budget deficit, on Wednesday called for a soft drink tax, 2011 Social Security tax holiday, and government spending freezes to help balance the budget. Among its recommednations, the group called for a […]

Will California Default?

Tuesday, November 16th, 2010 | Comments Off

California municipal bonds have just plummeted these past few days as investors worry about the ability of California to repay its bond obligations. California faces a massive $25 billion shortfall in revenues to fund state obligations, and Governor Schwarzenegger has been wracking his head over how to do it. Chris Whalen, a financial industry analyst […]

Home values accelerated their decline in September

Sunday, November 14th, 2010 | Comments Off

Zillow released a report wrapping up the state of the real estate market in the third quarter. It seems that 23.2% of all mortgaged homes are now underwater. That’s nearly a quarter of all mortages. Foreclosures have also reached an all-time high as of the end of September. RealtyTrac’s October figures showed that 322,000 properties […]

The Bad Mortgage Mess

Monday, November 8th, 2010 | Comments Off

Citigroup just disclosed in a regulatory filing that it was being sued by several investors who want to force Citigroup to buy back soured mortgages. The investors contend these bad mortgages did not conform to proper underwriting standards. These aren’t just ordinary investors suing Citibank but big names – Charles Schwab and the Federal Home […]

California’s Western Commercial Bank Shut Down

Friday, November 5th, 2010 | Comments Off

Regulators closed two more US banks on Friday, including Western Commercial Bank in Woodland Hills, California, with $101.1 million in deposits. The two bank failures will cost the federal deposit-insurance fund a combined $223.6 million. K Bank, based in Randallstown, Md., with $538.3 million in assets, was also closed. The bank shutdowns bring the 2010 […]

Fed to Buy $600 Billion in Bonds to Stimulate Economy

Wednesday, November 3rd, 2010 | Comments Off

The Federal Reserve on Wednesday announced its plans to try to invigorate the US economy by buying $600 billion of Treasury bonds. Federal Reserve officials said it would buy approximately $75 billion a month in long-term government bonds on through to mid-2011 in order to further drive down interest rates on debt. By buying so […]

Wells Fargo Admits to Thousands of Foreclosure Errors

Wednesday, October 27th, 2010 | Comments Off

San Francisco, California based Wells Fargo admitted today that it made paperwork mistakes in thousands of mortgage foreclosure cases, but promised to fix the errors. The bank said it will be refiling 55,000 of the cases by mid-November, but declined to comment on exactly how many of these cases contained errors. Wells Fargo representatives said […]

Default Troubles for State Governments?

Thursday, October 21st, 2010 | Comments Off

You probably know that many local and state governments are in a big financial mess right now. California is not the only state experiencing financial problems. While California cut its budget this year, can it do it again next year and the year thereafter if things stay bad? That’s just the dilemma for California. Now […]

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