Will California Default?

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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 […]

Wells Fargo Settles Mortgage Claims

Wednesday, October 6th, 2010 | Comments Off

Wells Fargo agreed to pay $24 million to eight states and $772 million in loan modifications to settle charges that various companies it had acquired marketed adjustable rate mortgages deceptively to consumers. The eight states claimed that Wachovia Corporation, which purchased World Savings Inc and was then in turn acquired by Wells Fargo, failed to […]

6 More Georgia, Ohio, New Jersey and Wisconsin Banks Fail

Monday, September 20th, 2010 | Comments Off

There have been 125 bank closures this year, and six more this past Friday. The FDIC (Federal Deposit Insurance Corporation) took over 3 Georgia banks on Friday: First Commerce Community Bank of Douglasville, with $248.2 million in assets; Bank of Ellijay, in Ellijay, with $168.8 million in assets; and Peoples Bank, based in Winder, with […]

Complete List of California Banks

Monday, August 30th, 2010 | Comments Off

Many people ask for a list of California Banks, so we’re glad to oblige. Note that this may change over time, but this is the list as at 2010. Most of these banks have internet sites that you can readily find on google: 1st Century Bank 1st Pacific Bank Affinity Bank Alliance Bank Alta Alliance […]

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