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Efforts to Reduce Foreclosures Falls Short
The Wall Street Journal reports an Obama administration effort to reduce home foreclosures by lowering the mortgage payments of struggling borrowers is failing to help as many people as expected.
Administration officials have summoned executives of twenty-five mortgage-servicing companies to Washington today to discuss efforts to help borrowers. Bank of America is only this month beginning to implement the Obama plan for all at-risk borrowers. Wells Fargo didn’t begin offering some at-risk borrowers loan modifications under the Obama plan until early June. Meanwhile, the Washington Post reports government initiatives to stem the country’s mounting foreclosures have also been hampered because banks and other lenders in many cases have more financial incentive to let borrowers lose their homes than to work out settlements.
Tuesday, July 28, 2009
Thursday, July 23, 2009
US market: banks set aside $74 Billion for bonuses
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Top Banks set aside $74 Billion for bonuses...
...new figures show some of the top beneficiaries of the Wall Street bailout are increasing their employee bonuses from the previous year. According to the Washington Post, the top six US banks have allotted $74 billion to pay their employees, up from $60 billion at the same point last year.
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Top Banks set aside $74 Billion for bonuses...
...new figures show some of the top beneficiaries of the Wall Street bailout are increasing their employee bonuses from the previous year. According to the Washington Post, the top six US banks have allotted $74 billion to pay their employees, up from $60 billion at the same point last year.
Tuesday, July 21, 2009
US economy: employement, who's going up and who's going down.
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Another Goldman Sachs executive appears set to take a prominent position in the Obama administration. On Friday, President Obama said he would nominate Robert Hormats, a vice chairman of Goldman Sachs International, to a top economic position at the State Department.
In other employement news, the official unemployment rate is now over ten percent in sixteen states. In Michigan, the unemployment rate has surpassed 15 percent, the first time any state has hit that mark since 1984.
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Another Goldman Sachs executive appears set to take a prominent position in the Obama administration. On Friday, President Obama said he would nominate Robert Hormats, a vice chairman of Goldman Sachs International, to a top economic position at the State Department.
In other employement news, the official unemployment rate is now over ten percent in sixteen states. In Michigan, the unemployment rate has surpassed 15 percent, the first time any state has hit that mark since 1984.
US economy: interest rates likely to remain "exceptionally low" for some time
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US interest rates are likely to remain "exceptionally low" for some time, chairman of the US Federal Reserve, Ben Bernanke has said.
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US interest rates are likely to remain "exceptionally low" for some time, chairman of the US Federal Reserve, Ben Bernanke has said.
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