E-Journals

A report released by the U.S. Treasury Department showed that the nation’s nine largest banks have not been very active in conducting loan modifications under the Obama Administration’s “Making Home Affordable Program.”

The program, which is funded by $50 billion in government aid, is aimed at reducing foreclosures throughout the country by modifying a borrower’s loan in order to reach a reasonable monthly payment based on their income. (more…)

HSBC Holding Plc has the largest network of branches of a foreign company and China, and they have no thought of slowing down as they look to add more branches and employees throughout 2010.

“We certainly expect to continue with our existing rate of expansion,” Richard Yorke, chief executive officer of HSBC (China) Ltd., said in an interview. “In terms of long-term strategic importance, China is probably at the very top.” (more…)

Fannie Mae announced plans Thursday to access another $10.7 billion in government aid.  The move follows a second quarter earnings report that showed the mortgage giant lost $15.2 billion during the period.

Last year, the government said it would make up to $400 million in aid available to Fannie Mae and Freddie Mac.  The two mortgage firms have already accessed a combined $85 billion and Fannie’s latest request would push that figure to nearly $96 billion.  Fannie Mae’s share will hit $44.9 billion after receiving the additional funds. (more…)

Citing the serious nature of the charges and allegations made by the SEC about bonuses promised to employees of Merrill Lynch last year, Judge Jed S. Rakoff refused to sign off on the $33 million settlement reached by the SEC and Bank of America over the issue.

Now a hearing is scheduled for Monday to bring out into the open how the two sides reached the figure in the agreement. (more…)

Harrington Bank, which is based in Mission, Missouri, will be acquired by Arvest Bank, which is owned by relatives of the founder of Wal-Mart – Sam Walton. Arvest Bank has its home in Fayetteville, Arkansas.

Arvest Bank has been managing assets worth $10.7 billion as of the end of June.

“We are excited to enter the Kansas City market with this acquisition and look forward to growing and expanding there for years to come,” Arvest COO Kevin Sabin said in the press release. (more…)

Any person should have a savings plan in place in order to build up a cash reserve against emergencies or possible loss of job. With that in mind I do like Allstate’s High Yield Savings because it motivates consumer to keep a minimum balance of $500 in it at all times or you get a fee applied.

I like this with any savings account because it contiually reminds us of the reason we have it in the first place. (more…)

Banks are continuing to drop like flies as another three regional banks failed on Friday, bring the total bank failures in 2009 to 72, according to the Federal Deposit Insurance Corp.

Florida has been hit hard with bank closures recently, and two of the three regional bank closings involved were from Florida – Community National Bank in Venice and First State Bank of Sarasota. The other bank closed is Community First Bank of Prineville, Oregon. (more…)

The fallout from the slumping real estate market has taken a new twist as thousands of U.S. homeowners have seen their home equity line of credit either cut or frozen by their bank without warning.  The kicker is it’s all completely legal.

Homeowners across America who may have planned to access their home equity lines to pay anything from college tuition to home improvements are being put in a quandary. (more…)