From the Boston Globe: Patrick signs state budget (ht energyecon ) Governor Deval Patrick today signed a budget for next year that cuts aid to cities and towns, pares back programs throughout state government, and imposes $1 billion in additional taxes on Massachusetts residents, shoppers, and visitors. … “This is…
Today Mirae fell, A mirage of asset wealth We now know the truth. by Soylent Green is People Update: From the FDIC : The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $50 million. Wilshire State Bank’s acquisition of all the deposits was the…
Former Rebel State Fertile soil for bank failure Bumper crop this year. by Soylent Green is People From the FDIC: CharterBank, West Point, Georgia Assumes All of the Deposits of Neighborhood Community Bank, Newnan, Georgia Neighborhood Community Bank, Newnan, Georgia, was closed today by the Georgia Department of Banking…
From the WaPo: N.Y. Fed to Trim AIG Debt, Receive $25 Billion Stake in Two Subsidiaries American International Group announced yesterday that it has reached a deal to reduce its debt to the Federal Reserve Bank of New York by $25 billion. [AIG] said that it would give the New…
The Committee on Oversight and Government Reform released a couple of interesting documents this afternoon. The first document contains some Federal Reserve emails and documents. See page 2 you will find an overview of Merrill’s legacy portfolio. How about this message from a Senior Fed Vice President on 12/20/2008…
A few stories too … a major auto supplier is near bankruptcy … From Dow Jones: Lear Corp. Working On Prepackaged Bankruptcy – Sources Lear Corp. (LEA), a maker of automotive seats and interior electronics, is working on a pre-packaged bankruptcy five days before it must make a $38 million…
The Governor of Vermont, Jim Douglas signed a bill last week that puts a limit on reverse mortgages to federal programs. This bill effectively eliminated the possibility and potential of a proprietary market in Vermont. The H222 bill, mandates that Vermont lenders has to be approved by the Department…
In order to support competition in the Australian mortgage market, late last year the federal government introduced $8 billion of funding for non-bank lenders and small banks under a scheme known as “RMBS”. This scheme is designed to assist lenders who predominantly source their funds from the wholesale credit markets…
The present fiscal year is just eight months gone (the HUD fiscal year begins in October) and it has already shown tremendous improvement in the Reverse Mortgage industry . According to data released from the Department of Housing and Urban Development , the number of home equity conversion claims…
The state of Texas has risen to be the third largest reverse mortgage market , with 30,000 loan sanctions totaling about $2.2 billion. The reverse mortgage loan volumes have increased by more than 208% between 2004 and 2008. Just during the past two years, Texas senior home owners have…