Saturday, March 29, 2014

89% raise

Just a day after Bank of America agreed to pay 9.3 BILLION in lawsuits stemming from the 2008 financial crisis CEO Brian Moynihan gets a 89% raise in pay......................

Only in banking can someone commitment such fraud, not go to jail, and get an 89% pay raise because?   Well obviously it's because he's done such a phenomenal job of stealing other peoples hard earned money.

Friday, March 28, 2014

And again

 "Bank of America is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
The bank agreed on Wednesday to pay that sum to settle a lawsuit filed on behalf of the two government-sponsored mortgage finance firms by their regulator, the Federal Housing Finance Agency. As part of the settlement, Bank of America will also repurchase mortgage securities from Fannie and Freddie that are valued at about $3.2 billion.
The agreement covers what are known as private-label mortgage-backed securities sold by Bank of America and its affiliated entities like Countrywide Financial and Merrill Lynch."
Once again pay a fine and walk away………….all these fines and settlements; still it's the average American who got foreclosed on that none of the money went to help.

Thursday, March 27, 2014

We're your friend

"To understand why Wells Fargo has set up a command center to better monitor social media sites, consider this: last year, the bank was mentioned more than one million times on social media sites — and not all those comments were flattering.

The nation's fourth-largest bank recently set up a war room in San Francisco — and a backup location in Charlotte — where employees sit side by side to watch eight large screens that display Tweets, Facebook posts and other social media content published about the brand, engage with consumers on topics that are trending and quickly respond to specific customer queries.

The constant monitoring — its two command centers are staffed five days a week, 12 hours a day while the bank also deploys tools that moderate mentions of its name around the clock — helps the bank keep tabs on how its customers are responding to various products and services, or initiatives like the recent roll-out of its smaller, more tech-heavy branches.

"It's a fundamental change to consumer behavior," says Renee Brown, the head of the enterprise social media team at Wells Fargo. "[Social media] is the new water cooler and street corner where people are gathering to talk."

The monitoring is also a way to stay on top of complaints and negative comments. Banks — especially large ones — routinely take heat for everything from poor branch service to questionable fees to their handling of foreclosures — it's crucial for banks to quickly acknowledge the complaints and make an effort to resolve them, observers say. As part of its social media outreach, Wells Fargo has a "social care" unit to which it refers many of its customer complaints."

Nice try, but I don't think this will do a bit of difference. The fact that they say they care about the customer has proved to be untrue time and again.

Wednesday, March 26, 2014

Lame

After 5 years Chase has re sold a alledged debt they have written off already. Can you say double dipping? Not sure how they work this with the IRS------

Tuesday, March 25, 2014

No condom payments accepted

Now this is funny…………

"A major online payment processor is refusing to handle credit card payments for a startup condom company.
A representative for Chase Paymentech, the payment processing platform offered by JPMorgan Chase, told Lovability founder Tiffany Gaines over the phone this week that the company considers it a "reputational risk" to handle online payments for condoms, which it classifies as an "adult-oriented product."
They can literally steal from people with the financial melt down, but processing payments for condoms, no way.

Monday, March 24, 2014

It's back!


"Return Of The Subprime Mortgage

After the housing bubble burst borrowers with shaky credit were virtually locked out of the mortgage market. But once burned may not be enough for the financial industry as a few lenders are introducing another round of subprime loan offerings.
Conjuring up memories of the toxic low-down, adjustable-rate mortgages that backed so many homeowners into the foreclosure corner, subprime mortgage are once again being offered to borrowers who pose a higher credit risk, typically with credit scores below 640.
This time the loans are much more costly. When once subprime loans offered cheap teaser rates and little or no down payments, they now come with interest rates as high as 8% to 10% with down payments of as much as 25%-35%.
Most of these borrowers have nowhere else to turn. Fannie Mae and Freddie Mac, which back 80% of all U.S. home loans, won't back loans issued to subprime borrowers."

WELL WE KNEW THIS WOULD COME BACK………….bankers greed!

Tuesday, March 18, 2014

Housing


"Weather, Inventory Push Home Sales Lower, Prices Higher. The current RE/MAX National Housing Report on 52 Metro Areas says February home sales slowed in February, while prices increased by double digits over last year. The RE/MAX National Housing Report, a survey of MLS data in 52 metropolitan areas, found the February results to be nearly identical to January. Just like January, the median home price rose 11.6% compared to the same month in 2013, and is now at $180,450. Home sales dropped by 8.8%, compared to January‚s year-to-year loss of 7.1%. Unusually harsh winter storms impacted appraisals, inspections and closings. Even though inventory losses have been shrinking, low inventories in many metro areas had a negative impact on sales. Even at the rate of February sales, the corresponding Months Supply of inventory of 5.1 isn‚t significantly below the 6.0 level of a market balanced between buyers and sellers. When measured on a year-to-year basis, February became the 11th consecutive month with fewer inventory losses than the previous month."

Tuesday, March 4, 2014

Some light?

"Home Sales & Prices
Home sales have picked up and house prices have accelerated. December sales were revised upward 2.2%, to 427,000. January new-home sales rebounded to an annual pace of 468,000 units, the fastest since 2008.
Construction payrolls are expected to increase at their fastest rate since 2006 as housing demand stabilizes. The low level of home inventory is helping house prices rise: The Black Knight Home Price Index (formerly the LPS index) rose 8.4% in December, just a bit below its recent pace.
With the weather turning friendly and consumers and homebuyers showing more confidence, the housing market will experience an improving second quarter."

Good news!

Saturday, March 1, 2014

Oops

"As far as bank heists go, the one Citigroup -0.12% disclosed Friday was big, about $400 million. Even though that might not move the needle much in terms of the bank's earnings, it raises questions for investors about its controls and ability to manage emerging-markets risks.
That's because the funds weren't carried away by a modern day Willie Sutton. They left the vault the way bank funds are supposed to, through loans.
These were made through a receivables-financing arrangement Citi's Mexican subsidiary had extended to Mexican oil-services company Oceanografia. Citigroup said invoices from state-owned Mexican oil giant PetrĂ³leos Mexicanos, or Pemex, which backed the loans, were falsified."
Just more lameness by Big Banks

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