According to a recent article in Newsday, new foreclosure cases on Long Island are spiking, even as the mortgage crisis fades in the rest of the United States. The article states that although home values are on the rise — suggesting a housing rebound on the Island — lenders filed 12,271 initial foreclosure cases in […]
Federal regulators are looking into whether they should implement more regulations into the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 as a way to prevent banks from unfairly imposing more fees on consumers. Citing its success of the initial CARD Act, regulators are proposing a new CARD Act to crack down on […]
Dear Affordable Financial Team, I hope this letter find all of you in the best of health, happiness and success. I’m reaching out you on behalf of The Ortega family. After witnessing firsthand your due diligence in accomplishing your goal to assist us…..well, we as a family are moved. All the hard work, all the […]
A recent report from Realtor.com showed that there were 1.48 million homes for sale in January, which is 5.6% lower than the previous month’s inventory and a 16.5% drop from what was available in January 2012. January’s figure was at the lowest level since the firm recorded such data in 2007. The National Association of […]
Bloomberg reported today that U.S. banks may face more than $100 billion in costs as more investors demand that issuers of mortgage-backed securities repurchase bad loans. According to Paul Miller of FBR Capital Markets, U.S. banks such as JPMorgan Chase & Co. and Bank of America Corp. could face a price tag between $54 billion […]
Bloomberg recently reported that U.S. banks will close 5,000 branches in the next 18 months as they face falling profits, decreased loan demand and lower fee revenue. Analyst Meredith Whitney, formerly of Oppenheimer & Co., said banks are facing an “uphill battle” to generate loan growth as consumers reduce debt; in addition, banks will collect […]
The Associated Press reported today that the mortgage problems that have been hanging around since the housing market collapsed are catching up with the banks that took on those risky loans in the first place. According to the AP, stocks of Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup, […]