It's the mantra among regulators and echoed by Federal Reserve chairman Ben Bernanke on Friday: The recession -- pushed along by rising unemployment levels, plunging home values and growing delinquencies -- would be much worse had governmental bodies not stepped up to intervene.
The Treasury Department on Tuesday released details surrounding the injection of $365.4 million in capital into another 23 financial institutions across the nation, bringing the total investments made through the Capital Purchase Program to $196.36 billion. All but three of the institutions that participated Friday were privately-held firms; 55.2 percent of the funds distributed that day were given to private firms. One Arkansas-based firm participated, as did a bank based in Alabama, four based in California and one out of Florida.
While it's likely no longer surprising for many market participants, a report by consumer credit bureau TransUnion released Monday found that mortgage delinquencies had increased for the fifth straight quarter during Q1, while consumers managed to add to their overall mortgage debt load during the quarter as well.
Bank of the West announced today that its wholly-owned subsidiary, BW Insurance Agency, Inc., (BWIA) has acquired Contractor's Insurance Services, Inc., a full service insurance agency offering a variety of commercial and personal insurance lines.
CIS specializes in providing insurance, risk management and asset protection services for the burgeoning building industry throughout the Pacific Northwest.
“Nearly every part of the real estate process has been transformed by technology except for home financing. Getting a mortgage is still manual, frustrating and confusing,” said Nick Stamos, CEO and founder of Sindeo..
Legacy insurers are headed toward solid ground, with some experiencing their first full year of profitability since the housing crash. New entrants, meanwhile, are raising capital, entering the fray and gaining market share. Read More
First, I’m not suggesting totally yanking FICO or Vantage Scores or anything like that. What I am recommending is the adoption of other models that would equally, or even more effectively, determine who can repay a loan. Read More