Items Tagged with 'Economic crisis'


  • Puerto Rican foreclosure crisis sends residents flooding to U.S.

    For sale signs go up all over island
    The Puerto Rican foreclosure crisis is currently worse than the U.S. foreclosure crisis at its peak in 2010. As the economy worsens, residents continue to flee the island, flooding into Texas and Florida. Some homeowners even leave their keys in their home, abandoning everything on their way out.
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  • Why are there almost no new banks since the crisis?

    Dallas Fed: Regulations are crushing community lenders
    In the aftermath of the economic crisis of the late 2000s, the federal government passed a number of sweeping laws that irrevocably changed the financial landscape of this country, but just how much?
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  • Acting CFPB Head Speaks on Agency Mission

    Speaking at the National Constitution Center in Philadelphia, Special Advisor to the Treasury and Acting Head of the Consumer Financial Protection Bureau Rag Date sought to examine the lessons learned from the mortgage meltdown and how the drives the objectives of the new agency.   Date's first major speach since taking the acting leaderhship role of the CFPB was entitled, "Lessons Learned from the Finnacial Crisis:  The Need for the CFPB," covered a range of financial topics with a particular focus on the mortgage market. The need for the CFPB as created by the Dodd-Frank act stemmed from the
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  • Delaying Retirement is the New Normal

    Facing retirement in a difficult economy many baby boomers are increasingly finding that continuing to work is their most viable retirement plan. Susan Solovic,CEO of and a small business contributor to ABC News discusses how baby boomers opportunities are being hindered by a lack of appropriate retirement planning combined with signicant loss of value in retirement accounts and home equity, and a lack of confidence in the long-term stability of entitlement programs. video platformvideo managementvideo solutionsvideo player
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  • Wachovia CFO to Step Down

    The parade of senior executives leaving their posts -- or being forced to leave -- continued Friday, with Wachovia Corp. [stock WB][/stock] annoucing late Thursday that CFO Thomas Wurtz has made plans to exit as soon as the company can locate a replacement. Wachovia said in a press statement that it "will begin an immediate search for a replacement."
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  • Wachovia Ditches Pick-A-Pay, Will Waive Prepayment Fees on Option ARMs

    In a nod to increasing investor and credit rating agency concern over mushrooming exposure to its now-infamous Pick-A-Pay mortgages, Wachovia Corp. [stock WB][/stock] said on Monday afternoon that it would no longer offer negatively amortizing mortgages to customers. So-called option ARMs were originated in force during the recent housing boom, and have recently led to large losses for the banks involved in making them.
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  • Sandler: Golden West Too Convenient a Scapegoat

    Wachovia Corp. [stock WB][/stock] has larger problems than its option ARM portfolio, according to Herb Sandler, the man who built Golden West Financial into a powerhouse by inventing the negative amortization mortgage. In remarks published Monday in the Wall Street Journal, Sandler says that Wachovia has much larger fish to fry than its exposure to increasingly troublesome mortgages on its portfolio.
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  • Wachovia Posts Unexpected Q1 Loss; Will Raise Capital

    (Update 1: includes updated look at mortgage exposure) Wachovia Corp [stock WB][/stock] said Monday morning that it lost $393 million, or $.20/share, during the first quarter of 2008 as the nation's fourth largest bank struggled with its exposure to the troubled U.S. mortgage market. The earnings miss contrasted with earnings of $2.3 billion, or $1.20/share, in the year ago period.
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  • Wachovia Looking to Pull Back on Option ARMs: Report

    A lender memo sent out earlier in the week by Wachovia Corp. announcing that it would no longer offer its infamous Pick-A-Payment loans might have been premature, but sources told Housing Wire on Thursday that it's only a matter of time before the Charlotte, NC-based bank pulls the plug on its Option ARM product in key California counties.
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  • Fitch Affirms Wachovia's RESI servicer rating

    Per Business Wire, Fitch affirmed Wachovia's prime servicer rating this week. As Feb. 28, 2007, Wachovia Mortgage serviced more than 260,000 prime residential mortgages totaling $49.6 billion, and represents an increase of 2.9% for the first two months of 2007 from 2006 and a 32.2% increase over 2005.
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