Countrywide Financial Corp is being sued over $8.4 Billion Loan Deal

Greenwich Financial Service Fund sued Countrywide Financial Corp, the troubled home lender that Bank of America (NYSE:BAC) recently brought over claims an agreement to reduce payments on mortgages by $8.4 billion would hurt investors.

The fund said that 400,000 mortgages will decline under the deal, and that investors (read more…)

Category: Business News, US | December 2nd, 2008 | Comments (0)

JPMorgan Chase axes 9,200 jobs at Washington Mutual(WaMu)

JPMorgan Chase (NYSE:JPM) the NY City banking giant will be cutting 9,200 jobs at Washington Mutual (WaMu) (OTC:WAMUQ) the announcement was made on Monday several months after they acquired the failed loans and saving bank.

Due to bad mortgage debts, WaMu the Seattle-based bank collapsed, resulting in the biggest bank failure in American history, JPMorgan Chase brought the troubled bank in (read more…)

Category: Business News, US | December 2nd, 2008 | Comments (0)

30 year fixed mortgage rate drops: Time to re-finance?

If you are looking to take out a 30 year fixed mortgage rate you would be offered deals in the region of 5.5 percent and in some cases you may find even lower interest rate depending on your chosen lender.

You would need to match a certain lending criteria to qualify for the 30 year fixed rate mortgage deal that are being offered including a credit score of 720 or more, have a solid credit history and substantial deposit or (read more…)

Category: Mortgage News, US | December 1st, 2008 | Comments (0)

Cyber Monday sends Dow Jones Tumbling 430 Points

Cyber Monday 2008 sales started today, the on-line shopping day that follows on from Black Friday and thanksgiving, allowing a kick-start of the US holiday shopping season and the optimism of a profitable one for retailers.

Meanwhile Wall Street suffered as Investors feared the worsening economic conditions would continue throughout the holiday shopping season, sending the Dow Jones Industrial Index tumbling (read more…)

Category: Business News, Global Economy, US | December 1st, 2008 | Comments (0)

Morgan Stanley Set To Buy Overlapping Regional Banks

Just months after Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) became bank holding companies, reports have been made that Morgan Stanley are in negotiations to acquire several regional banks that overlap its existing asset management and brokerage clients, according to a report on Monday in the WSJ.

According to reports the new-York based bank is in presently cutting jobs overseas (read more…)

Category: Business News, US | December 1st, 2008 | Comments (0)

Cyber Monday 2008: Paying the mortgage and holiday spending

With the holiday shopping season well under way in America, with the start today of the huge Cyber Monday Sales, and last week’s Black Friday kicking off the shopping frenzy, you are still advised to watch your dollars, with the United States on the brink of recession and other countries around the world (read more…)

Category: Global Economy, US | December 1st, 2008 | Comments (0)

Cyber Monday: Best Buys, Walmart & Amazon Huge On-Line Sales

Cyber Monday sales started today on December 1, shops like Walmart and Best Buys offering huge discounts on hundreds of products, only last week we had Black Friday kick-starting the American shopping season where millions of shoppers took to the streets in the hope to get in store bargains.

Cyber Monday is the same deal but the sales are (read more…)

Category: Business News, US | December 1st, 2008 | Comments (0)

Wells Fargo buyout Wachovia: Execs set to receive $98.1 million

The top ten executives of Wachovia Corp (NYSE: WB) will be eligible for huge severance pay amounting to $98.1 million after the troubled bank gets brought out by Wells Fargo & Co (NYSE: WFC) in December.

Wachovia shareholders will vote on the merger with Wells Fargo on December 23 according (read more…)

Category: Business News, US | November 28th, 2008 | Comments (4)

Warren Buffett: This Is The Right Time To Buy US Stocks

Billionaire Warren Buffett said recently that this is now the right time to buy US stocks, many people believe that Buffett’s prediction is completely insane with the economic mess that we are in, with unemployment surging, credit markets frozen and banks collapsing, but when the predictions come from Warren Buffett the world’s richest man we all start to listen.

Buffett back in 1974 made his first prediction in a crumbling market where inflation rose to 12.3 percent and the GDP growth tumbled 0.5 percent, Buffett made it clear that this was (read more…)

Category: Business News, US | November 28th, 2008 | Comments (0)

Citigroup bailout: Barack Obama Official Wants Tighter Controls

President-elect Barack Obama top transition official, John Podesta calls for the Government to intervene at Citigroup (NYSE:C) in the same way it did with troubled car manufacturer General Motors (NYSE:GM).

Citigroup received a £13 billion bailout this week from the Federal Government after the troubled bank fell deeper into trouble as its share prices tumbled 60 percent in one (read more…)

Category: Business News, Global Economy, US | November 28th, 2008 | Comments (0)