Wachovia Corp. said Tuesday that it has hired Goldman Sachs Group to review its loan portfolio, another sign that the bank is bracing for further mortgage-related trouble when it reports earnings next month. “Goldman Sachs is performing analytics on our loan portfolio to evaluate various alternatives,” said Christy Phillips-Brown, a spokeswoman for Wachovia (WB) [...]
Entries from June 2008
June 30, 2008
Indymac: What Went Wrong?
CRL has uncovered substantial evidence that IndyMac Bank engaged in unsound and abusive lending during the mortgage boom, routinely making loans without regard to borrowers’ ability to repay.
CRL interviews with former employees and lawsuits in 10 states indicate that IndyMac:
pushed through loans based on bogus appraisals and income data that exaggerated borrowers’ finances,
worked hand-in-hand [...]
June 30, 2008
When is it a good time to buy…
Maybe you should be perched high and hanging tight up there on the fence with the rest of the crows cawing about all the reasons not to buy a home right now.
It’s your personal decision.
Contrary to the popular refrain, voiced even as aftershocks rumbled from the Loma Prieta, CA epicenter and [...]
June 27, 2008
The effects of reducing the prime rate…
Recently, Federal Reserve Chairman Ben Bernanke has hinted that the U.S. is going to try to strengthen or at least stabilize the weak dollar. So what might happen to the economy with a stronger dollar? And how has the economy been affected by a weak one?
Effects of a weak dollar
The dollar has fallen [...]
June 27, 2008
Bank of America to cut 7,500 jobs after Countrywide deal closes
Bank of America Corp. said yesterday that it planned to slash 7,500 jobs over two years as a result of its acquisition of Countrywide Financial Corp., which is scheduled to close next week. “The reductions will take place throughout the country,” Bank of America said in a news release. “Final decisions on all specific [...]
D Fragoso