Archive for January, 2009
Here is a list of the largest banks in the world at the end of 2008:
1. Industrial & Commercial Bank of China, ICBC (China)
2. Bank of America (US)
3. HSBC Holdings (UK)
4. China Construction (China)
5. Bank of China (China)
6. JPMorgan Chase (US)
7. Citigroup (US)
8. Wells Fargo (US)
9. Banco Santander (Spain)
10. Mitsubishi UFJ Financial, MUFG (Japan)
Unfortunately more people are singing the mortgage blues as foreclosure filings increased 81 percent. Some people looked over the edge and recovered, because the statistics mean that homeowners received at least one foreclosure notice. Some homeowners may have recovered, but the news is grim. Statistics show the worst economic fallout since the great depression.
Earlier we wrote the article “F-rated Saxon Mortgage and calls from 800-594-8422 annoy homeowner” as seen here. Even after talking to Saxon Mortgage and parent company Morgan Stanley, Saxon Mortgage continues to call homeowners, even after the house payment was made. The company claims they are again offering a service. Specifically Saxon is giving the homeowner the ability to pay by Western Union. I’m not sure about Saxon, their attention to detail, or their ability to act like a professional organization as opposed to a predatory mortgage servicer.
Normally if you or I buy more than we can pay for we wake up to the fact that we are broke. Not so with Citigroup. As taxpayers we gave Citigroup $20 billion in November 2007, and guaranteed $300 billion in loans on Citi’s books. You and I also gave Citigroup $25 billion from the Troubled Asset Relief Program – the TARP program. If you or I invested like that we would be broke. Citigroup cannot show where they helped a lot of homeowners, but did anger the industry when they agreed to let judges modify loans.
GMAC said its closing Nuvell Credit Co., its Jacksonville-based subprime lending subsidiary, following its decision to stop funding loans for customers with bad credit. Nuvell stopped writing new business Jan. 7 in preparation for the closure, which will affect 348 employees in Florida, Arkansas and Texas. A GMAC,spokesman told trade magazine Automotive News that 136 employees will take jobs at GMAC and the other 212 will be laid off.