Posts Tagged ‘subprime’
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.
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.
When it comes to annoying lenders and mortgage servicers Saxon Mortgage Services Inc. takes the title as the most annoying, which reflects poorly on parent company Morgan Stanley. We are qualified to make that assessment for several reasons:
What was net net effect in 2008 of the bursting mortgage bubble? In all of 2008, employers announced 1,223,993 job cuts, which was the largest number of job cuts announced in a year since 2003, when employers announced 1,236,426 job cuts. The economy continues to sour, and with less spending power homeowners are guarded when it comes to expenses.