loans

The New Bank Stress Tests Show Just How Serious the Mortgage Mess Is

This week, the Congressional Oversight Panel recommended that the nation's big banks be stress tested again, because if problems with mortgage-backed securities are widespread, the consequences could be dire. Now, the Fed has agreed to run those tests, which it wouldn't do if it wasn't worried.

Mortgage Applications Rise, Thanks to Low Interest Rates

Demand for mortgage loans rose last week, driven by low interest rates. The Mortgage Bankers Association said its Market Composite Index rose 5.8% on a seasonally adjusted basis from a week earlier. The index measures the volume of applications for loans.

Citigroup Earnings Beat Wall Street Estimates

Citigroup on Monday morning reported third quarter net income of $2.2 billion, topping Wall Street estimates and marking its third consecutive quarterly operating profit. Citi shares were up as much as 2.3% in premarket trading.

Foreclosure Bill, Blasted by Critics, Vetoed by Obama

U.S. President Barack Obama on Thursday vetoed a bill that its critics say would've make it harder to challenge foreclosure-related documents. Allegations of invalid foreclosure paperwork have been popping up around the country.

Toyota to Offer Rebates on Lexus Models to Boost Sales

Seeking to boost sales of Lexus brand vehicles, Toyota plans to offer rebates of up to $3,000, as well as subsidized financing on certain models, company executives told a gathering of Lexus dealers from across the country this week.

GM's a Day Away From Making Its Own Car Loans Again

General Motors will once again have its own in-house financing unit starting Friday, when the auto giant closes on its $3.5 billion purchase of AmeriCredit. The new unit, to be renamed General Motors Financial, will allow GM to offer consumers more financing and leasing options.

10 dumb reasons to take out a loan

Going to a bank for a personal loan for plastic surgery, overextending a credit card to buy Christmas gifts, and borrowing from a 401k retirement...

Bank of America Could Sell Some Non-Core Assets

Bank of America (BAC) is planning to highlight billions of dollars worth of assets that it intends to sell or wind down. The bank has told investors and analysts that it is considering disclosures on assets including loans, businesses and stakes that it considers non-core, The Financial Times reported without naming its sources. The non-core assets could be worth more than $100 billion.

Credit Card Rates on the Rise as New Regulations Bite

The average interest rate on credit cards is rising as banks wrestle with high delinquencies and new regulations. The average rate on existing credit cards hit 14.7% in the second quarter, compared with 13.1% a year earlier, The Wall Street Journal reported. The second quarter figure was the highest level since 2001.

U.S. to Guarantee $3.1 Billion Loan to Ford

The U.S. government will guarantee a $3.1 billion loan to Ford Motor Co. (F) to help the carmaker export over 200,000 cars to Canada and Mexico. "Export-Import Bank of the United States will announce a new loan guarantee for Ford that will finance 3.1 billion dollars of export sales," The White House said, according to Agence-France Presse.

GOP Senators Block Small Business Bill

Senate Republicans blocked a final vote on a bill to provide aid for small businesses Thursday in the latest example of the GOP using procedural tactics to stymie President Barack Obama's election-year agenda. Each side accused the other of turning the issue into a political football.

China's Economy Slows on Tighter Credit, Unwinding Stimulus

China%u2019s economy, the world%u2019s third-largest, is slowing as the government tightens credit and unwinds its stimulus package. Growth slowed to 10.3 % in the second quarter from 11.9% in the first quarter, The Associated Press reported. This slowdown could hit global economic demand.

Colony Capital Group Wins Bidding for FDIC Distressed Loans

A joint venture between Tom Barrack%u2019s Colony Capital LLC and Cogsville Group LLC won the bidding for a portfolio of distressed real-estate loans auctioned off by the Federal Deposit Insurance Corporation. The two companies will purchase a 40% stake in a $1.85 billion portfolio of commercial-property loans held by now-defunct banks such as Community Bank of Nevada and New Frontier Bank, The Wall Street Journal reported. The deal, due to be announced today, is the second-largest bulk sale of commercial-property debt under a public-private partnership.

Greenspan Says U.S. Economy Is Likely in a 'Pause'

Former Federal Reserve Chairman Alan Greenspan said that the recent slowdown in economic indicators is most likely temporary. "It%u2019s more than likely a pause in the usual cyclical pattern," Greenspan said in an interview with CNBC.

European Central Bank Keeps Rates Low

It may be because of the slowing European economy, the drive for austerity by the continent's national governments, or planned tax increases. But whatever the reasons, the European Central Bank said Thursday it would hold its benchmark interest rate steady at 1%.

Sam's Club Testing Small-Business Loan Program

Sam's Club and Superior Financial Group are testing an online program to offer loans of $5,000 to $25,000 to qualified members, Sam's Club said in a statement. Sam%u2019s Club and Superior Financial Group are testing an online program to offer loans of $5,000 to $25,000 to qualified members, Sam%u2019s Club said in a statement.

Son's Death Leaves Couple With $81,000 in Student Loans

Ralph and Joan Grande of Barnegat, New Jersey, thought they were helping their son Vincent and making a prudent decision when they co-signed on $81,000 in student loans for him so that he could attend Monmouth University. Then last November, Vincent was killed in a car accident at the age of 25. He had been studying to become a stock broker.

Now Hungary's Debt Woes Are Rattling Global Markets

Hungary became the latest member the club of countries on the economic brink Friday after its newly elected government said it might default on its debts. Investors battered European stocks and Hungary's currency, the forint, and pushed the euro below $1.20 for the first time in four years.