Banks demolish forclosed homes to ease housing market pressures

demolition

It has become cheaper for banks to demolish forclosed property than to continue to hold onto it.

The sight of excavators tearing down vacant buildings has become common in the foreclosure-ravaged city of Cleveland.  The housing crisis hit this area early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice.

 

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The aristocracy on Wall Street got $1.2 trillion in secret loans

wall street

Citigroup and Bank of America were the reigning champs of finance in 2006.

The reigning champions of finance in 2006 were Citigroup Inc. (C) and Bank of America Corp. (BAC).   As home prices peaked, they were leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.

 

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Banks turn to bulldozing foreclosed homes

bulldozer_house

Banks are turning to demolition teams instead of realtors to rid them of their least valuable repossessed homes.

Bulldozers are a new remedy for banks in America’s ailing housing market.

There are nearly 1.7 million homes in the U.S. in some state of foreclosure. Banks already own some of these homes and will soon have repossessed many more. Many housing economists worry that near constant stream of home sales from banks could keep housing prices down for years to come. But what if some of those homes never hit the market.

 

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Banking agencies working to find credit rating alternatives

credit rating

Credit rating agencies have been criticized for fueling the 2007-2009 financial crisis.

The Federal Reserve said on Monday that Banking regulators expect to release proposals for replacing the work of credit rating agencies in their regulations later this year when comprehensive tougher capital standards are unveiled.

 

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Wave of lay-offs hitting banks and thousands more job losses to come

hsbc

About 700 job reductions at HSBC will mainly affect UK branch offices.

The wave of lay-offs hitting banks gathered pace on Thursday.  Thousands more job losses are set to hit retail businesses and market divisions while lenders fight off a limp economic recovery, trading woes and tougher regulation.

 

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The Great Bank & Credit Card Backlash

Credit-Card-Backlash-782

The smell of corruption is offending more than few nostrils

Futurist Thomas Frey:  Recent attempts by Congress and the Federal Reserve Board to curb the excessive fees being charged by credit cards, banks, and finance companies have resulted in a punitive industry response with interest rates and fees climbing in almost every category. This action has resulted in nothing short of a full-scale revolt by a victimized-feeling public.

 

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What Effect Will the Cut in Debit Card Fees Have on Consumers?

debit card

The Fed rule on debit card fees could have far-reaching effects on how consumers spend and save.

The debit card battle between retailers and banks has reached epic proportions.   The plan by lawmakers is to slash the fees retailers pay banks every time a shopper uses a debit card.  Both sides are spending millions of dollars to convince lawmakers that they’re looking out for average Americans.

 

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