• money meltdown

    Treasury, FDIC Considering Plan To Guarantee Millions Of Mortgages

    The Washington Post says that the Treasury Department and the FDIC are considering a plan to guarantee millions of mortgages. According to the WaPo, the plan under consideration would encourage lenders to reduce borrowers monthly payments based on the homeowner's ability to pay. To attract lenders into the program, the government would guarantee to repay the lender for a portion of its loss if the borrower defaulted on the reconfigured loan. More »

    5:32 PM on Wed Oct 29 2008
    By Meg Marco
    4,946 views, 81 comments

    Most discussed Despiridius: I would like to see a cap on the value of loan that could be reconfigured. We've all seen the more »

  • money meltdown

    US Muses Backing All Deposits, No Deposit-Insurance Ceiling

    In order to stem the tide of panic-stricken morons taking out all their cash from banks and further destabilizing the financial system, the US is considering a proposal to completely back ALL deposits. This would mean that there would be no deposit insurance ceiling. So even if you had more than $100,000 in the bank, even if you had $1,000,000 in the bank, the government would give you back ALL of that money if your bank failed. The proposal is only in discussions right now, and several different agencies would have to agree that there was "systemic risk" in order to enact it. Europe has already guaranteed all deposits, however, and in order to keep large corporate accounts from emigrating overseas, the US may be forced to follow suit within a few weeks.

    [via WSJ]

    11:04 AM on Fri Oct 10 2008
    By Ben Popken
    2,004 views, 51 comments

    Most discussed Meltdown: Well, more debt to pay by your grandchildren... If you're stupid enough, holding more that 100K in one account, then you more »

  • money meltdown

    Wells Fargo Wins, Will Buy Wachovia

    Wells Fargo is the winner in the battle for Wachovia, says the New York Times. Apparently, Citibank became nervous about splitting the bank when they saw the size of the "bad assets" it would have to take on, and quietly walked away. The bank will continue to seek $60 billion in damages, however. More »

    10:54 AM on Fri Oct 10 2008
    By Meg Marco
    4,119 views, 43 comments

    Most discussed Skankingmike: I have a choice now, Should my wife and I stay with Wachovia(wells Fargo). or Should my wife and I go with more »

  • Main Street

    What Does The Bailout Mean For You?

    So, Congress finally passed the bailout bill. You know about the Treasury's newfound $700 billion, and you've heard about the snipped golden parachutes, but what does the 451-page week-old shotgun savior of a bill actually mean for you? More »

    Feature

    9:30 PM on Sun Oct 5 2008
    By Carey
    19,720 views, 93 comments

  • Judge's Orders

    Not So Fast: Judge Blocks Wachovia Sale To Wells Fargo, Citibank Rejoices

    Tsk tsk, Wells Fargo. You should've known that stealing Citibank's unspoiled bride at the alter was going to draw a bitter legal challenge. Late last night, Citibank's team of repo-lawyers claimed a partial victory, announcing that a New York judge has agreed to block Wachovia's sale. Citibank is also demanding $60 billion from Wells Fargo for interfering with the deal. More »

    11:00 AM on Sun Oct 5 2008
    By Carey
    5,927 views, 53 comments

    Most discussed CreoleSugar: Wachovia again shows that it could care less about its customers and Wellsfargo is ready to step in and make more »

  • wachovia

    Citigroup Buys Wachovia

    Citigroup is buying Wachovia's deposits, $300 billion of its loan portfolio, and about $42 billion of debt for an undisclosed sum, reports CNN.
    Part of Wachovia will remain independent — including its massive brokerage business which ballooned after it purchased AG Edwards in 2007, as well as its Evergreen investment management division.
    More »

    9:43 AM on Mon Sep 29 2008
    By Chris Walters
    6,050 views, 56 comments

    Most discussed bsalamon: is there a bank-death pool i can join? my money is on capital one bank more »

  • exclusives

    FDIC Sheds Qualifying Beneficary Coverage Rule

    The FDIC is going to make two changes to their coverage. One affects beneficiaries and one affects trust accounts, according to a bank insider who participated in teleconference call the FDIC held banks this morning as a refresher course on FDIC coverage. The big news is that the "qualifying beneficiary" rule is gone. Here's the specifics: More »

    6:46 PM on Fri Sep 26 2008
    By Ben Popken
    8,151 views, 17 comments

    Most discussed Ein2015: If the government wanted to prevent people from moving their checking/savings/etc accounts from risky banks, shouldn't it just insure EVERYTHING more »

  • wachovia

    Now That The Largest Bank Failure In U.S. History Is Over, Is Wachovia Next?

    The collapse of Washington Mutual and the FDIC-engineered fire sale to JPMorgan Chase has people worried — about Wachovia. Wachovia's stock is down 45% for the week, and 27% today as bailout talks stalled in Washington and WaMu held a garage sale at the FDIC. More »

    11:39 AM on Fri Sep 26 2008
    By Meg Marco
    14,804 views, 86 comments

    Most discussed sir_eccles: Hey let's all withdraw our money from Wachovia today and make sure it is next huh? more »