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After a year of struggling to remain afloat, CIT has officially filed for bankruptcy. CIT is a major commercial lender that has been in business for more than 100 years. The move to file bankruptcy will give the bank the best chance to reorganize and stay in business, according to analyts
Posted 11/06/2009
Secretary of the Treasury Timothy Geithner believes that new bank regulations being pondered by the U.S. Congress may not, as Republicans have been arguing, further cement the notion that certain banks are "too big to fail" and thus automatically receive taxpayer dollars if their businesses go sour.
Posted 11/01/2009
According to the ISI Group, a prominent research firm, the first time homebuyer tax credit of $8,000 may not be extended past the November 30, 2009 deadline. Mortgage brokers have reported wavering demand for purchase money mortgages as homebuyers wait to find out if this tax credit will be extended or not.
Posted 10/30/2009
Shopping for the best savings account rates, and other good habits acquired in the recession, can be continued in the recovery so you can keep building your savings rate.
Posted 10/29/2009
Chairman of the Federal Reserve Ben Bernanke has been talking publicly about how he plans to prevent inflation in the coming years. One idea that came up recently was for the Federal Reserve to essentially issue certificates of deposit, i.e. hold deposits and pay pre-set interest rates, like a bank.
Posted 10/26/2009
As bank earnings for the third quarter are released this week, results have been mixed. JPMorgan Chase reported a massive $3.6 billion profit for the third quarter, while rival giant Citigroup eked out net income of $101 million. Goldman Sachs, meanwhile, reported a third quarter profit of $3.2 billion.
Posted 10/21/2009
More than half the respondents to a recent Money-Rates.com poll say they're behind on their retirement savings. If you're like them, get back on track with a realistic look at your retirement plan.
Posted 10/19/2009
Major banks are set to release third quarter earnings reports this week. JPMorgan kicks off the bank earning festivities on Wednesday. Citigroup and Goldman Sachs are due to report on Thursday, followed by Bank of America on Friday. Bank stocks have soared over the past months, but bad loans continue to plague the industry.
Posted 10/19/2009
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