Joe Nocera has a post on his blog by an anonymous banker who tells the truth about the incoming credit card business crash.
The Worst Is Yet To Come: Anonymous Banker Weighs In On The Coming Credit Card Debacle
The line that I like best about that article is when the anonymous banker wrote:
And credit card rates, [...]
The biggest changes discourage piggybacking and penalizing infrequent delinquencies.
By Renuka Rayasam, Associate Editor, The Kiplinger Letter
By next spring, two of three credit reporting bureaus will use a new model. Fair Isaac, the developer of FICO scores, has made the biggest change to its mathematical credit score model since it was introduced in 1989. Scores will [...]
Just like the big banks to take TARP money and then not even use that money for what Congress had intended it for; extend credit to the markets and small businesses. Instead the big banks, like Bank Of America, have taken that money to buy other banks in trouble and they have played Congress just [...]
I haven’t posted at all since July. I can’t believe time has flown by so fast. The year 2008 is coming to an end in a few weeks. Wow.
I haven’t done that great a job posting on this blog. I want to change that for the new year.
I just came to the realization that I [...]
There’s a flood of foreclosures coming — about 1.1 million!
According to the article:
You have a 1-in-3 chance of losing your house to foreclosure if you got an adjustable-rate mortgage, or ARM, in 2004 through 2006 that had an initial teaser rate of less than 4%.
If you got a subprime ARM in that period, you started [...]
I have to hand it to the Internet. It is the greatest medium ever created! So much so that a local peasant such as myself can do business over this great medium with other peasants around the world! Even look for bargains!
I was recently reminded of a banking incidence of mine I like to [...]
