The Financial Times reported on Monday that Goldman Sachs, JPMorgan Chase & Co, and American Express Co were expected to be in the first wave of major lenders allowed to return TARP funds. The government’s stress tests said none of the three needed to raise capital, even among the most negative economic scenario that regulators considered.
Continue reading Banks are ready to repay TARP
Some bad news for you, it seems that delinquencies have risen again in the fourth quarter last year from the previous third quarter. At 4.6% this is the highest it has been since over 16 years ago, during the last major savings and loan problems.
In real estate delinquencies were over six percent in the fourth quarter up from 3 percent in the previous year.
What does this mean? People are falling behind on their housing loan payments! Their mortgages are in danger. While this statistic does not reflect the actual foreclosures or bankruptcies, this does indicate some of the things to come. Right? When people fall behind on their payments, that means their mortgages are in peril and what comes next? Foreclosures?
Treasury Secretary Timothy Geithner was speaking at the TARP’s Congressional Oversign Panel on Tuesday. Continue reading Timothy Geithner – Banks have Enough Capital
