Word: bankes
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Dates: during 2000-2009
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...that reason, Williams believes those lenders need to step up and do more to help struggling local homeowners revise their loans and hang on to their houses - and he wants to give his frustrations some legal teeth. Williams has proposed a city ordinance that could penalize banks that fail to offer modifications before starting foreclosure proceedings. Local governments have no formal legal oversight over banks, but under Williams' ordinance, if a lender's number of foreclosure actions in Miami Gardens over a designated period exceeds the number of loan modifications it offers to financially burdened or delinquent homeowners, the city...
...Milligan's lender has already started foreclosure without offering a loan modification, primarily because it feels Milligan's retiree income is insufficient. Milligan says it would be sufficient if she could get a loan revision, which she believes the bank has an obligation to consider. "I never really understood the kind of adjustable-rate loan I was given, which I feel was a bit predatory, given my economic circumstances," she says. "I'm even willing to buy the house outright from them for what I'm told they'd probably get it for at auction, around $100,000. Anything...
Dick Fuld was warned. Years before Lehman Brothers tumbled into bankruptcy, roiling markets and setting off a string of massive bailouts, underlings informed the investment bank's CEO that Lehman should get out of real estate before the credit bubble burst. Fuld ignored them. So while the bank's chief loaded up on overpriced property from the 31st floor of Lehman's New York City headquarters, his bond traders were downstairs shorting shares of mortgage brokers. Lawrence G. McDonald was one of those traders, and in his rendering of Lehman's demise--nimbly told with novelist Patrick Robinson--the bond...
...Indian companies who make those products, and their shareholders, will soon ask themselves the same question. A recent report from analysts at Bank of America/Merrill Lynch in Mumbai projects "a 10 to 15% pullback in equities led by drought-led growth cuts." Every major drought in India has a pervasive impact on the economy, which is unlikely to meet the government's projected 7% GDP growth this year. (Analysts expect 6% or less.) With crops failing, food prices will go up everywhere, pushing up inflation. Mohammed Nadim, a vendor in Hoshiarpur, says the wholesale price of his cartful of sweet...
...especially crucial for areas without irrigation, also failed in 2002 and 1987 - and the government is responding in the usual way, by expanding rural subsidies. In his Independence Day speech to the nation on Aug. 15, Prime Minister Manmohan Singh promised to postpone the date for repayment of farmers' bank loans and to give breaks on interest payments for short term crop loans. This comes on top of last year's $14 billion farm loan waiver program, price supports for agricultural products and an ambitious jobs scheme, which guarantees 100 days of work to the poor in rural areas. "There...