Word: credits
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...follows bank stocks at independent research firm ISI Group, says Wells will weather the current economic crisis better than its rivals, but that investors shouldn't take much comfort in that. "We think Wells' earnings may be lower than expected in the second half of this year as credit losses rise and mortgage-origination revenue declines," says Najarian, who rates Wells shares a "hold." (Watch TIME's video of Peter Schiff trash-talking the markets...
...numbers from March are like canned vegetables. It takes them a long time to spoil. That point was driven home by a study Fitch, the credit ratings agency, is preparing that shows "that between 65% and 75% of modified subprime loans will fall 60-days or more delinquent within 12 months of the loan change." In other words, even if homeowners are given a second chance to keep their homes and enjoy lower monthly payments, they are prepared to walk away. (Read "Four Steps to Ending the Foreclosure Crisis...
...Another factor that will not allow home prices to recover is the reluctance of banks to lend money to anyone except people with sterling credit ratings. Those people are harder and harder to find during a recession when paying bills late may be the only way to pay them...
Through Sept. 27, the Marriott Harbor Beach Resort and Spa in Ft. Lauderdale, Fla., is offering a $50 resort credit every day, plus an extra $50 credit on any day that Weather.com forecasts by 8 a.m. a 50% or better chance of rain. Rates start at $279 per night. Use promotional code SF8. 3030 Holiday Drive, Ft. Lauderdale...
...Mandarin Oriental Riviera Maya, 10 minutes north of Playa del Carmen and 30 minutes south of Cancún, is offering a $100 nightly credit, which you can use toward dinner, the spa or your room (starting at $395). Or stay three nights to earn a fourth night free (starting at $495 per night...