Word: lender
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Monday morning is never a quiet time for a Main Street bank. At branches of Northern Rock, a British lender, the lines outside extend even further than usual. But it's not exactly welcome business. Savers flooding the Newcastle-based bank on Monday joined the thousands to have withdrawn their cash from Northern Rock in recent days. So far, customers have emptied the bank of around $4 billion, or 8% of its deposit base...
...Shares in the lender plummeted by a quarter on Friday (they'd already fallen by half this year). But Northern Rock isn't likely to fold. Britain's Financial Services Authority called the bank's loan book "good quality" in a statement issued jointly with the Bank of England and the U.K. Treasury. And though it's not yet clear how big the Bank of England's lifeline is, the central bank's cash means savers' own deposits are safe. "If I were a depositor, knowing I have the Bank of England behind me is probably the safest place...
...risk. In the process, the nonbank financial institutions buying these "structured credit products" - hedge funds and other supposedly sophisticated players - replaced banks as the engines of credit creation in recent years. Unlike banks, however, these institutions lack deposit insurance and do not have direct access to central bank lender-of-last-resort safety nets. When the quantitative models used to measure default risk on the new mortgage-backed instruments vastly underestimated actual delinquencies, many of these investors found themselves with unexpected losses. Concern about just how far these losses extend - and whether major financial institutions are at risk - has caused...
...housing counselor can help with the process. HUD provides names at hud.gov or 800-569-4287. One option is to declare Chapter 13 bankruptcy, which forces a lender to accept a negotiated repayment plan. Chicago bankruptcy attorney David Siegel says that saves a house about 30% of the time...
...September 2. “The economy could suffer a very serious downturn” if the housing market remains weak, Feldstein said, according to a Wall Street Journal transcript of his speech. “A sharp reduction in the interest rate, in addition to a vigorous lender of last resort policy, would attenuate that very bad outcome,” he added. But there is discord in the academic community. Senior Lecturer on Economics Jeffrey Miron feels the rate should be left alone because Bernanke has long emphasized the importance of controlling inflation. “While...