Vision Credit Education, Inc.

In a move that is heralded as the “template for regional bank takeovers,” PNC Financial Services Group Inc. will become the fifth-largest U.S. Bank (based on deposits). National City Corp. was under some pressure to find a buyer, since it was to be left out of the government bailout. PNC received $7.7 billion in government proceeds to allow it to complete the takeover. Read the rest of this entry »

The mortgage crisis and resulting credit crunch has affected a lot more people besides those on Wall Street. One affected group that may be overlooked is college students. Student loans are often a necessity for most students seeking a higher-level degree. Read the rest of this entry »

Most consumers with a debit card have done it once or twice, forgetting the exact balance in your account and accidentally withdrawing or charging too much. Instead of declining your card in a possibly embarrassing situation, your bank will spare you the embarrassment by making you a loan in the amount that exceeds your actual balance. Read the rest of this entry »

A NY Times article written by Steven Holmes on September 30, 1999 documented the changes at Fannie Mae that may be the root cause of the current financial crisis. What began as a pilot program to help encourage homeownership from somewhat less qualified applicants exploded into a subprime buffet by mortgage lenders using exotic mortgages that initially increased profits. The warnings in the article are eerie predictors of the collapse of the U.S. financial sector. Read the rest of this entry »

The housing crisis is finally boiling over into financial markets, creating turmoil that threatens some of the oldest and most established financial institutions. To blame are greed and ineffective mortgage regulations that allowed the crisis to become so widespread. Specifically, the focus of these problems center around “no documentation” or “stated income” mortgage loans which are affectionately known as NINJA loans. Read the rest of this entry »