Tag: banking
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Can the Coin Make Wallets Obsolete?
The boundary between the physical and digital worlds continues to blur. More and more financial transactions are one-click easy thanks to an array of digital tools. Now, a new device called the Coin aims to convert a user’s entire wallet to a single digital device with the aid of a smartphone – and that has…
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Are Big Banks in the Government’s Cross Hairs?
Last week, JP Morgan Chase settled yet another banking fraud case for a cool $18 billion – the largest single settlement ever for an individual company. As the US Department of Justice readies yet more criminal charges against Chase and other megabanks, some financial experts question whether the government’s targeting of the nation’s largest financial…
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When Banks Say No, Private Loans Open Doors
By some key benchmarks, this is a good time to borrow money. Interest rates are staying relatively low and more consumer protections are in place to help borrowers avoid becoming victims of bad baking practices. But in spite of – and in part because of – those conditions, loans are harder to get. And that…
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A QE Architect Tells All – And It’s Not Pretty
The Federal Reserve has spent over $4 trillion buying up mortgage-backed securities in it much-publicized Quantitative Easing plan to boost the economy. But, according to a new op-ed confessional by a former QE architect, the main beneficiaries have been the big banks of Wall Street. In a recent piece for the Wall Street Journal, former…
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Do Bank Fraud Settlements Help Customers?
Another day, another bank fraud settlement. This time it’s Bank of America again, as the US Justice Department seeks damages to the tune of nearly $864 million in an October 23, 2013 verdict involving the “Hustle” – a loan trick practiced by its subsidiary Counrywide. Banks are paying up big in these cases – but…
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VA Loans Open investing Opportunities
In various forms, the Veterans Administration loan has been around for decades, helping military personnel launch new lives4 after leaving active duty. These loans allow veterans to go back to school, start new lives and buy homes – assistance that benefits not only individual lives, but also the economy at large. Now, a little known…
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Is the Gold Standard Becoming Obsolete?
After months in free fall, the price of gold is expected to rise in 2014, and changing conditions both in the US and around the globe are fueling an increase in gold investments. But as the prices of this precious metal swing up and down – in recent times, mostly down – some market watchers…
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Can Digital Currencies Stay Free?
Though they’ve been largely ignored by the media, alternative digital currencies such as the Bitcoin have quietly been making inroads into financial realms once controlled by mainstream institutions and the government. With no fees, no central issuing authority and virtually complete anonymity for users, these alt-currencies represent a major challenge to the usual way of…
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Fannie Mae Sues US and Foreign Banks
Bank fraud goes international once again in a new lawsuit filed by mortgage megalender Fannie Mae. Joining the long line of lawsuits filed against the nation’s major banks by the US Department of Justice and various state attorneys general, the new action by Fannie Mae targets both domestic and foreign lending institutions and exposes more…
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Will Rising Interest Rates Slow the Economy?
To offset the risk of an economic slowdown after the government’s 16-day hiatus, the Federal Reserve has opted to stay the course on its much publicized stimulus program. But although one goal of the multibillion-dollar securities buyup was to keep interest rates low, those rates are creeping upward anyway – and, according to a new…