The subprime crisis is threatening to plunge the US into its’ first recession since 2001 — if it hasn’t already done so. The Wharton School at the University of Pennsylvania has done a great job of explaining the cascade of events, proposed remedies, and response of the Federal Reserve. This is well worth reading. See Inside the Subprime Crisis.
The newspapers were full of news today about the US Attorney’s probe of mortgage fraud which led to the arrest of 400 people nationwide. A headline in the Chicago Tribune screamed “67 from Chicago area charged in U.S. Crackdown on mortgage fraud”. We played a small role in helping to bring down one of these rings. Here’s our story. Continue reading
I went to my mother-in-law’s branch of Union Bank of California yesterday and was surprised to find newly installed mantraps. Continue reading
What is the controversy over LIBOR and why are some experts suggesting that banks replace it with a different index? Continue reading
How do you make a small branch on a busy corner really “pop”? Wachovia did it in Dallas. Continue reading
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