tag:blogger.com,1999:blog-7888510041198780859.post6174964614566693518..comments2023-04-25T22:37:27.911-04:00Comments on Karen Johns - Life in Phoenixville: A must read - Housing Lenders Fear Bigger Wave of Loan DefaultsKarenhttp://www.blogger.com/profile/11057911658878963451noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7888510041198780859.post-73423324295975576272008-08-07T17:04:00.000-04:002008-08-07T17:04:00.000-04:00Wachovia halts private student loansWachovia Corp....Wachovia halts private student loans<BR/><BR/>Wachovia Corp. stopped accepting applications for private, undergraduate student loans at the close of business Wednesday.<BR/><BR/>The Charlotte, N.C.-based bank (NYSE:WB) will continue to offer student loans for both graduate and professional education as well as student loans backed by the federal government.<BR/><BR/>"We are constantly evaluating our organization in the current environment, to ensure that we're doing what's best for our customers, our shareholders and our company, and at this time we thought it was prudent to stop accepting private undergraduate student loans," Wachovia spokeswoman Ferris Morrison said.<BR/><BR/>Wachovia has about $9.9 billion in student loans on its books, Morrison confirmed.<BR/><BR/>In April, rival Bank of America Corp. said it would discontinue selling private student loans. At the time, a BofA spokesperson said the bank wanted to focus on government-backed loans to provide a more consistent experience for customers.<BR/><BR/>Wachovia is the largest bank in the Philadelphia area based on local deposits.<BR/><BR/><BR/><BR/><BR/>http://www.bizjournals.com/philadelphia/stories/2008/08/04/daily30.html?f=et72&ana=e_duKarenhttps://www.blogger.com/profile/11057911658878963451noreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-43659923801751223252008-08-05T01:49:00.000-04:002008-08-05T01:49:00.000-04:00This shows all the more reason for us to tighten d...This shows all the more reason for us to tighten down expenditures this year.<BR/><BR/>I also suggest going to the school board and asking them to find some budget cuts for the taxpayers, as they have a notably larger effect on Borough residents.<BR/><BR/>If that means cutting curriculum, then cut curriculum. I remember a discussion some time ago about a class in "Sports Management" that can likely get de-funded at this point; there are probably others.Jeff Senleyhttps://www.blogger.com/profile/03299589320408409468noreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-2595732098290003262008-08-04T21:34:00.000-04:002008-08-04T21:34:00.000-04:00Analysis, planning, forecast and data services for...Analysis, planning, forecast and data services for energy producers and consumers.<BR/><BR/>http://www.wtrg.com/Karenhttps://www.blogger.com/profile/11057911658878963451noreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-81012247681829715162008-08-04T21:30:00.000-04:002008-08-04T21:30:00.000-04:00I will tuck a few more things in this thread.*****...I will tuck a few more things in this thread.<BR/><BR/>*********<BR/><BR/>Roubini: Banks Losses Close to $2 Trillion<BR/><BR/>Monday, August 4, 2008 5:27 PM<BR/><BR/><BR/><BR/>The banking and credit crises so far have just been the tip of the iceberg, warns former Clinton White House economist Nouriel Roubini. <BR/><BR/><BR/>"A systemic banking crisis will go on for awhile, with hundreds of banks going belly up," Roubini says <BR/><BR/><BR/>He estimates the financial crisis will lead to credit losses of at least $1 trillion and most likely will be closer to $2 trillion. <BR/><BR/><BR/>"At this point, $1 trillion isn't a ceiling, it's a floor," says Roubini. <BR/><BR/><BR/>In an interview with Barron's, Roubini said bank losses are climbing because they have only written down their subprime loans so far. <BR/><BR/><BR/>They haven't even begun writing down most of their consumer-credit losses, and reserves for those losses are much less than they should have been. <BR/><BR/><BR/>"The banks are playing all sorts of accounting gimmicks not to recognize them," he says. <BR/><BR/><BR/>"There are hundreds of millions of dollars outstanding in home-equity loans that eventually could be worth zero, too." <BR/><BR/><BR/>Roubini gives Federal Reserve Chairman Ben Bernanke poor marks for his handling of the crisis so far. He says the damage was actually done earlier, when the Alan Greenspan Fed lowered interest rates in 2001 following the dot-com bust, and then kept them too low for too long. <BR/><BR/><BR/>Also, Roubini says, the Fed and other regulators took a "reckless" approach to regulating the financial sector. <BR/><BR/><BR/>"The paradox is they're going to the opposite pole now. They are overregulating, bailing out the troubled participants and intervening in every market." <BR/><BR/><BR/>"The regulators should investigate themselves for bailing out Fannie Mae and Freddie Mac, the creditors of Bear Stearns and the financial system with new lending facilities." <BR/><BR/><BR/>"It is privatizing the gains and profits, and socializing the losses, as usual. This is socialism for Wall Street and the rich." <BR/><BR/><BR/>The American taxpayer is going to have to foot the bill, which Roubini says is going to be "huge.<BR/><BR/><BR/>http://moneynews.newsmax.com/streettalk/roubini_bank_losses/2008/08/04/118976.htmlKarenhttps://www.blogger.com/profile/11057911658878963451noreply@blogger.com