Wells Fargo, Wachovia, Bank of America and Lasalle Bank cut prime lending rate
The Prime Lending Rate
The prime rate, as reported by the Wall Street Journal’s bank survey, is among the most widely used benchmark in setting home equity lines of credit and credit card rates. It is in turn based on the fed funds rate, which is set by the Federal Reserve. The COFI (11th District cost [...]
FBI offers $5,000 Reward following Green Brook Bank Heist
Green Brook Bank Heist
GREEN BROOK —The FBI on Thursday announced a $5,000 reward for information leading to the arrest and indictment of the man who robbed a PNC bank Wednesday, Aug. 13, and ran toward nearby Route 22.
The bank’s surveillance cameras captured the suspect both inside the bank at the teller’s window and outside [...]
The Next Wave of Mortgage Defaults
Mortgage Defaults
More borrowers with good credit are defaulting on their home loans, and that’s going to make it even harder for the staggering housing market to recover.
NEW YORK (CNNMoney.com ) — Prime mortgages are starting to default at disturbingly high rates – a development that threatens to slow any potential housing recovery.
The delinquency rate for [...]