Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:14:\"strict warning\";s:8:\"%message\";s:62:\"Non-static method view::load() should not be called statically\";s:5:\"%file\";s:63:\"/home/themoney/public_html/sites/all/modules/views/views.module\";s:5:\"%line\";i:906;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765436) in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:14:\"strict warning\";s:8:\"%message\";s:109:\"Declaration of views_handler_argument::init() should be compatible with views_handler::init(&$view, $options)\";s:5:\"%file\";s:86:\"/home/themoney/public_html/sites/all/modules/views/handlers/views_handler_argument.inc\";s:5:\"%line\";i:744;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765436) in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:14:\"strict warning\";s:8:\"%message\";s:134:\"Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state)\";s:5:\"%file\";s:84:\"/home/themoney/public_html/sites/all/modules/views/handlers/views_handler_filter.inc\";s:5:\"%line\";i:607;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765436) in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:14:\"strict warning\";s:8:\"%message\";s:130:\"Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state)\";s:5:\"%file\";s:84:\"/home/themoney/public_html/sites/all/modules/views/handlers/views_handler_filter.inc\";s:5:\"%line\";i:607;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765436) in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:14:\"strict warning\";s:8:\"%message\";s:148:\"Declaration of views_handler_filter_node_status::operator_form() should be compatible with views_handler_filter::operator_form(&$form, &$form_state)\";s:5:\"%file\";s:100:\"/home/themoney/public_html/sites/all/modules/views/modules/node/views_handler_filter_node_status.inc\";s:5:\"%line\";i:13;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765436) in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:14:\"strict warning\";s:8:\"%message\";s:62:\"Non-static method view::load() should not be called statically\";s:5:\"%file\";s:63:\"/home/themoney/public_html/sites/all/modules/views/views.module\";s:5:\"%line\";i:906;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765436) in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:14:\"strict warning\";s:8:\"%message\";s:130:\"Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state)\";s:5:\"%file\";s:79:\"/home/themoney/public_html/sites/all/modules/views/plugins/views_plugin_row.inc\";s:5:\"%line\";i:134;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765436) in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:14:\"strict warning\";s:8:\"%message\";s:126:\"Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state)\";s:5:\"%file\";s:79:\"/home/themoney/public_html/sites/all/modules/views/plugins/views_plugin_row.inc\";s:5:\"%line\";i:134;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765436) in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: trigger_error(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/themoney/public_html/includes/database.mysql.inc on line 135

Warning: Table './themoney_2011new/watchdog' is marked as crashed and last (automatic?) repair failed query: INSERT INTO watchdog (uid, type, message, variables, severity, link, location, referer, hostname, timestamp) VALUES (0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:7:\"warning\";s:8:\"%message\";s:137:\"Cannot modify header information - headers already sent by (output started at /home/themoney/public_html/includes/database.mysql.inc:135)\";s:5:\"%file\";s:46:\"/home/themoney/public_html/includes/common.inc\";s:5:\"%line\";i:153;}', 3, '', 'http://www.themoneytimes.com/taxonomy/term/38431/all/feed', '', '54.82.102.217', 1454765437) in /home/themoney/public_html/includes/database.mysql.inc on line 135
Banking and Finance http://www.themoneytimes.com/taxonomy/term/38431/all/feed en Know More About India's Best Banks 2013 http://www.themoneytimes.com/featured/20131121/know-more-about-indias-best-banks-2013.html <div class="field field-type-text field-field-teaser"> <div class="field-items"> <div class="field-item odd"> <p>Banks of India have remained highly profitable last year and the outlook for banks for this year is very positive. As the face of banking is changing tremendously, about 1.2 million population has begun to make use of the banking services to fulfill their money needs and are delaying with net banking and mobile banking. </p> </div> </div> </div> <p><strong> State Bank Of India:</strong></p> <p>State Bank of India is one among the biggest one in India that has a big capital margin. SBI has 15,000 branches with two thirds of them located in non-urban regions. This bank records about 60 million transactions every day through out its network. This bank plans to open 1000 to 1200 branches this year.</p> <p><strong> ICICI Bank:</strong></p> <p>Being in business right from 1993, this bank is India’s second largest bank. With 3130 branches across the country, the bank intends to open 1000 branches in non-urban sectors and over 10,500 ATMs. This year, ICICI bank has a healthy 29% increase this year with a profit of Rs. 83 billion. </p> <p><strong> HDFC Bank: </strong><br /> This third largest bank in India lent by Tier 1 capital has domestic loan growth by 22.7% by March 2013 end. This recorded a growth rate of 14.4% and has 3062 branches across the country. </p> <p><strong> Bank of Baroda: </strong></p> <p>This ban began its operations in 1908 and has a sturdy network of over 4280 branches in India with 93 overseas branches overseas in 25 countries. The growth of bank’s income was up by 17.3% this year as the net profit.</p> <p><strong> Axis Bank: </strong></p> <p>Axis Bank has 11,245 ATMs making it one of the largest networks in India’s private sector. Additionally, this bank has over 325 outlets in urban areas. The net profits of the bank rose by 22% while it maintained a steady net margin by 3.53%. The bank features an asset ratio of 0.32% and has 1.7% return on its assets and 20.51% on equity. This bank is the best performing one in retail segment and focuses on retail market. </p> <p>If you are aiming to use the bank facility for personal use make, sure you choose one among best banks in India. </p> <div class="field field-type-filefield field-field-image"> <div class="field-items"> <div class="field-item odd"> <img src="http://www.themoneytimes.com/files/imagecache/picturethumb/indias%202013%20best%20banks.jpg" alt="" title="" class="imagecache imagecache-picturethumb imagecache-default imagecache-picturethumb_default" width="180" height="210" /> </div> </div> </div> 2013 Banking and Finance Best Banks India India Investments Top Story Thu, 21 Nov 2013 08:16:39 +0000 dhivya 1701713721 at http://www.themoneytimes.com JP Morgan becomes the latest hacking victim http://www.themoneytimes.com/featured/20130313/jp-morgan-becomes-latest-hacking-victim-id-1701713008.html <div class="field field-type-text field-field-teaser"> <div class="field-items"> <div class="field-item odd"> <p>Banking giant JP Morgan Chase was off the internet this afternoon owing to distributed-denial-of-service attack.</p> </div> </div> </div> <div class="field field-type-filefield field-field-image"> <div class="field-items"> <div class="field-item odd"> <img src="http://www.themoneytimes.com/files/imagecache/picturethumb/JP_0.jpg" alt="" title="" class="imagecache imagecache-picturethumb imagecache-default imagecache-picturethumb_default" width="180" height="154" /> </div> </div> </div> <p>On opening the web page of JP Morgan one was getting the a message that read:</p> <p><strong>Our website is temporarily down, but our branches and Mobile Apps are available. Please try again later.</strong></p> <p>The time it will take to make site live once again and since how long the problem was occurring was still a question that was left unanswered.<br /> Everyone is aware about the cyber attacks by various hackers in recent past. </p> <p>Various financial institutions have been attacked in recent months using DDoS attacks. Top few names in the list are Wells Fargo, Bank of America, Chase, Citigroup, HSBC, and others. Though initially everyone was clueless about the real culprit behind these cyber attacks but government officials and security researchers in January declared hackers based out in Iran, China, and Eastern Europe to be behind these cyber attacks.</p> <p><strong>Attack on U.S Federal Reserve</strong></p> <p>Not only various financial institutions but even U.S Federal Reserve was under the influence of cyber attack. Last year hackers breached into one of its internal web sites. The attack by hackers was so strong that it led to publishing of log-in and private information for more than 4,000 U.S. bank executive accounts. </p> <p>The two events of attack on U.S Federal Reserve and financial institutions were connected or not is still a mystery. Notorious hactivist group Anonymous was responsible for the cyber attack events.</p> <p>According to a report submitted by security company McAfee in December, the attacks on U.S financial institutions will further increase in 2013. The security company emphasized the fact that this report is not just a possibility but is a serious threat for various U.S financial institutions and should be taken seriously. </p> <p>The Anonymous group has promised to increase its activity in 2013. In a statement issued at the beginning of the year, the group said that it has no plans to fade away in the years to come. The group is known to strike corporate websites and those of government agencies on myriad issues like web censorship, denial of Internet services (as in case of Israel), and many others.</p> Bank of America Banking and Finance cyber attacks distributed-denial-of-service attack HSBC JP Morgan Top Story U.S Federal United States website Wed, 13 Mar 2013 06:24:12 +0000 Shipra 1701713008 at http://www.themoneytimes.com Fall in U.S. Credit Rating: What It Means for Small Businesses http://www.themoneytimes.com/featured/20110817/fall-us-credit-rating-what-it-means-small-businesses.html <div class="field field-type-text field-field-teaser"> <div class="field-items"> <div class="field-item odd"> <p><strong>Standard and Poor's recent downgrade of U.S. government debt may seem too remote from small businesses to have any impact. But what really are the factors that the downgrade raises, and how can small businesses adapt to the change?</strong></p> </div> </div> </div> <p>The U.S.</p> <div class="field field-type-filefield field-field-image"> <div class="field-items"> <div class="field-item odd"> <img src="http://www.themoneytimes.com/files/imagecache/picturethumb/small%20business%20owner.jpg" alt="" title="" class="imagecache imagecache-picturethumb imagecache-default imagecache-picturethumb_default" width="180" height="145" /> </div> </div> </div> <div class="field field-type-text field-field-imagecaption"> <div class="field-label">imagecaption:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <p>If your small business depends on federal funding, Standard and Poor's recent downgrade of U.S. government debt may affect you directly. </p> </div> </div> </div> <p><a href="http://www.themoneytimes.com/featured/20110817/fall-us-credit-rating-what-it-means-small-businesses.html" target="_blank">read more</a></p> Banking and Finance fall in credit rating federal funding Standard and Poor's U.S. government debt United States Wed, 17 Aug 2011 08:30:00 +0000 Ann Tyler 1701711011 at http://www.themoneytimes.com Fed survey claims banks relaxing loan conditions http://www.themoneytimes.com/featured/20110816/fed-survey-claims-banks-relaxing-loan-conditions-id-1701711006.html <div class="field field-type-text field-field-teaser"> <div class="field-items"> <div class="field-item odd"> <p>The quarterly survey of senior loan officers conducted by the Federal Reserve found that the banks continued with the trend of easing out lending standards. Some of the respondent even claimed a slight rise in the demand for industrial and commercial loans along with the loans for commercial real estate. </p> </div> </div> </div> <div class="field field-type-filefield field-field-image"> <div class="field-items"> <div class="field-item odd"> <img src="http://www.themoneytimes.com/files/imagecache/picturethumb/Treasury_0.png" alt="" title="" class="imagecache imagecache-picturethumb imagecache-default imagecache-picturethumb_default" width="180" height="127" /> </div> </div> </div> <p><strong>Banks ease loan terms</strong><br /> The survey found that overall demand for loans saw a marginal increase though some categories like the residential real estate continued with a weak demand. </p> <p>The survey was based on 55 domestic and 22 foreign banks having branches in the U.S. During the survey it was revealed that with regard to consumer loans, the number of banks that lowered their standards was low, as was the case in the previous survey. </p> <blockquote><p>Some banks saw a rise in the credit card and auto loans in the last three months but the rise in demand was not widespread. The demand for other consumer loans remained unchanged. </p></blockquote> <p>Some banks saw a rise in the credit card and auto loans in the last three months but the rise in demand was not widespread. The demand for other consumer loans remained unchanged. </p> <p>Some of the banks participating in the survey said they experienced a rise in demand for commercial as well as non traditional, prime residential real estate. </p> <p>In this regard, the Fed said, “Domestic banks further eased standards on commercial and industrial loans to firms of all sizes over the past three months.”</p> <p>“For most loan categories, the current level of lending standards was tighter than the middle of its recent historical range,” commented the central bank.</p> <p><strong>Banks feel standards are still strict for most loan categories </strong><br /> A large number of banks participating in the survey said that they felt the standards are still strict for most of the loan categories, though the level of strictness was different among the various categories.</p> <p>A significant number of banks reported that the terms for loans for the small firms were not eased out in comparison to the others. Only 10 percent of the banks reported easing out the terms for small businesses, though around 20 percent domestic banks participating in the survey confirmed that the terms for the loans have been eased for the commercial and industrial loans for the large and middle level firms. </p> <p>The weakness in demand continued despite the record low interest rates and the continued easing of terms for granting loans. </p> <p>The weak demand for loans by consumers and companies restrict the economic growth of the country. The Federal Reserve conducts this survey in every quarter and the present survey was conducted before the S&amp;P’s downgraded the credit rating of the USA.</p> <div class="field field-type-text field-field-imagecaption"> <div class="field-items"> <div class="field-item odd"> <p>The quarterly survey of senior loan officers conducted by the Federal Reserve found that the banks continued with the trend of easing out lending standards. </p> </div> </div> </div> bank Banking and Finance Business Fed Survey loan Personal Finance relax terms Top Story United States Tue, 16 Aug 2011 12:15:05 +0000 Anter Prakash Singh 1701711006 at http://www.themoneytimes.com Mortgage servicers reach compromise decree on foreclosure fiasco http://www.themoneytimes.com/featured/20110414/mortgage-servicers-reach-compromise-decree-foreclosure-fiasco-id-101701709925.html <div class="field field-type-text field-field-teaser"> <div class="field-items"> <div class="field-item odd"> <p>The officials from the Department of Housing and Urban Development, Justice Department and 10 state attorneys general met with representatives of 14 largest mortgagers of the U.S. and reached a settlement to compensate house owners who incurred losses due to faulty foreclosures.</p> </div> </div> </div> <div class="field field-type-filefield field-field-image"> <div class="field-items"> <div class="field-item odd"> <img src="http://www.themoneytimes.com/files/imagecache/picturethumb/foreclosure%20notice.png" alt="" title="" class="imagecache imagecache-picturethumb imagecache-default imagecache-picturethumb_default" width="180" height="120" /> </div> </div> </div> <p>This is the first set of sanctions against these institutions.</p> <p><strong>Regulators trying for a global settlement</strong><br /> The present settlement can help the Justice Department in ascertaining the magnitude of fines to be imposed on these institutions, Tom Perrellli, associate attorney general, involved in the negotiations, expressed hope.</p> <p>“This has been a very broad interagency effort. The best possible resolution for consumers, for all government entities, is a fully coordinated resolution,” said Perrelli.</p> <div class="field field-type-text field-field-imagecaption"> <div class="field-items"> <div class="field-item odd"> <p>The 14 largest mortgagers of the U.S. have reached a settlement to compensate house owners who incurred losses due to faulty foreclosures.</p> </div> </div> </div> <p><a href="http://www.themoneytimes.com/featured/20110414/mortgage-servicers-reach-compromise-decree-foreclosure-fiasco-id-101701709925.html" target="_blank">read more</a></p> agreed to improve procedures for foreclosure Banking Banking and Finance Economy faulty foreclosures Justice Department Loans More penalties present settlement Services settlement to compensate house owners Top Story United States Thu, 14 Apr 2011 09:55:45 +0000 Anter Prakash Singh 1701709925 at http://www.themoneytimes.com Banks running short of cash in Ivory Coast http://www.themoneytimes.com/featured/20110219/banks-running-short-cash-ivory-coast-id-101701709442.html <div class="field field-type-text field-field-teaser"> <div class="field-items"> <div class="field-item odd"> <p>The banking system came almost to a halt after banks in Ivory Coast failed to deliver cash to hundreds who have lined up outside to withdraw cash. The banks have cited liquidity and security problems which arose after the disputed No. 28 elections, last year.</p> </div> </div> </div> <div class="field field-type-filefield field-field-image"> <div class="field-items"> <div class="field-item odd"> <img src="http://www.themoneytimes.com/files/imagecache/picturethumb/37-Ivory_Coast_Banks_sff_standalone_prod_affiliate_78.jpg" alt="" title="" class="imagecache imagecache-picturethumb imagecache-default imagecache-picturethumb_default" width="180" height="131" /> </div> </div> </div> <p>People had to return empty handed after waiting for hours when the banks told them that they just don’t have the cash.</p> <p><strong>Liquidity problem in Banks</strong><br /> The banks in Ivory Coast have been facing a liquidity problem since the central bank of the region severed its ties with the government of Laurent Gbagbo. </p> <blockquote><p>The problem of shortage of cash could snowball into a larger issue, especially with the February payday for the civilian and army Officers approaches near</p></blockquote> <div class="field field-type-text field-field-imagecaption"> <div class="field-items"> <div class="field-item odd"> <p>The problem of cash shortage could snowball into a larger issue,as the February payday for the civilian and army Officers approaches near.</p> </div> </div> </div> <p><a href="http://www.themoneytimes.com/featured/20110219/banks-running-short-cash-ivory-coast-id-101701709442.html" target="_blank">read more</a></p> Army and civilian officers. Banking and Finance Banks Cash shortage crisis Ivory Coast Liquidity Markets Parallel Government Services Top Story United States Sat, 19 Feb 2011 09:41:04 +0000 Anter Prakash Singh 1701709442 at http://www.themoneytimes.com Bank of America to rescue distressed borrowers http://www.themoneytimes.com/featured/20100325/bank-america-rescue-distressed-borrowers-id-10105249.html <div class="field field-type-text field-field-teaser"> <div class="field-items"> <div class="field-item odd"> <p>Bank of America (BOA) on Wednesday announced that it would take steps to help mortgage borrowers who owe significantly to the bank.</p> </div> </div> </div> <div class="field field-type-filefield field-field-image"> <div class="field-items"> <div class="field-item odd"> <img src="http://www.themoneytimes.com/files/imagecache/picturethumb/Bank-of-America_1.jpg" alt="" title="" class="imagecache imagecache-picturethumb imagecache-default imagecache-picturethumb_default" width="180" height="135" /> </div> </div> </div> <p>The BOA, nation's largest mortgage lender, has claimed that it would forgive around 30 percent of the loan principal amount of some customers who owe hefty amounts to the bank.</p> <p>The program would benefit around 45000 home owners, whose loan amount has exceeded the worth of their houses, giving them the opportunity to reduce their loan balances.</p> <p>It would also encourage the defaulters to keep up with their payments.</p> <div class="field field-type-text field-field-imagecaption"> <div class="field-items"> <div class="field-item odd"> <p>The program would benefit around 45000 home owners whose loan amount has exceeded the worth of their houses, giving them the opportunity to reduce their loan balances.</p> </div> </div> </div> <p><a href="http://www.themoneytimes.com/featured/20100325/bank-america-rescue-distressed-borrowers-id-10105249.html" target="_blank">read more</a></p> http://www.themoneytimes.com/featured/20100325/bank-america-rescue-distressed-borrowers-id-10105249.html#comments Bank of America Banking and Finance Business foreclosure Home loan home mortgage reduction in loan amount Services United States Thu, 25 Mar 2010 09:49:09 +0000 Neha Gupta 105249 at http://www.themoneytimes.com Fed raises rates for emergency loans http://www.themoneytimes.com/20100219/fed-raises-rates-emergency-loans-id-10100981.html <div class="field field-type-text field-field-teaser"> <div class="field-items"> <div class="field-item odd"> <p>Washington -- The U.S. Federal Reserve Bank took a critical step in normalizing its monetary policies Thursday, raising rates for emergency loans made to banks.</p> </div> </div> </div> <p>The Fed raised its discount rate from 0.5 percent to 0.75 percent, a move that is not expected to affect interest rates for consumer or business loans, as would a raising of the federal fund rate, which remains at zero to 0.25 percent.</p> <p>"The modifications are not expected to lead to tighter financial conditions for households and businesses and do not signal any change in the outlook for the economy," the Fed said.</p> <p>However, the Fed said it was raising the discount rate "in light of continued improvement in financial market conditions."</p> <p>The move is intended to prod banks to "rely on private funding markets for short-term credit and to use the Federal Reserve's primary credit facility only as a back up source of funds," the Fed said.</p> <p>Copyright 2010 United Press International</p> http://www.themoneytimes.com/20100219/fed-raises-rates-emergency-loans-id-10100981.html#comments Banking and Finance Personal Finance The U.S. Federal Reserve Bank Top Story United States Fri, 19 Feb 2010 07:34:07 +0000 harsheeb 100981 at http://www.themoneytimes.com
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