Last week Bank of America reported its first quarterly loss since 1991, feeling the hit from rising credit costs, including additions to reserves, and significant writedowns and trading losses in the capital markets businesses.
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According to a Wall Street Journal analysis of bank ten of the 13 biggest beneficiaries of the Treasury Department’s Trouble Asset Relief Program, or TARP, had a decline in total loan balances of about $46 billion, or 1.4% from the third and fourth quarters of 2008.
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This week the Federal Reserve purchased more Mortgage Backed Securities from Freddie Mac, Fannie Mae & Ginnie Mae. This additional $19.01 billion purchased brings the total that the Federal Reserve has spent on Mortgage Backed Securities to $52.6 billion.
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The Federal Reserve announced today at 2:18 PM that they would cut the key funds rate by .75% to 2.25% which was less than expected.
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As troubled bond insurers like MBIA and Ambac fight to maintain their triple-A ratings, officials at these firms are pondering how their businesses might look if they do indeed get downgraded.
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Patrick M Parkinson, the Deputty Director for the Division of Research and Statistics, spoke today regarding the problems that bond insurance companies are facing.
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Ben Bernanke spoke today at the Committee on Banking, Housing, and Urban Affairs regarding the economy.
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The Congressional Budget Office stated today that they forecast that the slowing economy will not sink into an election year recession, and that an economic rebound is likely beginning next year as housing and financial market turmoil fades.
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The Mortgage Bankers Association reported today that due to lowering interest rates more homeowners have been seeking refinance mortgages.
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This acquisition is another major investment for Bank of America who has spent more than $100 billion since 2004 becoming the second largest bank.
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