As first reported on LUXURYBLURB a few days ago, Bank of America has exited the wholesale residential lending market, cutting off its business with mortgage brokers, the bank announced yesterday. “After receiving $ 45 BILLION in TARP funding from the US Governemnt/taxpayers, BOFA was one of the first banks to re-pay this debt,” says Leonard… [Read More]
TARP PROFITS! TEA PARTY TO CELEBRATE?
The U.S. government, which announced Monday that it plans to slowly unload its 27% stake in Citigroup Inc. over the remainder of this year, currently stands to pocket an $8 billion profit on the investment from last September. That’s a remarkable 30% return in six months, or triple the return generated by the average hedge… [Read More]
WHERE IS THE OUTRAGE? BOX OFFICE BS?
It was announced to-day that the cost of a movie theater ticket will rise from anywhere between 5% and 25%….this after a record-breaking 2009 where profits surged over $ 10 billion. Hmmmmmm….. This will probably affect more American’s pockets than any tax of any kind. So where is the outrage? There was outrage about the… [Read More]
PAYBACK! Tarp funds being re-paid.
On Monday, AIG announced that it would sell foreign life insurance business Alico to MetLife (MET, Fortune 500) for $15.5 billion. Last week, AIG said it reached an agreement to sell Asian life insurance giant AIA for $35.5 billion. That’s $51 billion that AIG said will eventually be used to pay down its debt to the… [Read More]
FIVE ‘SPECIAL’ STATES: NY IS NOT ONE OF THEM!
Under pressure to do more for troubled homeowners, President Obama is expected to announce to-day a $1.5 billion program to help borrowers in the five states hit hardest by the housing crisis. The initiative calls for pumping money into state housing agencies in California, Arizona, Nevada, Florida and Michigan to fund programs to prevent foreclosure for… [Read More]