UPDATE 2-US banks shield assets after MF Global-Fed survey

WASHINGTON, March 29 (Reuters) - U.S. banks have intensified
efforts to ensure that their funds and assets are properly
protected, after the MF Global scandal where an estimated $1.6
billion in customer funds vanished,  according to a Federal
Reserve survey released on Thursday.

Over the past six months, U.S. banks have boosted
arrangements to ensure that their collateral and margin are
protected by a third party to reduce the risk of anything
happening to their funds, said the report.

Following the failure of MF Global in October, market
players have "focused more intensively on the possible
consequences of financial distress on the part of dealers with
whom they have posted collateral," said the Fed's quarterly
survey of senior credit officers.

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Geithner makes case for reducing homeowner loans

(Reuters) - Treasury Secretary Timothy Geithner on Wednesday rebuffed a housing regulator's concerns that allowing mortgage buyers Fannie Mae and Freddie Mac to reduce homeowners' mortgages would only protect the big banks.

"There are some cases where principal reduction is not just good for the homeowner, not just good for the community, but it's good for the taxpayer too," Geithner told a congressional panel.

The Obama administration has been trying to use government resources to help the U.S. housing market. But it has faced resistance from the regulator for Fannie Mae and Freddie Mac, the Federal Housing Finance Agency's acting director Edward DeMarco.

DeMarco has maintained that his regulator's mission is to protect the taxpayer money that was used to prop up the mortgage buyers after massive losses at the companies threatened the global financial system.

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U.S. consumer agency to be active in court cases

March 27 (Reuters) - The new Consumer Financial Protection Bureau said it planned to play an active role in court cases involving disputes over consumer lending laws.

The agency, which opened its doors in July, is charged with policing markets for financial products such as credit cards and mortgages.

On Tuesday, the agency said it had filed a friend-of-the court brief in a truth in lending law case before the Denver-based U.S. 10th Circuit Court of Appeals.

"We are committed to making sure that borrowers can exercise their rights to the full extent allowed under this law," CFPB Director Richard Cordray said in a release.

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US Feb business volume up in year, down in month

March 26 (Reuters) - U.S. companies borrowed more to buy equipment in February than a year ago, though less than in January, and spent mostly for new technology and aging goods replacement, the Equipment Leasing and Finance Association said on Monday.

Where spending is on the rise, most of it appears to be focused on technology to improve productivity, the group's Chief Executive William Sutton said in an interview.

Caution about events spanning from Europe's economy to the U.S. presidential election and oil prices is holding many businesses back from materially stepping up equipment investment for expansion rather than for replacement.

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Obama tells US troops at Korean DMZ: 'You guys are at freedom's frontier'

SEOUL -- President Barack Obama was greeted with cheers from U.S. troops as he visited the dining hall at Camp Bonifas at the start of his tour of the Demilitarized Zone on the Korean peninsula and told them that they were protecting "freedom's frontier."

Obama talked about how proud he was of the troops and joked about the NCAA basketball tournament. While, the president has visited the Republic of Korea twice before, this was his first time observing the 38th parallel and members of North Korea’s military.

At Camp Bonifas, Obama told U.S. troops that they are part of a "long line" of soldiers who have enabled South Korea to prosper. "You guys are at freedom's frontier," he said.

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Republicans put future of US Eximbank future in doubt-lawmaker

* Washington state Democrat says bank renewal needed soon

* Calls House Republican bill a "rifle shot" aimed at Boeing

(Reuters) - Republican opposition to maintaining the nearly 80-year-old U.S. Export-Import Bank could soon force it to stop operations, dealing a blow to Boeing and other U.S. exporters, a Democratic lawmaker said on Thursday.

"I fear the future of the Eximbank is in doubt," Representative Jim McDermott, said in an speech to the Washington International Trade Association.

"We have to get the reauthorization done now, before the lights go out at the Eximbank in May."

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Managing Your Credit Report After Being A Victim Of Identity Fraud

If you have been the victim of identity fraud, your credit score (and score) has most likely taken a success. The good news is that restoring your credit following identity fraud may be possible. It will be challenging, nevertheless, you will get definitely ways to get it done.

Obviously the credit bureaus along with your creditors and lenders may not be conscious that you are a victim of id theft. If you do not inform them, the lenders will just assume it is you who may be taking off the new lines of financing rather than paying things back. This may really ruin your credit score. When your report has become damaged, let us discuss some steps you need to decide to use to perform the repair:


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Openbucks Named Best-In-Category Winner in Sixth Annual Paybefore Awards

LAS VEGAS, March 20, 2012 -- /PRNewswire/ -- Today Openbucks (www.openbucks.com), the "Gift Card Payment Network", announces that it was selected as the Best Prepaid Gaming Card Program by a panel of prepaid industry experts at the 2012 Paybefore Awards. The Paybefore Awards, which capped off day one of the Prepaid Expo USA, is the most prestigious recognition of excellence in the worldwide prepaid and stored value industry. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for the global prepaid community.

"Teens along with 25 percent of U.S. households have very limited access to credit cards and therefore cannot pay for goods online," said Marc Rochman, CEO of Openbucks. "To solve this issue, we have partnered with retailers such as Subway, CVS Pharmacy and Circle-K to provide consumers who don't have credit cards or prefer not to use them, with a way to buy and pay for games and other digital services online. We are proud to be recognized as the best-in-category for Prepaid Gaming Card Programs, especially as our fellow nominees, Ultimate Game Card from Playspan/Visa, Playstation Network Prepaid Card from Sony and Incomm, are such great products."

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Some struggling homeowners more equal than others

Not all distressed home loan borrowers will benefit equally from the $25 billion national mortgage settlement filed in federal court last week.

Part of the settlement requires the five leading mortgage servicers to forgive at least $10 billion in principal that homeowners owe on mortgages. That will help underwater borrowers who owe more on their mortgages than their homes are worth. But the level of principal reduction they get may well depend on who owns their loan.

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Banks' loan changes will vary under mortgage settlement

Not all distressed home loan borrowers will benefit equally from the $25 billion national mortgage settlement filed in federal court last week.

Part of the settlement requires the five leading mortgage servicers to forgive at least $10 billion in principal that homeowners owe on mortgages. That will help underwater borrowers who owe more on their mortgages than their homes are worth. But the level of principal reduction they get may well depend on who owns their loan.

Some Bank of America borrowers will see their principal cut to the point where they will not be underwater.

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Feds target dealer ads saying they'll pay off your loan

Five car dealers in four states have agreed to settlements with the Federal Trade Commission for ads the FTC says deceived consumers by promising to pay off their old car loans -- no matter what they owed.

The FTC says the balance usually was not paid at all, but rolled into the buyer's new car loan, according to the Associated Press report. Despite the ads claims, buyers still ended up owing the difference between their trade-in's loan balance and its value, the FTC says. One dealer actually required buyers later to pay the balance out of pocket, it says.

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Helpful Hints To Obtain a Loan With Bad Credit

Bad credit score can have far-reaching effects by yourself life. Credit rating are typically pulled each time a person applies to get a new loan or credit card, nonetheless it may also be pulled by a company over a job application process or by a new landlord. A lot of people who have bad credit score need to get a loan every once in awhile, and in most cases the main cause relates to their ability to provide for themselves. For instance, it will be definately not uncommon for anyone with low credit ratings to obtain a debt consolidation loan or maybe for the new car loan in order that they have transportation for work.

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Bankruptcy Attorneys Predict a Student Loan "Debt Bomb"

As more and more young people graduate from college with mounds of unresolved loan debt, financial experts and bankruptcy attorneys are calling the progressively worsening dilemma the "next debt bomb." According to a new survey conducted by the National Association of Consumer Bankruptcy Attorneys (NACBA), 81 percent of bankruptcy lawyers report that the number of prospective clients with student loan debt has increased "significantly" or "somewhat" in the past few years.

The organization even compared the purported student loan debt "crisis" with the collapse of the housing industry:

With student loan debt now topping U.S. credit card debt and few or no options available for distressed borrowers (including unwary parents who co-signed loans and now face the loss of nest eggs, retirement homes and other assets), America faces the very real possibility of another major economic threat on a par with the devastating home mortgage crisis, according to a new survey and report published today [Feb. 7] by the National Association of Consumer Bankruptcy Attorneys (NACBA).

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Low Credit Standing Credit Cards Can Raise Your Credit Score

If you've got low credit rating as a result of bankruptcy, foreclosure or perhaps poor debt management, it's not easy to obtain the credit you might want to improve your credit standing. That's where poor credit credit card come in.

Bad credit credit cards are cards which may be specifically marketed for people with low credit.


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Borrowers for Nine Properties in North Carolina Implement Chapter 11 Reorganization Process

CHARLOTTE, N.C., March 9, 2012 /PRNewswire/ -- The borrowers for a group of nine properties who are represented by American Asset Corporation (AAC) have implemented the Chapter 11 reorganization process in the U.S. Bankruptcy Court in Raleigh, NC.  Their intent is to update existing loan documents to current market conditions in order to fulfill the original plans for the properties, which includes leasing the buildings, finalizing land sales and ultimately paying back the bank and other creditors. This is a decision made by the borrowers after years of trying to work with Bank of America to revise the existing loan documents. To date, negotiations have stalled with Bank of America and the borrowers are turning to the court system.

"The fact that we're using Chapter 11 reorganization is a product of the meltdown of the financial markets and the subsequent disarray in the banking system.  These properties have continued to perform well as we are leasing space and creating cashflow as originally planned. However Chapter 11 is the only way, in the absence of a consensual agreement with the bank, to be able to put the necessary new money in the property to finish the original leasing plans and seek conventional financing. The borrowers will put new money in the properties, as was part of the original commitment made by the bank to the borrowers that the bank no longer wants to provide," said Count Arco, CEO of American Asset Corporation.

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USA TODAY Review: Republican lawmakers backed U.S. energy loans

WASHINGTON - Republican members of Congress investigating federal loan guarantees to now-bankrupt energy companies told Energy Secretary Steven Chu last week that they never asked him to speed up similar projects in their states.

But that's exactly what some did, according to a review of 484 congressional support letters obtained by USA TODAY. Some letters, for example, urged quick approval of a $2 billion loan guarantee for the American Centrifuge, a uranium enrichment project projected to create hundreds of jobs in states including Ohio, Pennsylvania and Tennessee.

"It is imperative that this application move forward now," said a letter signed by five members of Congress, including Rep. Joe Pitts, R-Pa.

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UPDATE 2-US consumer credit rises more than expected in Jan

* Autos, student loans push up consumer credit in Jan

* Decline in revolving credit points to credit card jitters

(Reuters) - U.S. consumer credit expanded sharply in January in a generally positive sign for the economy as people borrowed money to buy cars and go to school, Federal Reserve data showed on Wednesday.

But at the same time, the report also pointed to a decline in credit card usage, which could point to some jitters among consumers regarding their outlook for earnings.

Total consumer credit grew by $17.776 billion in January, which was above the $10.0 billion increase that was expected by analysts in a Reuters poll.

Credit has now expanded for five straight months, which economists see as a sign households are less uneasy about taking on debt as the labor market slowly heals from the 2007-2009 recession.

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How Vital is Credit Restoration?

Reviving an inactive credit standing hasn't been as essential because it can be right this moment considering the failing state from the economy. Maintaining an excellent credit history could mean the difference between being approved or denied with an important loan, a lucrative job offer, or possibly a destination to live. With the use of a bad credit scorerepair techniques, you possibly can keep your credit rating stays sufficient to acquire approved for just about any loan, home, or job application are applying for.

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Orders to U.S. Factories Fell in January for First Time in Three Months

Orders to U.S. factories decreased in January for the first time in three months, a sign manufacturing is cooling at the beginning of the year.

Bookings (TMNOCHNG) fell 1 percent after a revised 1.4 percent gain in December that was larger than previously estimated, figures from the Commerce Department showed today in Washington. The median of 61 economists’ projections in a Bloomberg News survey called for a 1.5 percent decline.

Rising oil prices and the expiration of a tax credit at the end of 2011 that supported business investment represent a risk to American manufacturers. At the same time, the need to rebuild inventories and replace outdated equipment may help keep factories at the forefront of the economic expansion.

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U.S. Fed balance sheet shrinks in latest week

(Reuters) - The U.S. Federal Reserve's balance sheet shrank in the latest week, Fed data released on Thursday showed.

The Fed's balance sheet - a broad gauge of its lending to the financial system - stood at $2.908 trillion on Feb. 29, down from $2.915 trillion on Feb. 15.

The Fed's holdings of Treasuries totaled $1.662 trillion as of Wednesday, Feb. 29, versus $1.657 trillion the previous week.

The Fed's overnight direct loans to credit-worthy banks via its discount window averaged $19 million a day during the week versus $4 million a day in the previous week.

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