Freddie Mac report could raise claims against BofA

(Reuters) - Freddie Mac's failure to properly review some defaulted loans could cost taxpayers billions of dollars, according to a report on Tuesday that may give the government extra firepower to wring far more money from Bank of America in legal settlements.

A senior examiner at the Inspector General's office of the Federal Housing Finance Agency, the regulator's independent watchdog, had raised concerns about Freddie Mac's loan review process months before the FHFA reached a $1.3 billion settlement with Bank of America (BAC.N) over poorly underwritten mortgages.

But the regulatory board did not act on the examiner's findings in a timely way, the report said. Neither did it test Freddie Mac's analysis underlying the huge settlement it reached with BofA on defaulted loans, the inspector general said in the report.

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U.S. to lower the size of mortgage it will guarantee

Uncle Sam is about to take a first tentative step out of the mortgage business by lowering the size of home loans that the federal government will guarantee, and it's already hitting California neighborhoods with higher costs and bigger down payments.

The downward adjustments have ignited outcries from California politicians and sparked a campaign by the state's largest real estate group and its national partner to extend the higher limits; they argue that the Golden State's housing market and economy can ill-afford another setback to recovery.

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How Prepaid Debit Cards Assist in Credit Repair

Should you be trying to restore your poor credit or enhance your credit worthiness, acquiring a prepaid debit card can be a sensible shift. Many people might disagree but if you know how to use your prepaid debit card properly, these unique cards could be fantastic instruments to rebuild credit. On this submit, let us speak about how prepaid credit cards can help in credit score repair.

Prepaid Debit Card Features


Prepaid debit cards are like digital wallets. A prepaid cardholder ought to first create a deposit to his/her debit account before employing the card for payment. Purchases are right away paid making use of the obtainable balance inside the account. If the balance runs out, the cardholder must make a new deposit or reload the account to make use of the card for payment.

Prepaid Debit Cards and Bad Credit score


In the past a long time, prepaid cards don't report towards the main credit bureaus but right now you'll be able to find issuers that supply credit score reporting services. As a result, prepaid debit cards can now be utilized to set up credit score historical past and improve credit rating.

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UPDATE: Citi Pledges $24 Billion In US Small-Business Lending

NEW YORK (Dow Jones)--Citigroup Inc. (C) on Tuesday pledged $24 billion for small-business loans in the U.S. over the next three years, a sum that would significantly increase the bank's lending to small businesses.

The move comes at a time when banks are trying to repair an image tarnished by their role in the financial crisis and the massive government aid they received. The banks have faced criticism for cutting back on lending, while, at the same time, demand for loans particularly from small businesses remains tepid.

President Barack Obama has said that small-business lending is a key element in the economic recovery, and several banks have announced initiatives to increase their lending.

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Obama seeks to suspend unemployment interest again

WASHINGTON (Reuters) - President Barack Obama once again suggested suspending the interest charged on loans to U.S. states for covering jobless benefits as part of the tax and deficit plan he unveiled on Monday.

The move would extend a break the states received from the 2009 federal stimulus plan.

In his proposal, Obama called for "relieving states of interest payments on federal borrowing that are typically paid through an automatic surtax on employers" and for "suspending automatic increases in federal (unemployment insurance) taxes on employers in indebted states."

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Control Spending with Prepaid Debit Cards

Are you having a tough time keeping your spending in control?  Many people who own credit cards are guilty of overspending and it’s easy to see why.  Paying with a credit card is quick and convenient.  Even if you don’t have cash in your wallet, you can simply charge the purchase to your credit and worry about repayment later.  Unfortunately, you could be subjected to high interest rate and late fees if you fail to pay back your balance on time.

With prepaid credit cards, the risk of incurring bad debt is greatly minimized.  Why so?  Because prepaid cardholders are not provided with a credit line.  They can only spend the money they have in their debit account.  If there is no available balance, making advanced purchases will not be possible. 

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