Hi all,
It’s been a busy few weeks (yeah i always say that), anyway…
Here some positive news which should filter across the pond to us judging by the current trends:
Citigroup plans to use some $36.5 billion of its U.S. government capital infusion for new mortgages, credit card loans and to buy mortgage-backed securities in the coming months.
On Tuesday it will give details of how it will increase lending by using funds provided under TARP (Troubled Asset Relief Program) the CEO said. Chief Executive Vikram Pandit said “Our responsibility is to put these funds to work quickly, prudently and transparently to increase available lending and liquidity,” although Citi could not be reached for comment at this time.
Other U.S. banks rescued by bailouts are under pressure to deliver lending to help the tight credit markets and spark a recovery in the economy. They received $45 billion in capital from the U.S. Treasury in two installments late last year.
Citi’s management will allot $25.7 billion for U.S. residential mortgages, $5.8 billion to credit card loans, $2.5 billion for personal and business loans, $1.5 billion for corporate loans and $1 billion for student loans, the AP report said. The final $8.2 billion will be mortgages issued to homeowners.
Good news eh?
As a side note i’ve been currently very busy helping my friend with his SEO site Increase My Ranking the reason i mention this is that he’s had to branch out from his financial sites on payday loans etc into SEO until things recover. Which hopefully they will..
Thanks for reading,
Derek
Filed under: Loans, finance | Tags: christmas, homeowner loans, interest rate, payday loans
Hi all,
its been a little while but i’ve been busy on two exciting new projects. I’ll tell you about the first one next week.
Anyway, i thought id share a little good cheery news in these slight financially bleak times. One of the non-prime lenders (as in a lender for those of us with a less than perfect credit history) has followed the major banks and made an interest rate cut. These are purely for homeowner loans but the rate is now just 9.9%. Thats right Blackhorse (Just for Homeowners) have reduced their minimum APR for all Unsecured Loans from 16.9% to 9.9%, With immediate effect.
Nice to share a little good news.
p.s. christmas payday loans are available in time for Christmas!
Anaylsts were divided yesterday on whether Britain’s £250 billion) plan to prop-up some of the banks would be enough or it was inadequate.
The current plan is to use £50bn of taxpayers’ money to buy major portions of the country’s eight major financial institutions. This will provide short-term loans and issue a government guarantee on loans between the banks. The Bank of England will also be extending a £200bn line of credit for the banks.
The British bank plan itself – which covers Abbey, Barclays, HSBC Bank, HBOS, Lloyds TSB Bank, Nationwide Building Society, RBS and SC Bank – has had a mixed impact on shares in banks. Analysts seemed equally unconvinced of its effectiveness.
David Woo and Paul Robinson of Barclays Capital say “It will help UK policymakers get ahead of the crisis” They are part of the investment banking arm of Barclays, one of the participating banks.
But Howard Wheeldon of BGC Partners noted that the plan would have been more welcome if it had been earlier.
He said: “Perhaps a belated round of applause is probably the best way to greet the UK government plan aimed at providing much-needed financial market stability.”
Some lobby groups and union leaders were also displeased that Britain was using government funds to rescue so- called “fat cats” working for the country’s banks. — S apa-AFP
More info soon.
Derek – Payday Loans
