Rating cannot be construed as a substitute for an exhaustive audit or a fraud detection
Sep 26, 2009Accounting, Audit The credit crisis has exposed weaknesses in many financial intermediaries. How can rating agencies ensure their views are more accurate and unbiased? Despite due diligence, there is always scope for improvement. Credit rating agencies (CRA) do not carry out a separate audit but takes cognisance of the information available from annual reports, submissions from management, secondary sources and opinions from lenders/ investors. [more...]
Date: 2009-09-26 05:31:47
Blog posts
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Will Credit Repair Enhance Your Plunging Credit Score?
As lending rules get stricter by the day, an increasing number of consumers are desperately looking for ways to improve their credit ratings ... but nevertheless accurate entry on the client’s credit report. This technic exploits a provision ... or out-of-date information from their credit report. This technic works under the premise [more...]
Date: 2008-12-08 07:00:23
Basic Credit Scoring 101 For A Better Mortgage Rate
by Rob Kosberg Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education ... balances should hold steady at no more than 30% of the card limit. The credit bureau believes ... is one of the major credit scoring companies. All can learn from the numerous pages of financial tips [more...]
Date: 2008-12-30 08:22:00
Obama - McCain - Obama Can Win; The Economic Problem Is Why
This video was created just before the debate, but my prediction seems to have held and for the reasons I state here ... : 1) According to the Bureau of Labor Statistics, the Civilian Labor Force Participation Rate topped out 10 years ... problems consumer credit shot to rapid rates of annual increase starting just before the turn [more...]
Date: 2008-10-08 07:30:37
Why Are My Credit Cards Being Canceled?
In today’s economy, credit card companies are changing interest rates at whim (at least until the new credit card laws go into effect…in July 2010 ... . And this could ding your credit score a little bit, which is not something you really want to happen ... by following this simple tip - it helps your credit score and it lets you keep all your available cr [more...]
Date: 2009-01-07 16:59:00
Throwing Pennies Down A Drain
Some housing bubble news from Wall Street and Washington ... s first annual report on the credit rating agencies since Congress gave it express oversight in 2006 ... . Today, the SEC released its report on credit rating agencies and their role in the subprime mess. Moody [more...]
Date: 2008-07-09 18:36:25
Four Quick Ways to Build A Strong Credit Rating
#fullpost{display:inline;} ... report from Experian, Equifax and Transunion via annualcreditreport.com. After we use up our annual ... Nov 18, 2008: Much has been written about credit rating and how we can go about improving [more...]
Date: 2008-11-18 05:21:00
WSJ: Could Warren Buffett Save Dow Chemical?
For Dow Chemical CEO Andrew Liveris, failure isn’t an option. Liveris has a tough juggle ahead of him to complete his company’s $15 ... or not. Liveris has said his priority is to preserve Dow’s investment-grade credit rating ... last week and have Dow on credit watch for further downgrades. That means Liveris probably can’t pay [more...]
Date: 2009-01-09 18:10:00
More Pain For Humiliated SEC After Disclosure It Ignored Moody’s Whistleblower Warnings
Zero Hedge As if the SEC could be humiliated any more, another piece of disclosure now highlights that Mary Schapiro’s useless organization was unresponsive to whistleblower overtures by former Moody’s employees attempting to warn the regulator “about Moody’s weak compliance department and ratings process.” From Reuters : A congressional panel will expand its examination of credit rating agencies to look at why U.S. [more...]
Date: 2009-09-30 18:57:17
What Are Benefits Of Good Credit?
By Darren Cason Most people know that if you have a good credit score, you get good interest rates and better offers on new loans and credit ... requirements. Many apartment managers, landlords, and those who offer leases will check your credit ... the credit report is only to verify past employment, but often the credit score is considered as part [more...]
Date: 2009-01-10 12:00:16
Ainda o “downgrade” da S&P (3)
Bloomberg The risk of losses on European government bonds is mounting as the economic slowdown threatens credit ratings in Ireland, Portugal, Spain and Greece. Credit-default swaps tied to the debt of Ireland rose more than seven-fold ... to be threatened with a debt downgrade when Standard & Poor’s said the country’s long-term rating [more...]
Date: 2009-01-14 11:03:02
S&P: Credit losses will rise into 2010
Credit ratings agency Standard & Poor’s expects nonperforming loans to continue to rise through 2009 and into 2010, ... for Biz2Credit. Biz2Credit is a small business marketplace that provides entrepreneurs ... to increase amid the widening economic downturn, Standard & Poor’s said in a new report released [more...]
Date: 2009-01-11 02:34:39
FHA Streamlined Refinance - Lower your Rate and Payments Without Credit Qualifying or a New Appraisal
With rates near an all time low, refinancing has become a big thing again ... refinance: No credit qualifying. This is not credit score based and it is not even necessary to pull a full credit report. Your mortgage does need to be up to date, and current and we will look [more...]
Date: 2008-12-30 16:30:24
Wall Street Breakfast: Must-Know News
GM shifts into high gear after GMAC bailout. General Motors (GM) ... on hold when GMAC was forced to tighten its credit standards in October. GM will also offer low ... to consumers with lower credit ratings and has begun reaching out to customers worried about credit [more...]
Date: 2008-12-31 12:29:02
N.J. man learns modifying mortgage to cut payments may impair credit rating
by Moe Bedard on September 29, 2009 · 0 commentsin American Nightmare To confuse consumers even more, not all lenders follow the guidelines.That may change on November 1, when lenders can use a new code to report them as a “loan modification under government program.” The code will clarify which borrowers have taken modifications, but because the modification process itself is not streamlined, it won’t be the only worm squiggling out of the can.The bigger impact on credit scores may depend on how [more...]
Date: 2009-09-29 13:48:05
2007 J.D. Power Satisfaction Ratings in Finance
J.D. Power & Associates puts out annual customer satisfaction surveys in all types of industries from automobiles to finance to insurance to travel ( ... I used more - retail banking and credit cards. While I don’t discuss the mortgage ratings, go check ... banking, mortgage related, and credit card groups. At the time I first wrote this, I didn’t think [more...]
Date: 2008-08-10 19:27:39
Washington Post Death Spiral Watch (Joe Stephens Edition)
Outsourced to Nate of FiveThirtyEight.com: FiveThirtyEight ... of the borrower. According to current rate quotes from myFICO.com, a borrower with very good credit can expect a mortgage rate about 30 basis points better than someone with pretty good credit, and a borrower [more...]
Date: 2008-07-06 19:46:28
Choosing a Credit Repair Firm
Credit repair is a million dollar industry with a lot of scams. Finding a loan with poor credit isn’t hard, getting a decent interest rate can be. When you clean up your credit report you end up saving hundreds, if not thousands, of dollars ... guide and your 3-in-1 credit report; Whichever way you decide to go, here are just a few tips [more...]
Date: 2009-01-15 18:49:38
The Economy is a Lie, too
Dr. Roberts is a former assistant Secretary of the Treasury, so he knows whereof he speaks on economics issues. And, for the record, he was equally scathing of economic policy under Bush II’s regime. Flashback: US credit shrinks at Great Depression rate prompting fears of double-dip recession | Nassim Taleb on the economy: ‘We still have the same disease’ | Flaherty sees deficit, debt, and timetable to return to surplus all expanding | Investors dump money market funds | Scotiabank: [more...]
Date: 2009-09-22 12:19:52
Mortgage Rates for Friday Afternoon
Mortgage rates are up about 0.125% from what I posted this morning and up a bit more than that compared to last Friday’s post as you’ll see by the ... rate quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” ... 0.325% to rate FHA. Pricing based on credit score of 620 or better and loan amounts [more...]
Date: 2009-01-16 21:28:17
One Simple Way of Consolidating Credit Card Debt
Debt is something that has to be managed, and can easily get out of control if you’re not careful ... to a credit card that has a lower annual interest rate. For instance, you may have two or three credit cards ... . Credit card debt in particular is among the most burdensome financial problems for consumers [more...]
Date: 2009-01-08 00:02:16
Obama Stimulus Consigns US to ‘Banana Republic’ Territory
The Washington Times reports: The United States will “look like a banana republic” unless it gains control over its budget deficit and federal debt, ... one measure of America’s creditworthiness — credit default swap spreads — already shows some deterioration. The worse a nation’s credit rating becomes, the more its CDS spread rises. U.S. sovereign [more...]
Date: 2009-01-16 16:52:42
Wall Street Breakfast: Must-Know News
GM shifts into high gear after GMAC bailout. General Motors (GM) ... to consumers with lower credit ratings and has begun reaching out to customers worried about credit ... on hold when GMAC was forced to tighten its credit standards in October. GM will also offer low [more...]
Date: 2008-12-31 12:12:10
Auto Refinancing Loan – Tips For Getting A Cheaper One
Current economic situation is forcing several car borrowers start thinking about refinancing their vehicles, ... to offer lower interest rates on your application. Having Less Than Perfect Credit While you can find auto loan approvals regardless of your credit score, you will be paying higher interest rate [more...]
Date: 2009-01-02 12:40:11
SBFC Law Group Does Wonderful Credit Repair
by Garth Dillon It’s just a fact that more people today then ever before are being left licking their wounds with bad credit. It’s the recession/depression or what ever you want to call it. The real bad deal of it all, is that as soon as the economy turns around, you will be back in the game, so your bad credit rating will be a burden. Only Frauds Claim They Can Get Rid of Bankruptcy Don’t spend a dime on some service that tells you they can wholly restore your credit. [more...]
Date: 2009-09-23 07:48:12
Update On Rates…
Update On Rates… Posted by Shane Haas under For Buyers, For Sellers, ... rates may vary on credit scores, qualifying documentation, down payment. Rates subject to change. Call [more...]
Date: 2009-01-16 23:17:00
Beware of Debt Reduction Advice
In a recessionary period like the one we are experiencing today there is a natural increase in personal financial turmoil ... associated with servicing such debt at very high interest rates, in particular credit card debt. People with high outstanding balances in their credit cards find themselves in a bind as they struggle [more...]
Date: 2008-12-12 11:00:20
Gates of Vienna News Feed 9/29/2008
USABankruptcy of US Banks: Can Islamic Banking Help?Bosnian Immigrants Build Des Moines MosqueDear Hank: Here’s How to End the Credit Crisis at No Cost ... to be strict about credit rating system to restrain chances of any further bankruptcy.Interestingly, since [more...]
Date: 2008-09-30 00:56:00
Italy Slips Slowly But Steadily Into Its Worst Recession In Over 30 Years
The Italian economy continued to contract sharply in the third quarter of 2008 as exports fell sharply - declining at the fastest rate in three ... and the danger of a credit rating downgrade. The Italian government went to market this week [more...]
Date: 2009-01-16 21:24:37
Why Can't You Ever Make On-Time Payments?
By Tisha Tolar How frustrating is it to pay all of your bills each month when you finally get a minute to sit down and take care of things, ... -free life, with a much-improved rating of credit. Since no one method works for every single person or financial circumstance, here is a check list of questions to get you thinking about your money [more...]
Date: 2009-01-12 22:28:05
Arghhh
The expert on my teevee says he doesn’t understand why the market is still so up and down. Why am I so much smarter than the man on my teevee? ... Oversight Committee, the credit rating agencies are being portrayed as profit-hungry institutions that would give any deal their blessing for the right price. Case in point: this instant message exchange [more...]
Date: 2008-10-23 12:14:36
?There Can Be a Mortgage after Foreclosure
Having a home foreclosed on an individual or couple can be devastating to them personally as well as financially. This blotch on their credit rating stays for quite a few years. They probably think their chances ... a foreclosure. Fortunately for these unfortunate individuals, it is possible to obtain a mortgage [more...]
Date: 2009-01-16 05:17:01
So what really happened?
Michael Lewis and David Einhorn have written a devastating analysis in the NYT of why the banking catastrophe happened. It’s a great read. Sample: OUR financial catastrophe, like Bernard Madoff’s pyramid scheme, required all sorts ... its enlightened self-interest. The credit-rating agencies, for instance. Everyone now knows that Moody’ [more...]
Date: 2009-01-04 21:53:27
The Affects of the Fed's Rate Cut on Consumers - December 17, 2008
So what does yesterday’s Fed rate cut mean for the average consumer? In a statement made Tuesday afternoon, Fed Chairman Ben Bernanke confirmed the report ... . It would be here that home-equity line of credit and certain credit cards with variable interest rates [more...]
Date: 2008-12-17 20:49:00
Today in Russian Business - Jan 14th, 2009
The financial crisis is having a dire effect on migrants who depend on money from their employers to support their families back home, ... is trying to encourage residents to buy apartments, saying that reports of anticipated price drops ... had its credit rating lowered to 'junk' by Standard & Poor's. The government wants to counter [more...]
Date: 2009-01-14 11:33:41
Some Opening Comments October 1 2008
Prices of Treasury coupon securities have posted solid gains in overnight trading as financial markets remain very volatile ... is akin to the Federal Reserve raising rates. Credit is scarce and increasingly difficult to obtain ... level of volatility. That will remain with us until investors make sense of the credit crunch [more...]
Date: 2008-10-01 11:01:17
UAE banks assigned negative outlook
Financial Times: Moody’s Investors Service, the credit rating agency, has placed the United Arab Emirates banking sector on a negative outlook, ... . ... Tightening credit conditions, liquidity constraints, a collapse of regional equity markets and tumbling oil prices will also contribute to increased strains at UAE banks, Moody’s added in its report [more...]
Date: 2009-01-15 16:23:15
The Law of Unintended Consequences
So politicians have been working for years to push lenders into doing home loans for minorities.How did that worked out for those folks? ... ., district with loans that often didn't require down payments, solid credit ratings or documentation ... by 47%, to 6.1 million from 4.1 million, according to the U.S. Census Bureau. Over that same period [more...]
Date: 2009-01-05 12:41:00
The Warning Signs Were There
Everyone knew that this was a possibility, but everyone - Democrats and Republicans - went along with the idea, ... those banks to extend home mortgages to individuals whose credit is generally not good enough ... more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings [more...]
Date: 2008-09-26 12:45:00
Now Feds hope to spur auto lending
Credit markets for housing are loosening up a bit. Will automobile lending be next? Car dealers certainly hope so ... to borrowers with credit ratings higher than 620 – a subprime score that illustrates the difficulty ... of credit, 2008 was the worst year for auto sales in a very long time. Maryland dealers sold 16,842 new cars [more...]
Date: 2009-01-02 15:07:40
My Net Worth Is Down Only 10% Since Its August 2008 Peak
So, how did I manage this remarkable accomplishment? Let me tell you…. I have been tracking my family’s net worth for about eight months now ... ;P 500 and other indexes because of the mutual funds’ bad gambles in stocks like AIG, Wachovia, Fannie ... ). You are essentially earning the interest rate of your credit cards and car loans when you pay them [more...]
Date: 2009-01-10 18:13:54
Gold Falls 1 pct as Dollar Firms; ECB Eyed
U.S. data sparks flight to dollar… Oil slips, traders fret over demand outlook… Traders await ECB rate decision on Thursday ... Standard and Poor’s cut its credit ratings on Greece’s sovereign debt. Bullion is often bought [more...]
Date: 2009-01-14 18:05:29
Realtor group prez eyes housing’s opportunities
Welcome to Eyeball 2009! This is our holiday gift to you: Two weeks of outlooks on local real estate conditions! ... and credit markets restore. There is value here, but for right now, people are weighing other factors. Purchasing property in Orange County is still an attractive opportunity. Interest rates and credit [more...]
Date: 2008-12-21 20:00:52
Housing Push for Hispanics Spawns Wave of Foreclosures
California Rep. Joe Baca has long pushed legislation he said would “open the doors to the American Dream” for first-time home buyers in his largely ... down payments, solid credit ratings or documentation of employment. Now, many of the Hispanics ... , according to the U.S. Census Bureau. Over that same period, homeownership nationally grew by 8%. In 2005 [more...]
Date: 2009-01-07 13:39:44
Housing Push for Hispanics Spawns Wave of Foreclosures
California Rep. Joe Baca has long pushed legislation he said would “open the doors to the American Dream” for first-time home buyers in his largely ... down payments, solid credit ratings or documentation of employment. Now, many of the Hispanics ... , according to the U.S. Census Bureau. Over that same period, homeownership nationally grew by 8%. In 2005 [more...]
Date: 2009-01-07 13:39:44
Oracle Shares Under Pressure Ahead Of Earnings Thursday
Oracle (ORCL) shares are off to a rocky start this morning as several analysts weigh in on conditions at the software giant ahead of its earnings report for fiscal Q2 ended November, which is due after the close on Thursday. Credit Suisse ... rating. “One of our primary theses on software has been that enterprise applications are more directly [more...]
Date: 2008-12-15 16:16:38
Oracle Shares Under Pressure Ahead Of Earnings Thursday
Oracle (ORCL) shares are off to a rocky start this morning as several analysts weigh in on conditions at the software giant ahead of its earnings report for fiscal Q2 ended November, which is due after the close on Thursday. Credit Suisse ... rating. “One of our primary theses on software has been that enterprise applications are more directly [more...]
Date: 2008-12-15 17:36:12
World economic recession hits Dubai
Fox News are reporting that: "DUBAI, United Arab Emirates — The developer of a skyscraper planned to be the world's tallest said Wednesday it is ... development — which it unveiled only in October — came as a leading credit rating firm warned that falling ... values in the emirate tumbled 8 percent in the last three months from the previous quarter, a re [more...]
Date: 2009-01-15 20:00:00
CDS report: Rate cuts lift mood
Credit markets rallied strongly Thursday morning after the 50 basis point rate cut from the US Federal Reserve, cuts from China and Taiwan and indications from central banks that they would continue to act against recession boosted sentiment across markets. The cost of protecting corporate debt against [more...]
Date: 2008-10-30 12:24:52
Consumer Headaches: 15 ways to get help
My two-month-long fight with Qwest, which barring a stroke of luck will no doubt go on a lot longer, ... serious problems that might damage your credit rating or cost you big bucks requires you to roll ... and all sorts of enlightening reports will come up. This is where I learned that Qwest had pulled the “let [more...]
Date: 2008-10-26 02:56:28
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