Ally Financial News
How to Know You're Ready to Buy Your First Car
When I lived in Washington, D.C ., right after college, I was the only one of five roommates who had a car. The townhouse we rented was just three blocks from a Metro station which meant that for most of us, it wasn’t necessary. But when my employer moved to the Virginia suburbs, I had no choice
When a Penny Is Worth $2.5 Million
Monday Morning Memo: You may want to pinch those pennies, literally! You never know when you might get lucky and land a 1792 Birch penny, valued at a whopping $2.5 million. A California-based coin collector recently spent the paltry sum on the celebrated coin, of...
JP Morgan Chase Misled Regulators, Panel Says
Morning Business Memo A harsh new report by the US Senate’s subcommittee on investigations says JP Morgan Chase misled regulators and investors about a $6.2 billion trading loss last year. The report says bank officials ignored growing risks, and understated the trading losses to federal...
RIM Plots a Blackberry Comeback
Morning Business Memo… Is a comeback possible for Research in Motion, (RIM) and its iconic Blackberry? The early buzz among investors is positive. RIM’s share price has nearly tripled since hitting a low point in September. RIM will show off its new Blackberry 10 tomorrow...
Back From the Vomitorium: The Looting of the Mortgage Settlement Agreement
States are looting the Mortgage Settlement Fund, and the odds are good that you or someone you know is getting robbed -- for the second time. According to recent reports , politicians, not bankers, are the culprits this time around -- siphoning billions from that historic settlement and pumping it
The Most Outrageous Tax of the Year
It just may become the latest outrage during a year of outrages. At the precise moment when the federal government finally delivers a modicum of justice and some economic relief to millions of homeowners victimized by the nation’s largest banks, the government threatens to beat those victims over
How Will the Federal Home Affordable Refinance Program Help Homeowners?
The mortgage industry is buzzing about HARP 2, the revamped federal Home Affordable Refinance Program . Some are predicting it will trigger the biggest refi boom of the decade. But will it really help homeowners whose loans are deeply underwater refinance into low-rate loans? Or is this more hype
Bank Stress Test: The Best and the Worst
According to the Federal Reserve, 15 of 19 major U.S. banks would fare well if hit with catastrophic conditions based on a so-called stress test, which determines how banks would fare if hit with a peak unemployment rate of 13 percent, a 50 percent drop in equity...
Mortgage Modifications: When to Say Yes or No
While Interest Rates are Near Record Lows, Not Everyone Should Modify Their Mortgage