Printing Money to Ease Their Pain. News that the Federal Reserve Bank turned an $82 billion profit by investing money it prints - and then claiming pure profit on such investments - made Wall Street giddy. To be accurate, the Fed doesn't physically print the money. The Federal Reserve Act of 1913 authorizes the Fed to direct the Treasury to print money. The Treasury charges the Fed 2.3 cents … [Read more...]
Mortgage Modification – How Banks Take Homeowners for a Ride
Mortgage Modification. More like Mortgage Mortification. My friend Sue lost her primary source of income in early 2009 with one day's notice. That's when she decided to apply for mortgage modification assistance through her bank - Wells Fargo/Wachovia. Show Date: June 17, 2010 The key criteria for receiving mortgage modification approval at Wells Fargo/Wachovia - like most banks … [Read more...]