More evidence of this global problem. I am surprised to see this article, I thought the Fed offered unlimited currency swaps for countries needing dollars. With S. Korea having the 6th largest foreign currency reserves, it looks like they are working on getting through this crisis under there own power. If so, that would be the prudent approach to keep its credit rating in tact.
South Korea announced measures Sunday to shore up its banks by guaranteeing their external debt and pumping more money into the financial system amid the global credit crisis.
The government said it will provide up to $100 billion to secure banks’ maturing foreign currency debt for three years on loans taken out from Oct. 20 this year until June 30, 2009.
The global financial crisis will boost calls for tougher regulation and greater transparency on banking fees, which could in turn hit some wealth managers’ profit margins, bankers to the world’s rich say.
“Clients have lost trust and something needs to be done to improve the quality of advice,” Sebastian Dovey, managing partner at wealth management consultancy Scorpio Partnership, told the Reuters Wealth Management Summit.
No review for WaMU REO properties as this time. I could not find any information on their website or a link to a national broker that was handling their REO listings. Through searching the web I did happen to pull up a phone number you can call that has a automated voice menu. Enjoy
REO Phone Number:
The losses keep rolling in. I expect to continue to see more write-downs and losses into 2009. Risk spreads are still quite wide and that tells us the market still thinks there are more hidden grenades on balance sheets waiting to explode on unsuspecting investors. Here is the release.
Investment bank JPMorgan Chase & Co has incurred losses of about $1.5 billion since the start of July, hurt by turmoil in the credit and mortgage markets and by wider credit spreads and lower levels of liquidity, the company said in a regulatory filing late Monday.
Banks in the United States further tightened lending standards in all major categories, especially for consumer loans, in the past three months amid a weakening economic outlook, according to a Federal Reserve survey released on Monday.
The July survey of senior loan officers at 52 domestic banks and 21 branches and agencies of foreign banks also showed that demand for loans by both businesses and households had weakened since the last survey in April.