Arizona Bad Credit Loan Mortgage

1,300 Abbey jobs cut as bad debt provision rises 30%

SPANISH bank Santander has cut 1,300 jobs so far this year at its British arm Abbey, as the bank also announced a 30 per cent jump in retail bad debt provisions.

That came as part of an overall bad debt charge up 10 per cent. The worsening bad-debts scenario accompanied Abbey's half-year results to end-June, when the British subsidiary's net attributable profit rose 40 per cent from a year ago to 491 million (£336m).

Property Values are Falling! Here's What's Next ...

A drop in property values is no longer some distant worry you should shrug off. Its not some theoretical, over-the-horizon, possible threat. Its happening right here, right now.

Just as Ive been saying for months on end: First, sales fall. Then, supplies build. Lastly, prices fall. And sure enough, now this 1-2-3 sequence of events is unfolding right before our eyes.

Look at what happened in June, according to the National Association of Realtors:

Fed pauses, consumers exhale

The Federal Reserve's decision not to raise rates for the first time in two years should give both consumers and businesses some breathing room.

If you have a home equity line of credit, what the Fed didn't do Tuesday is really good news.

"That's the most positive news. Everybody with a home equity line of credit right now is cheering because their rate did not increase," said Cory Reid, president of Emeryville-based Fountainhead Mortgage and an officer with

the California Association of Mortgage Brokers.

"The most immediate impact will be felt by people who have a home equity line of credit. The reason for that is that every time the Fed moves the rate, it immediately impacts the prime rate upon which their home equity lines are based," he said.

The prime rate has more than doubled from 4 percent in June 2004 to 8.25 percent in July.

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