Money

Royal Bank of Scotland boss Stephen Hester today hailed progress in “removing mistakes of the past” as the lender prepares to repay the last of the emergency loans taken during the financial crisis.The taxpayer-backed bank said that by the end of next week it will have repaid the £75bn in loans it took from the UK government at the height of the financial crisis with a final £5.7bn    .. more …

Your Credit Is Ruined Anyway If you’re facing foreclosure or any other major black marks on your credit, you aren’t saving your report by not filing for government debt relief. As any bankruptcy law firm will tell you, if you’re going to have your report severely damaged anyway, you may as well get some benefit from it. This is a position many people find themselves in before deciding to file.    .. more …

Quincy Community Action Programs (QCAP) is hosting a workshop for first time homebuyers.The workshops will be two days, and will focus on all aspects of the homebuying process.Information about various government loans, credit and budgeting, mortgage processes, legal aspects of home homeownership, lead paint laws and many other topics will be covered.Advice will be given directly from mortgage    .. more …

The Treasury is planning to take advantage of Britain’s historically low interest rates by taking out loans which will not be repaid for 100 years or more.Chancellor George Osborne will use next week’s Budget to launch a consultation on plans to issue “super-long” gilts which do not have to be paid off for many decades – or even perpetual gilts, on which the capital is never repaid, but interest    .. more …

HONG KONG (Reuters) – China’s banking regulator has told its lenders they incorrectly classified about 20 percent of their outstanding local government loans into the safest category of lending, Bloomberg reported on Saturday, citing a person with knowledge of the matter whom it did not name.The country’s banks were told by the China Banking Regulatory Commission they underestimated the risks on    .. more …

A new national poll indicates broader support for the government loans to General Motors and Chrysler, with a majority agreeing they were mostly good for the economy.The Pew Research Center for the People and the Press released the poll today after surveying 1,501 adults between Feb. 8-12. The poll has a margin of error of plus or minus 3 percentage points. When Pew did a poll in October 2009    .. more …

China has instructed its banks to embark on a mammoth roll-over of loans to local governments, delaying the country’s reckoning with debts that have clouded its economic prospects. China’s stimulus response to the global financial crisis saddled its provinces and cities with 10.7 trillion yuan ($1.7 trillion) in debts ” about a quarter of the country’s output ” and more than half those loans are    .. more …

Freddie Mac is requesting another government bailout to keep solvent, asking for $146 million from the U.S. Treasury in order to help make interest payments on government loans the lender used to keep afloat. Don’t Miss: BofA Strikes Side Deal in $25B Foreclosures Settlement. While Freddie reported $619 million in net income in the fourth quarter of 2011, as well as other income of $887 million,    .. more …

This article comes to us courtesy of California Watch . By Kendall Taggart More than 400 redevelopment agencies were officially shuttered yesterday, leaving a trail of uncertainty – and a potentially staggering debt load.Across the state, cities and counties have loaned more than $4 billion to their redevelopment agencies over the past few decades, but according to the law governing how agencies    .. more …

More than 400 redevelopment agencies were officially shuttered yesterday, leaving a trail of uncertainty ” and a potentially staggering debt load.Across the state, cities and counties have loaned more than $4 billion to their redevelopment agencies over the past few decades, but according to the law governing how agencies will be dissolved, they may not be able to recover that money.Until the    .. more …