Archive for the ‘News’ Category

Nationwide Personal Loan Interest Rates Decreased

July 28th, 2009 admin

nationwideUK’s biggest building society Nationwide Building Society declared that it has reduced the interest rate on personal loans.

The company reduces the interest rate that it charges on individual loan between £7,500 and £14,999. Now clients looking to borrow between this range and it will get advantage from a typical APR (annual percentage rate) of 7.9 percent, where previous typical annual percentage rate was 8.2 percent.

It is really good news for the customers. Because, it is a reduced rate than any other standard personal loan provider such as at present HSBC is offering typical APR of 9.9 percent, Royal Bank of Scotland offering typical APR of 8.9 percent.

About the reduce rate, in a statement Nationwide said,

With this typical rate, Nationwide remains lower than all high street banks and the same low rate applies whether the loan is taken out through branch, telephone or Internet.

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Posted in Loans, News No Comments »

AmEx & J.P. Morgan Issue Long Term Debt

July 14th, 2009 admin

J.P. Morgan Chase J.P. Morgan Chase & Co. and American Express Company (AmEx/Amex) sold some long-term debt on 14 May to full fill a condition to back government funds. Amex said the company sold 5-year notes and 10-year notes with yielding 7.25 percent and 8.125 percent respectively. Currently, the interest on proposed 10 year Treasury bond is 3.11 percent.

AmEx also said it could use the borrowed cash to assist it repurchase nearly $3.4 billion of supreme shares issued to the Treasury during 2008 under the Troubled Asset Relief Program (TARP). It noted this buy back could be topic to a regulatory approval. On the other hand J.P. Morgan told it sold around $2.5 billion in 5-year debt. Additionally, the debt can carry a token of 2.75% points over Treasuries, or around 4.65%.

To exit the Program, the administrations require a company to confirm that they could issue 5-year unsecured debt and the debt is not supported by the Federal Deposit Insurance Corp. guarantees. The administration’s stress tests previous week for both of the companies determined they need not raise new capital. Co-head of structured products and emerging markets at MF Global, Andrew Brenner said “We’re going to see companies willing to pay more on debt by not getting a government guarantee.” Bond trader Brenner added “They’re coming to the realization that being in bed with the government is not a good idea.” :)

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U.S. Bank Brings Travel Rewards Visa Cards – FlexPerks

May 18th, 2009 admin

flexperksU.S. Bank has recently confirmed the beginning of a travel rewards visa cards, FlexPerks. Previously US Bank customers used WorldPerks card to earn miles with Northwest Airlines is being change with this new visa card. Anytime of this month the WorldPerks card which is issued by US bank will be transformed to FlexPerks travel rewards visa card. When the card will be converted into new FlexPerks card it will have the similar number of previous WorldPerks card, so no request is necessary and automatic bill costs should carry on continuous.

This new FlexPerks travel rewards visa card offer flexibility to get points faster toward free flights on over one hundred-fifty airlines with no pass out dates or reward ticket redemption fees. About the card, chief marketing officer of U.S. Bank’s retail payment solutions, Cliff Cook, said:

“US Bank FlexPerks Visa is designed to upgrade our valued WorldPerks Visa customers to what we truly believe will be the most valuable travel rewards card in the marketplace. We had the perfect opportunity to confirm what was most important to our travel-minded customers and designed a new card program that gives travelers even more of what they seek: flexibility and value.”

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New Housing Plan for USA

May 14th, 2009 admin

Housing & Urban Development According to a new announcement on Thursday, the Obama government is likely to spread out its mortgage aid program. The new actions that could help homeowners avoid a tarnished credit record though they are not eligible for other assistance.

The proposed initiatives are projected to consist of ways to allow borrowers and pass up foreclosure by selling the properties or giving the owners back to lenders. In the plan, one way could be to persuade a “short sale,” where the property is sold for below the sum owed on the mortgage. Nevertheless, the lenders consider the balance paid off. A different option is also available in the plan. And that is a deed instead of foreclosure. In the deed, the borrowers confer the home to the lender and satisfy any delinquent loan to avoid any foreclosure proceedings.
Housing & Urban Development (HUD) Secretary Shaun Donovan and Treasury Secretary Timothy Geithner are planned to appear on Thursday morning (14 May) with a number of borrowers who get benefited from the housing aid program started in March. An administrative official said over 55,000 offers have been got to revise borrowers’ loans within two months.

Earlier this year, the government estimated that nearly 9 million borrowers will be benefited by its “Making Home Affordable” scheme. Under the initiative maximum 5 million borrowers (who are refinancing the loans) will be helped. Another 4 million are who modifying their mortgages at substandard monthly payments.

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Posted in Loans, Mortgage, News No Comments »

Microsoft Got “AAA” Corporate Credit Rating

May 12th, 2009 admin

microsoft logoRecently Microsoft announced in a Securities and Exchange Commission (SEC) filing that the company is offering 5, 10 as well as 30 years senior unsecured notes. According to a press release, the company is going to sell

Over $2 billion of 2.95% notes due 1, June 2014.

Around $1 billion of 4.20%t notes due 1, June, 2019.

Nearly $750 million of 5.20% notes due 1, June 2039.

The giant software producer said it can use earnings from the sale for common corporate purposes like possible acquisitions or stock buybacks. J.P. Morgan Securities Inc. gets the lead sponsor on this sale. The current offer is likely to close 18 May. The company’s shares dropped10 cents. Earlier it was $19.32.

September 2008, the company’s board authorized to receive up to $6 billion in debt. Microsoft authorization came simply before the interest rates were going on. The company is now sitting on over $25 billion in cash. They were capable to wait until interest rates went down and made a move. Corporate debt showing declined last fall but went up again during January. On the other hand, Standard & Poor’s Rating Services (SPRS) rewarded the company as an “AAA” commercial credit rating.

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