My Connroy Finance Blog

http://news.yahoo.com/s/ap/20090314/ap_on_bi_ge/sc_mortgage_help;_ylt=AqSU.3Ex_xhrwz3JHmyG.HCyBhIF

A Sigh Of Relief

The Neighborhood Assistance Corporation of America’s “Save the Dream” tour has enabled many to heave a sigh of relief in today’s economically tight circumstances. It has facilitated the restructuring of mortgages at several places. It would also be covering places deeply affected by foreclosure. It asserts that it has helped bring down the mortgage payments of most of the people who had approached them for assistance.

The best thing is that even some of the lenders have started to realize how problematic foreclosure can be. They have also begun to help these nonprofit organizations in their work. This is like a boon to a lot of people who have lost their jobs lately and who are suffering the blow of recession. Three cheers to NACA and its efforts to genuinely help them.

Good Ol’ UBS

http://www.nytimes.com/2009/03/02/business/worldbusiness/02ubs.html?ref=worldbusiness

For those linked with UBS, there is more good news. UBS might have cut its bonuses, but it is all set to raise the salaries of its staff. Even in these times of recession? Yes, even now!

UBS, the Swiss bank is at set to hike the base salary of its senior investment bankers so as to compensate for other financial services jobs, like consulting.

This is a new trend considering that the base salaries were always kept flat and the bonuses resulted in a hike in the take-home pay. There are going to be more changes in the banking sector. Hopefully they should be good for both the banks as well as their employees considering that the government is giving away a lot of tax payer’s money to bailout private banks!

http://uk.reuters.com/article/marketsNewsUS/idUKN2340702620090224

The Federal Reserve has said that it is ready to do everything in its power to combat the current financial crisis and recession. Buying long-term treasury bonds may be helpful in clearing the mess in the financial system and achieving sustainable economic growth and price stability, according to a Fed official. The regulatory authority has already lowered interest rates and pumped billions of dollars into the market to restrict the economic slump. Richard Fisher, president of the Federal Reserve Bank of Dallas, believes that the fed can expand its holdings of mortgage-backed paper or buy large amounts of asset-backed paper as part of its efforts to cleanse the whole financial system.

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