Cheerleader Alert!

Next week Goldman Sachs will consider a stock sale that would put them in a position to repay the $10 billion in TARP funds given to them. 

Bloomberg.com reports that this action could put preasure on rivals of Goldman Sachs to follow suit. Companies that remain dependant on government funding will be restrained by the government's inolvment in the company's business practices. Thus, they would be at a competitive disadvantage. 

There are those that question wheather Goldman Sachs will be allowed to give the money back. Reportedly smaller banks have been denied the ability to return money given to them from TARP. The government (i.e. Treasury or the Office of the President) have offered that the claim is out right false or that they want to ensure that the banks are truely stable before repayment should be accepted. 

It seems like the stage is set for a dramatic Tax Week! Stress tests on the banks are also set to begin, and the government is asking that details of those stress tests are not to be released. The cries for transparency are already ringing in my ears.

Have a great weekend everyone!!

Matt Kemper

YourCreditCompany.com

Homeowner Affordability Plan Is Out!

The Obama Administration and U.S. Treasury released more details on the Homeowners Affordability Plan today. The plan is meant to assist responsible homeowners that are in danger of entering foreclosure or going "under water" by lowering their monthly payments.

YourCreditCompany.com is dissecting the plan and will bring you specific details on plan, which goes into effect immediately. You can find the plan here, and read it for yourself to determine if you qualify or how it might affect your business.

We highly reccomend reading the text. Thus far the television coverage has just scratched the surface of what the plan entails. We can tell you that there are requirments that homeowners will have to meet. Homeowners will have to provide some documentation and will have to show hardship. The lender/servicer that carries your mortgage will also have to participate in the program, however if your home is serviced by Fannie Mae, Freddie Mac, or certain banks that took TARP funds will be required to participate in the plan.

Look for more details tomorrow!

Matt Kemper
YourCreditCompany.com
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What We are Watching

Welcome Back!

I hope everyone had a great weekend. This week we are looking at a couple topics that directly pertain to you or your friends' financial affairs.

First, Credit Cards always seem to be a hot topic. As they should be. It is not hard to find someone who has been broke, to use credit cards (in the interest of fairness there have been a significantly less number that have made a fortune because they maxed out their credit cards). The Senate Banking, Finance, and Urban Affairs Committee have been holding hearings examining the credit card industry. We will be following the hearings as well as any other events in this industry.
If you are looking for information on credit cards or a place to "shop" the best rates check out YourCreditCompany.com

Second, we are watching for more updates on the Homeowner Affordability and Stability Initiative. The U.S. Senate's Banking, Housing and Urban Affairs Committee is scheduled to hold hearings on the initiative on February 26, 2009 at 10:00am.

Check back soon, or better yet subscribe!

Matt Kemper
YourCreditCompany.com