Lavoz Finance Insurance

Leading bank of private sector ICICI lost more than Rs 11 crore due to credit card frauds last year. There are more than 8,000 cases about the fraud. ICICI had reported about 8,280 cases to the Reserve Bank of India about the credit card frauds and in the frauds lost about Rs 11.47 crore has been estimated.

It was the report of 2008 year which had been introduced by Shakeel Ahmad in Lok Sabha who is the Minister of State for Home. In the series of frauds 703 cases from American Express Bank and 2,484 cases from HSBC Bank had been received. In the frauds American Express lost Rs 6.04 crore and HSBC Rs 4.90 crore.

Total number of cases about credit card frauds have been reported from various banks about 12,959 and lost has been reported about Rs 36.54 crore.

In the series IDBI, Canara and Overseas Bank have no cases in this context. Another major banks – Citibank (Rs 4.73 crore), Standard Chartered Bank (Rs 2.39 crore) and Deutsche Bank (Rs 2.09 crore) are in major loses in the frauds.

In the other hand different banks from private and public sector have reported loss of Rs 36.54 crore to credit card frauds. From the different states loss has been reported in Lok Sabha. Only Maharashtra has reported about Rs 55.54 lakh lost.

In the series Rajasthan has reported Rs 89.93 lakh lost. Andhra Pradesh has reported Rs 64.29 lakh lost and West Bengal has reported Rs 35.72 lakh. Kerla and Delhi have reported Rs 17.60 and Rs 10.90 lakh lost, respectively. However, in Bihar, Goa and Jharkhand have not reported a single Rs. loss.

In these cases from 2007 maximum number of people – 355 has been arrested till date. In these arrested people a maximum number of people were from Madhya Pradesh – 156. To prevent credit card frauds there is no strong step by banks and RBI. However, consumers have suggested by their opinions that banks can stop this to make a customer aware about each transactions.

A new Bank Bailout Plan unveiled last week may give new hope to distressed homeowners and communities. Treasury Secretary Tim Geithner recently announced the government’s plan to commit over $1 trillion in reforms aimed at rescuing the country’s financial system. The program would amend weaknesses in the bailout plan proposed by the Bush administration, and override other previous reforms.

Much of the funding would go into financing loan purchases and reviving the economy through increased lending activity. The key points of the program include:

Support for bank lending

The Treasury aims to advance the capital position of major banks to boost lending activity. This would entail a three-part process:

“Stress test”: Banks and financial institutions will be checked to ensure they have enough capital to keep lending, and whether they can survive future economic downturns. The government will tighten its rules on public disclosure of a bank’s holdings, and those with assets over $100 billion will be assessed individually.

“Capital Assistance Program”: The CAP will build on previous efforts by theTroubled Asset Relief Program (TARP), which has put $250 billion in capital purchases. The Treasury will continue to help banks rebuild their capital following the stress test, and take preferred shares in banks taking part in the CAP program. According to Geithner, this will serve as a buffer for banks that can benefit from increased lending.

“Financial Stability Trust”: The FST is a separate trust to hold the investments made by the Treasury under the program, and will be maintained by a group of fund managers.

Buying up troubled assets

This section is designed to help relieve banks of “toxic” or hard-to-sell assets and put more of their efforts into private lending. The goal is to buy up these assets using a combination of public funds and private capital, with the private sector taking charge of the price assessments. The costs of this goal are still uncertain, but the Treasury expects to generate up to $1 trillion from the investments.

Consumer and business lending

The Treasury also plans to restore the flow of credit by increasing lending in the consumer and business levels. This goal builds on the proposed Term Asset-Backed Securities Loan Facility (TALF), but will increase funding from $200 billion to $1 trillion in federal lending. Under the plan, the government will purchase securities backed by consumer and business loans, such as auto loans, small business loans and credit cards. The plan will put a premium on higher-quality securities to minimize losses for taxpayers.

Improved transparency and accountability

Banks and financial institutions who benefit from taxpayers’ money will be closely watched to ensure they don’t misuse public funds. Any companies receiving bailout funds will have to meet new requirements and operate under tighter restrictions. For instance, they will need to submit a plan for spending the government aid to increase lending, and upload monthly reports on the website www.financialstability.gov. Details of all transactions will also be posted on the website 5-10 days after each one is completed.

Companies receiving federal loans will also have to limit dividends to 1% per quarter until the debt is paid. Until then, they cannot re-buy private shares or buy up other banks without consent from the Treasury. A cap will also be imposed on executive pay for CEOs, and lobbyists will be banned to keep them from influencing the Treasury’s decisions.

Housing and foreclosure assistance

The new plan will lower interest rates to provide more affordable housing and reduce the risk of foreclosure. This program will cost $50 billion in the first weeks following implementation, during which loan modification guidelines will be established and existing programs will be adjusted. Under this plan, all companies receiving financial assistance will need to participate in the foreclosure mitigation plan (currently, only Citigroup and the Bank of America are taking part).

For homeowners, the government plans to spend $600 billion to buy up existing mortgage-backed securities from Fannie Mae and Freddie Mac. This will allow them to lower mortgage rates and make housing more affordable for families in distressed communities.

Small business lending

Small businesses and community lenders will also benefit from the bailout plan through lower borrowing costs and increased lending activity. Key elements will include buying up loans from the Small Business Administration (SBA), reducing fees, and increasing loan guarantees up to 90%.

Loan modification options

The new bailout plan may offer new options to homeowners seeking Loan Modification and other forms of mortgage assistance. Luckily, most loan modification companies have adjusted their programs to better comply with public policies. To know more about your options under this bailout plan, visit : http://www.cdloanmod.com/loss-mitigation-news

If you are looking for some mortgage lenders of America to help with your financial problem, you really need to consider some important aspects. This is because you will need to find a secure lender who will take care of you, your finances and your assets. You will also need to determine if they will not only take your money and then run away. Because of these, here are some of the mortgage lenders which has been gathered by Forbes and the other survey agencies:

Citigroup is the biggest financial service company throughout the world. Its total assets exceed $1 trillion, has over 200 million customers in more than a hundred countries and is even the largest issuer in the world of credit cards. The company has even survived the great Depression and has innovated through the mid 20th century. Although they have had their share of scandals in early 2000s, the company is still able to stay strong through its total solutions and unparalleled service.

The financial institution is on the top of Forbes list for the best mortgage company which handles bad credit. This might be because of its exceptional customer service which is being provided by the company. Aside from being able to do so, this corporate giant is complete with a huge support network which can ease its borrowers application and usage of mortgage loans. Because of this, Citigroup has an untarnished reputation among its customers.

After Citigroup, the Bank of America follows its lead, even though it is America’s leading bank. They are the number one financial institution which offers their customers small loans and mortgage services. The best thing about getting a mortgage in this institution is because they don’t have an application and closing fee. In addition, they also do not require private mortgage insurance. This bank has a close-on guarantee as well as a guarantee for the best value. Lastly, the Bank of America has a 24/7 support where customers can call so that they can ask the status of their application and even get real time updates on their status.

Next on the list is the major mortgage company in America, Wells Fargo Bank. Around the world, the bank has over a thousand branches. This might be due to the fact that their biggest contributor to their 2005 $33 million revenue is their mortgage lending. With regards to their assets, they are America’s fifth largest bank and the ninth largest throughout the world. The success of Wells Fargo Bank can be seen through over 23 million customers which they serve.

Aside from the ones mentioned, the other mortgage lenders of America which are included on the list of Forbes are Wachovia, Golden West Financial Corporation, BB & T, Banco Popular, M & T, Marshall and ILSLEY, Synovus Financial, and Amsouth Bancorp. If you are planning to get a loan, you might want to try going to the ones mentioned above.