Tag: financial crisis
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FASB Rules Changes and My Mortgage
So, the Financial Accounting Standards Board (FASB) today changed the rules on bank accounting practices, specifically related to asset accounting. Banks can now report asset values that are not in line with current market values – essentially, they can say that your $200k house you bought a year ago that now has a market price…
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Wells Fargo corporate trips to Vegas
In the last few weeks, I’m really surprised to read this article. Wells Fargo, which has received approximately $25 billion dollars in federal funds, is “planning a series of corporate junkets to Las Vegas casinos this month” for some of the company’s “top mortgage officers”. The best part of this is the explanation a Wells…