Sharing financial records

14 December 2001, bank supervisors and legal experts of G10 central banks and supervisory authorities met at the BIS to discuss how to prevent the abuse of the financial system when it is used to finance terrorism, and, specifically, issues relating to the sharing of financial records between jurisdictions to assist in the fight against terrorism. The meeting provided an opportunity for participants to review international developments directed at terrorism, and to consider specific assistance that central banks and banking supervisors might provide. The participants discussed measures that had been taken in their jurisdictions to combat terrorist financing and surveyed mechanisms for the sharing of financial records between national jurisdictions. In many of the countries represented at the meeting, legislation has been or is in the course of being amended to provide for sanctions to deter terrorist activities, including measures to deter terrorist financing.

Superior Financial Group Initiative

Superior Financial Group was founded in 2005 to provide access to capital for Underserved Businesses utilizing SBA express products. One of only 13 federally licensed non bank lenders (SBLC) allows SFG to focus on innovation and technology to provide speed and efficiency in the Financial Industry. SFG is a leading SBA lender in total number of loans and in six of the Minority owned business groups SBA tracks.

* African American
* Women Owned
* Hispanic Community
* Native American.
* Veteran Loans
* Export Loans

To help support small business and its business members, the Sam's Club, a division of Wal-Mart Stores, Inc., (NYSE:WMT), announced it was testing an online program with Superior Financial Group, which would make $5,000 to $25,000 loans available to its members who qualify. In a November 2009 state of small business survey conducted by Sam's Club, nearly 15 percent of its business members reported being denied a loan to run their operation, up from 12 percent in April 2009. The Sam's Club launched a small business loan pilot program, the first-of-its-kind that would complement other offerings that cater to small business including low rate merchant credit card processing.

Loan calculator

Bankrate.com provides a FREE loan calculator and other loans calculators

American Prime Minister of Somali

American citizen of the Somalian origin, Mohamed Abdullahi Mohamed, was nominated the nations prime minister a few days ago by the president of the country. The new prime minister previously had a career as a Somali diplomat who served in Washington in 1985 - 1988.

Alphabetical list of South California cities

Temple City, Templeton, Thousand Oak, Thousand Oaks, Tiburon, Topanga, Torrance, Tracy, Tujunga, Tulare, Turlock, Tustin, Twain Harte, Twentynine Palms, Ukiah, Ukian, Union City, Upland, Victorville, Vacaville, Valencia, Vallejo, Valley Springs, Van Nuys, Venice, Ventura, Visalia, Vista, W Covina, W Sacramento, Walnut, Walnut Creek, Wasco, Watsonville, West Covina, West Hills, West Hollywood, West Sacramento, Westchester, Westlake Village, Westminster, White Water, Whitter, Whittier, Willits, Wimmetka, Winchester, Windsor, Winnetka, Winters, Wofford Heights, Woodland, Woodland Hills, Yorba Linda, Yuba City, Yucaipa, Wildomar, Yermo, Yucca Valley

Find more CA cities on the list.

How loan modification can hurt your credit score

Sometimes the credit damage in the mortgage modification process comes from a lack of coordination between the bank's loan mitigation department - which works with mortgage holders to modify their loans - and the foreclosure department.

For example, representatives in the bank's loan modification department often tell homeowners they must stop making mortgage payments before applying for a loan modification... Read more.

Loan Modification Could Cause Credit Score Crash

The Obama administration's loan modification program for borrowers who are making their payments on time but are near default could see a reduction in their credit score by 100 points. This will make it harder for these consumers to not only obtain any other kind of loan but could also affects one's ability to establish new employment, as credit is being used to judge consumers in just about every instance of life these days. Housing and credit counselors strike up the unfair band to support consumers facing this new hurdle as for most, this drastic and sudden decrease in credit rating usually comes as a surprise. Yes, you are reading correctly.

Consumer credit scores are being HURT by taking measures to do the right thing and abide by the man - The Obama administration Making Home Affordable program takes consumers through an enrollment process where the borrower enters a trial period and makes at least three payments. Once the mortgage company notifies the three big credit bureaus some people are finding their credit scores taking a dive. Delinquent borrowers do not have anything to worry about though. Your credit crashed when you fell behind on your loans. But for homeowners, who are having financial issues and still positively maintaining payments, a request for a loan modification is the credit bureaus first flag of trouble and those will result in a decline to your credit score. Of course the credit rating industry defends the practice and here is how: People who sign up for loan modifications would not be asking for help unless they were having severe money problems. Plain and simple.

Consumers just looking for a break, not falling behind, or just playing it safe…well shame on you for asking for help, right?! WRONG. Yes, consumers going into the program are understood and assumed to be in a financial bind and therein other lenders should be aware of that in case said consumer tries to obtain a loan from them. W O W…. The Obama administration acknowledges that enrolling in the program can hurt credit scores but justifies the means by reverting back to the fact that foreclosure as an alternative brings far more serious financial consequences for borrowers and their families. But wait; let us cover the really intriguing end of this financial path to purgatory. Those who enroll in the Obama program and are ruled ineligible take the hardest hit on their credit.

These poor people in financial duress who have sought government assistance have now been declined and further diminished their credit score, simply by making an effort to do the right thing. For the few and far who do get accepted into the Obama program and have their loans modified, their information will also be updated by the lenders to the credit bureau. The new status will stand moot on their credit report and a person could see their score increase eventually over time. Now homeowners are taking a hit on their credit rating for trying to get help before they fall delinquent. Really? Is the credit game something you want to continue playing in?

Do you really think it was designed for you to prosper over big banks profits? Unfortunately big banks are making it harder and harder for Joe Public to have, and now, maintain a good credit rating. At your current rates and minimum monthlies the average debtor will make 100 payments to pay off a debt of $2500 and wind up paying back 150 times more than what was actually charged in the first place. This is insane. Your best bet is to gamble on a debt free future. Stop using credit if you do not have to. Use credit for necessities as needed, not for wants or whines. You need a home but you do not need a pocket full of plastic. Start small; consolidate your retail accounts and gas cards.

Close them in a consolidation program, get a lower monthly payment with a lower interest rate and start paying back the debt you own, not the debt they have sown. Chop away at your credit debt with a nonprofit consolidation program and start your path to financial freedom. Speak to a certified credit counselor for a free debt consultation. Our nonprofit organization provides a confidential financial analysis covering your debt to income ratio, assets and liabilities, and a consolidation quote to see how we can help you be debt free.

About the author: by Michael J Brazier. These frequently asked questions will help you find a reputable nonprofit Debt Consolidation program where the counseling services will actually get you out of debt and improve credit over time.

How HAMP Proceeds

Currently there are approximately 170,000 borowers who have had their mortgage loan modified under Obama's Making Home Affordable plan, otherwize called HAMP (Home Affordable Modification Program) loan modification program. It's interesting enough that "more than three-quarters of homeowners who have had their monthly mortgage payments reduced under the Obama administration's primary foreclosure-prevention program still owe more on their mortgage than their house is worth" - huffingtonpost.com.

Anyway, other sources say that the home loan modification program is still continuing to see positive results, though not at the rate many troubled borrowers would hope.

"It’s for this reason that some homeowners have turned to refinancing their home loan, in the hopes of getting a lower mortgage payment. Mortgage interest rates are quite low at the present time and homeowners in good financial standing have been able to not only refinance and get a lower mortgage rate but also a lower mortgage payment", - rwbpress.com.