Bank downgrades threaten loans and credit cards
New York banks face likely higher fees and tighter lending as 15 major banks receive downgrades. While deposits remain insured up to $250,000, consumer costs could rise with checking charges, monthly statements, and other service fees. Experts warn banks will seek revenue from customers amid tighter regulation and reduced trading income.
MENTIONED IN THIS ARTICLE
New York
Jim Nadler
Kroll Bond Ratings Agency
Federal Deposit Insurance Corporation
Stanley J.G. Crouch
Money Manager
Aegis Capital
Obama courts Latino voters at Disney, presses immigration reform
Obama addressed a Latino audience at Lake Buena Vista Florida urging an overhaul of immigration laws and a path to citizenship for young unauthorized immigrants. He criticized Romney for opposing the DREAM Act and cited the president's recent deportation relief as a stopgap measure. Romney argued for a civil but resolute approach to illegal immigration, appealing to Hispanic voters.
MENTIONED IN THIS ARTICLE
Lake Buena Vista
Fla
Barack Obama
America
Mitt Romney
Obama
United States
National Association of
Disney World
Romney
Association
Stocks bounce back after big loss
The market regained ground after a sharp session, with Dow up 67.21 at 12,640.78 and Bank of America rising 1.5 percent to 7.94. JPMorgan Chase and others gained as Moody's cut ratings softened uncertainty, with S&P 500 +9.51 to 1,335.02 and Nasdaq +33.33 to 2,892.42, led by information technology.
MENTIONED IN THIS ARTICLE
New York
Bank of America
Jpmorgan Chase
Moody’s
Dow Jones
Standard & Poor
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