There’s no doubt the country is in dire economic straits, but if the media’s doom-and-gloom reporting sounds a little over the top at times to you, you’re not alone:
Seventy-seven percent of Americans believe that the U.S. media is making the economic situation worse by projecting fear into people’s minds. [emphasis added]
Last week when mortgage rates took a nose dive, financial news outlets across the country contacted HSH Associates for commentary and rate quotes concerning the steepest rate drop since February. In the past week, HSH has been quoted 12 times by major news sources — six alone on November 26 — the day after the conforming 30-year fixed rate dropped 29 basis points.
Be sure to click on and read the “HSH in the News” page of our blog, located in the top right-hand corner of the home page. The page is filled with links and clips of financial news articles from a variety of trusted sources.
PNC Corp. announced today that they will purchase regional bank National City Corp. for $2.23 a share, for a total of $5.2 billion. PNC has also announced their participation in the Troubled Asset Relief Program (TARP) today, as the Treasury Department plans on purchasing $7.7 billion of PNC’s preferred stock and warrants.
“The acquisition of National City will increase our core deposit base to $180 billion, making PNC the fifth largest U.S. bank by deposits. At a time when core funding is key, we see our deposit strength as an important success factor. Upon closing the transaction, we will implement our successful business model and execute our strategies for managing risk, achieving cost efficiencies and growing high-quality revenue streams,” said James E. Rohr, chairman and chief executive officer of PNC in a press release today.
HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.
