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Bank Notes

Adam Rust's picture

Posted January 11, 2011

  • The Motley Food rated H&R Block as the "Worst Stock in the S & P 500," mainly on the news that they will offer free federal e-file returns. "How desperate has H&R Block become, if it needs to resort to coaxing taxpayers into its stores with free federal filing?" they ask. A contrary viewpoint would say that the market is already discounting their business. Block's fundamentals reflect a very low valuation. It is also worth mentioning that Jackson Hewitt is offering free preparation for basic federal returns (online).
  • The Colorado Attorney General's Office announced a settlement with Payday Everyday of Colorado. The Texas company operates the Payday Everyday of Colorado and FastBucks stores. The company deserves

    credit for innovative names, but they are going to have to pay $125,000 for compliance problems. Some of the penalties will go to their customers. The company cannot apply for a license for five years.

  • Fannie Mae changed its loan level pricing adjustment (LLPA) fee schedule. The LLPA imposes a series of fees on mortgage loans delivered to the GSE.  The new rules are effective beginning April 11, 2011. The new rule increases the number of mortgage loans that will have an LLPA fee. It extends an LLPA to loans with LTVs as low as 65 percent or to loans with a CLTV of 80 percent.
  • The Kardashian sisters are so busted....Revenue Resources Group says that they want the sisters to pay $75 million for failing to fulfill their contractual commitments relative to Kardashian Kard. The sisters apparently were obligated to make appearances for the next three years, as well as including the Kard in all of their public events.