The political current in Washington seems predisposed to wind down Fannie Mae and Freddie Mac. The drive is so strong that even a center-left group like the Center for American Progress has abandoned its support for some public-purpose entity. The climate is so hostile that supporting the GSEs, even in a very different and scaled-down orientation, is somewhat of a radical point of view.

The logic provided by the supporters of such a measure is that private investors will step in to buy mortgages on the secondary market. That (more…)

World Acceptance Corporation (more…)

I can agree that we need to address how Fannie and Freddie operate. It isn’t as if there is only one problem, either. The GSEs took on too much leverage. They started buying sub-prime mortgages. They had a finance structure that made no sense at all. It isn’t just a problem for people that want a mortgage, for shareholders, or for people that have been outgunned by GSE lobbyists. It is an issue that should concern anyone that pays taxes. Taxpayers have been forced to recapitalize the GSEs.

But even when all of that is acknowledged, the ongoing value of the GSEs is irrefutable. (more…)

Fifth Third offers free ATMs transactions. Fifth Third says that it will not charge fees for its customers in North Carolina when they use a competitor’s ATM. Fifth Third has plenty of ATMs in the state, but they still have far fewer than Bank of America. The offer does have some limits. It only applies to new customers and it only works for ten free (more…)

American Express says that it will offer a new prepaid debit card, but the card’s features are not competitive.

Amex has designed a card with some very unusual high-value benefits. The card comes with roadside assistance. The card has a rewards program. I can’t think of another prepaid product with those offerings.

Unfortunately, American Express isn’t providing basic features that make a prepaid card useful to an unbanked household. (more…)