credits

The Federal Reserve has issued a new report addressing regulators. The report was required by the Dodd-Frank Wall Street Reform and Consumer Protection Act focuses on the potential impact of credit risk retention requirements on securitization markets. 

"Consistent with the flexibility provided in the statute, the board recommends that rulemakers consider crafting credit risk-retention requirements that are tailored to each major class of securitized assets," the report said.

Facebook will be offering gift cards preloaded with Credits at retail stores across the United States. The first to offer the cards will be the Target supermarket chain.

The Facebook gift cards will be sold in the values of $15, $25 and $50 at all of Target's 1750 retail stores and at Target.com. The gift cards on display at Target were created by GMG Entertainment which also produces Apple's iTunes cards.

 Under the TALF, which began operation in March 2009, the Federal Reserve Bank of New York extended loans to investors in highly rated asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). By encouraging issuance of ABS and CMBS, the TALF was designed to increase credit availability and support economic activity.

Bank of America Home Loans has announced opening of a new customer outreach center in Dedham to serve customers in the Boston area and surrounding region, to solve the problems of customers  face to face.  

"While we have already assisted 13,000 Massachusetts homeowners with permanent modifications since January 2008, we recognize the need for additional outreach efforts in the area," said Glenda Gabriel, Neighborhood Lending executive for Bank of America Home Loans. 

Small businesses in the United States are not getting enough access to credit and the phenomenon is being reflected in dismal consumer spending trends, prominent banking analyst Meredith Whitney wrote in an opinion column on the Wall Street Journal's website.