Capital One and Thornburg lose $1.8bn (Financial Times)
For many consumers, the ability to manage their funds more closely and spend only available funds makes debit card payments preferable to credit card transactions. The possibility for debit card fraud is similar to that of payment by paper checks and ACH (wherein consumers provide a third party with their bank routing transit number and checking or savings account number), although many card issuers now offer debit card users the same zero liability protections provided for credit card transactions.
Capital One and Thornburg lose $1.8bn (Financial Times)
The US mortgage meltdown continued to spread on Monday as two big lenders announced expected losses of a combined $1.8bn. Capital One Financial , one of the largest US credit card providers, said it would close its wholesale home lending unit, GreenPoint Mortgage, and take an after-tax charge of $860m, most of it coming this year.
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Discover(R) Financial Services Recommends Rejection of Mini-Tender Offer by TRC Capital (Business Wire via Yahoo! Finance)
RIVERWOODS, Ill.----Discover Financial Services announced today that it has been notified of an unsolicited mini-tender offer by TRC Capital Corporation to purchase up to four million shares of Discover's common stock, representing less than 1% of the shares of common stock outstanding.
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Discover Warns Against "Mini-Tender" (AP via Yahoo! Finance)
Discover Financial Services urged shareholders Monday not to sell stock to TRC Capital Corp., which is offering to buy the credit card operator's shares at below-market prices.
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Credit Ranking: How Do Online Card Purveyors Measure Up? (E-Commerce Times)
If you're looking for a credit card and a pleasant experience on the Web, the place to go is Capital One -- at least, according to Web site evaluation firm Change Sciences Group. That's because when it comes to credit card cyber-stops, the "What's in your wallet?" folks have created a site that's easy to use, informative and persuasive, the group said.
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Capital One Closes Wholesale Mortgage Unit (FinanzNachrichten)
MCLEAN, Va., Aug. 20 /PRNewswire-FirstCall/ -- Capital One Financial Corporation ( Nachrichten ) today announced that it will cease residential mortgage origination operations at its wholesale mortgage banking unit, GreenPoint Mortgage, effective immediately.
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Bill Nygren Buys Best Buy Co. Inc., Fedex Corporation, Capital One Financial Corp., Adds to Home Depot, Sells Echostar ... (Guru Focus)
Bill Nygren likes to buy stocks with low P/E ratios, but he is also very cautious of not buying into a value trap.
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Stocks to Watch: Affiliated Computer Services, Target (Fox News)
Among companies expected to see active trading in Tuesday's session are Affiliated Computer Services, Target Corp., and Capital One Financial Corp.
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Fitch: U.S. Credit Card ABS Issuance Trusts Updated for July (Business Wire via Yahoo! Finance)
NEW YORK----Fitch Ratings today updated its U.S. credit card ABS issuance trust updates for the month of July for the following issuers: American Express Issuance Trust; BA Credit Card Trust; Capital One Multi-asset Execution Trust; Chase Issuance Trust; Washington Mutual Master Note Trust .
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Business briefs (Chicago Sun-Times)
Sentinel Management Group Inc., the Northbrook cash-management firm that froze client withdrawals last week and then filed for bankruptcy, was sued by the Securities and Exchange Commission Monday for allegedly lying to investors and misappropriating their assets.
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U.S. stock futures turn higher amid hopes of Fed rate cut (MENAFN)
U.S. stock futures turn higher amid hopes of Fed rate cut
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Capital One and Thornburg lose $1.8bn (Financial Times)
Furthermore, consumers should keep a list of phone numbers to dial credit card issuers in case of a lost credit card or suspected fraud. And, finally, the Fed recommends that consumers only use their credit card with online merchants they trust, never providing credit card information via e-mail or entering credit card into a website they do not trust. Credit card users should look for a lock icon or an address that begins "https" to ensure the website is secure.
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