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Capital One COF, or Capital One Financial Corp. Read More»From Wikipedia |
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are yesterday's news. Today's news? The souring credit of middle-class consumers. Credit-card giant Capital One Financial had to set aside $1.9 billion for bad loans in the fourth quarter, thanks to higher write-offs of auto and
Peter Gumble warned that a similar plague may soon afflict credit card companies. In October credit card giant Capital One Financial reported that the delinquency rate on credit cards for the third quarter of 2007 was 4.46 percent, up from 3
of job cuts: 1,600 at Accredited Home Lenders, a subprime-mortgage company based in San Diego; 1,900 at Capital One Financial ’s GreenPoint Mortgage unit; 6,000 at Tucson, Ariz.-based subprime lender First Magnus. Many real-estate professionals who
were shelved. This month, mortgage rates for borrowers with good credit have spiked, and credit-card giant Capital One Financial jacked up interest rates, citing "business and economic factors." The coup de grâce came on Tuesday, when Federal
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