27/Jul
2008

E-Gold pleads guilty to money laundering


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On Monday, the Nevis, West Indies, company, its founder and two senior directors all agreed to plead guilty to various charges related to money laundering and the operation of an unlicensed money transfer business. The agreement ends a nearly four-year investigation into the company and its digital currency service, which — because of the anonymity it provided account holders — became a popular method for cybercriminals to turn ill-gotten proceeds into clean cash.

“The operations of E-Gold Ltd. and the other defendants undermined the laws designed to maintain the integrity of our financial system and created opportunities for criminal activity,” Jeffrey A. Taylor, U.S. Attorney for the District of Columbia, said in a statement announcing the agreement. “Because of the successful prosecution of these defendants, digital currency providers everywhere are now on notice that they must comply with federal banking laws or they will be subject to prosecution.”

Under the terms of the agreement, E-Gold’s founder, Dr. Douglas Jackson of Melbourne, Florida, and two principal directors will plead guilty to charges of operating an unlicensed money transfer business, according to the statement released by the U.S. Department of Justice. Jackson will also plead guilty to conspiracy to launder money. Both E-Gold and its corporate affiliate Gold & Silver Reserve, a Delaware corporation, have also agreed to plead guilty to conspiracy to launder money.
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Written by admin, posted on Sunday, July 27th, 2008and is filed under Economy, Internet 
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31/May
2008

Home Equity Loans Offer an Opportunity to Be Debt Free


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By Ruth Stanhop

Getting home equity loans are fairly easy nowadays. If you are paying high rate of interest on secured loans, home equity loans can be a worthy option. Home equity loans are the loans secured against the equity in your home. Actually, equity means the value of your home after deducting your outstanding mortgage balance.

It is most likely that you might have built some equity in your home, if you have been a homeowner for quit some time. Now, you can borrow this money against this equity in the form of home equity loans. Homeowners often choose these loans as a way out to eliminate their credit card debts. Home equity loans have lower interest rates than most of the credit cards.

Popular features of home equity loans:

# Home equity loans are very popular because of low interest rate
# They provide an opportunity to finance a home improvement project
# It is a perfect opportunity for becoming debt free
# Your home equity loans is secured against your home’s equity , it is very likely that your application will approved by the lenders most aptly

Obviously, the amount that can be borrowed through such loans depends upon the value of you home. So, you should offer high equity collateral in case if you want to avail a low rate home equity loans.

However, it will be unwise to apply for home equity loans in presence of bad credit. On the contrary, a good credit history along with impressive collateral can ensure a good rate of interest.


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Written by admin, posted on Saturday, May 31st, 2008and is filed under Economy 
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28/May
2008

Capped Mortgages Overview


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Capped rate mortgages have variable interest rates that will not rise above a certain upper limit. The interest rate can rise or fall during the term of the mortgage, however it will not rise above the capped upper limit. This is designed to offer the borrower protection against hefty future interest rate rises.

Interest on capped rate mortgages is usually charged at the lender’s Standard Variable Rate (SVR) and any changes to this rate will affect the amount of monthly repayments due. The lender’s SVR normally rises and falls roughly in line with changes to the Bank of England Base Rate (BoEBR). The base rate is assessed each month by the Bank of England’s Monetary Policy Committee (MPC) and any changes to the rate are reflected in lenders’ SVRs shortly afterwards.

It should be noted that SVRs do not always rise and fall exactly in line with the BoEBR as it is at the discretion of the lenders to alter their Standard Variable Rates as they see fit.

While capped rate mortgages have variable interest rates, unlike other variable rate products, capped rate mortgages offer the borrower some protection against interest rate rises with the “cap”. The capped rate is an agreed upper limit that the SVR cannot exceed during the term of the mortgage, therefore any rises in the lender’s SVR below the cap will be passed on to the borrower, while any rises above the cap will not.

Conversely, any falls in the lender’s SVR below the cap will be passed on to the borrower, therefore reducing the amount of monthly repayments due. The borrower will therefore be protected against rises in interest rates above a certain point, but will benefit from any falls in interest rates.

…continue reading Capped Mortgages Overview » »


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Written by admin, posted on Wednesday, May 28th, 2008and is filed under Business, Economy 
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