Central Pacific posts record loss of $183M Oct 31, 2009
During the quarter, the company said it issued $334 million in new residential mortgage loans. Year-to-date, the bank originated $1. (Honolulu Advertiser)
* Perngs warning spooks local bourse Oct 30, 2009
2 percent of these mortgage loans had become nonperforming. In accordance with Article 72-2 of the Banking Act (k), domestic banks are barred from granting more than 30 percent of their total deposits, including proceeds from the issuance of debts, to home borrowers and construction firms. (Taipei Times, Taiwan -- World)
EU 'to back Northern Rock split' Oct 28, 2009
Earlier this year Northern Rock said it would slow down its previous plan, which had been to raise money by redeeming its mortgage loans as fast as possible. At the government's behest it has now agreed to start expanding its lending again, by an extra 14bn worth of mortgages in the next two years. (BBC News -- UK)
Survey indicates hiring may increase Oct 27, 2009
Hurt by rising losses on mortgage loans, the company listed total debt of $21 billion and assets of $20. 1 billion in its Chapter 11 filing yesterday in Delaware bankruptcy court. (Honolulu Advertiser)
Subprime home mortgages back to pre-crisis levels: Fed Oct 27, 2009
Subprime borrowers, usually lacking good credit histories, find it nearly impossible to obtain mortgage loans from mainstream lenders. Since the January-March period last year, "increased FHA (Federal Housing Administration) lending... has revived this segment of the market," Krainer said. (Sydney Morning Herald -- Business)
Summit State Bank Reports Third Quarter Profit and Declaration of Dividend Oct 27, 2009
Residential home mortgage lending has been minimal over the past several years and the Bank has not made loans that would be classified as subprime mortgage loans. "We continue to promote our customer service standards and gain new customer relationships. We utilize product pricing models that reward customers with deep relationships," said Mr. Duryea. (Primezone Releases)
Sub-prime home mortgages back to pre-crisis levels, says Fed Oct 27, 2009
" onclick="Next();" src="/images/butt_next. has revived this segment of the market," Krainer said. "After plummeting in early 2008, the share of borrowers with FICO credit scores lower than 660 has returned to just higher than 20 percent, the same share as when sub-prime securitisation peaked in 2006," he said. FICO is a company that developed a popular scoring system for assessing credit risk. Sub-prime loans are usually classified as those where the borrower has a FICO score below 660. The... (Channelnewsasia.com)
Capmark files for bankruptcy protection Oct 27, 2009
Capmark has been hurt by rising losses on mortgage loans, and has had to foreclose on properties such as the Equitable Building in Atlanta because borrowers were not able to make loan payments. In its bankruptcy filing Sunday in Delaware bankruptcy court, the company listed total debt of $21 billion and assets of $20. (MSNBC -- Business)
FirstBank boosts Q3 earnings Oct 27, 2009
FirstBank doesn't make, hold or purchase subprime mortgage loans or securities, which helped it avoid the credit losses that other banks have faced. During the third quarter, FirstBank opened a new branch location in Surprise, Ariz. (Denver Business Journal, CO)
B&B plays down sell-off option Oct 27, 2009
B&B explained that its assets included 40bn of mortgage loans, 60% of which were to buy-to-let borrowers. It also has 10bn of assets consist of cash and other capital. (BBC News -- Business)
Capmark Financial Files for Bankruptcy Protection Oct 26, 2009
Capmark has been hurt by rising losses on mortgage loans, and has had to foreclose on properties such as the Equitable Building in Atlanta because borrowers were not able to make loan payments. In its Chapter 11 filing Sunday in Delaware bankruptcy court, the company listed total debt of $21 billion and assets of $20. (ABC News -- Wire)
Past credit disputes can kill mortgage loans Oct 26, 2009
Sunday, October 25, 2009. (10-25) 04:00 PDT WASHINGTON. (San Francisco Chronicle)
Real estate lender Capmark files for bankruptcy Oct 26, 2009
Capmark has been hurt by rising losses on mortgage loans. In its Chapter 11 filing Sunday in Delaware bankruptcy court, the company listed total debt of $21 billion and assets of $20. (MSNBC -- Business)
Realty investment simple for NRIs Oct 24, 2009
Even select foreign banks in the private sector provide home and mortgage loans to NRIs. Repayment should be made by way of inward remittance through normal banking channels or by debit to the NRE, FCNR (B) or NRO account, or out of rental income derived from renting out such property. (India Times)
Judge sides with real-estate regulators Oct 24, 2009
Toll s department is investigating Acclaim and other mortgage lenders for possible wrongdoing, particularly allegations of making mortgage loans without the required license. Madden s ruling also has a big impact on other state agencies that rely on bank subpoenas in their investigations, according to DORA. We are happy that the court struck a balance between an individual s right to privacy with the need to protect unsuspecting consumers from ; scams and fraud, Rico Munn, DORA s executive... (Denver Business Journal, CO)
* Hong Kong targets surge in luxury property prices Oct 24, 2009
But what were concerned about is, given the very sharp rise in prices in this top segment of the property market, the risk, or credit risk, to these mortgage loans to these properties has increased. . (Taipei Times, Taiwan -- World)
The Consequences of Unpaid Student ... Oct 24, 2009
Mortgage Loans and Unpaid Student Loan Debt. Individuals with unpaid student loan debt will have an injured credit report--especially if the unpaid debt has resulted in a judgment. (Suite101.com)
Loan woes, TARP payments keep Huntington in red Oct 23, 2009
15 percent of Huntington s mortgage loans in the quarter, up from 1. 56 percent in the second quarter. (Columbus Business First, OH)
Calif. Campaign Against Loan Modification Misconduct Claims 3 Attorneys' Licenses Oct 23, 2009
In most cases, the lawyers who received complaints were accused of accepting fees but not doing the modification work on mortgage loans ... In recent months, Parsa has been advertising his legal services to help homeowners facing foreclosure modify their mortgage loans, the Bar said. (Law.com)
Meridian Interstate Bancorp, Inc., Reports Results for the Three and Nine Months Ended September 30, 2009 Oct 23, 2009
3 million of residential mortgage loans, and $2. 5 million of other loans. (Primezone Releases)
MBT Financial Corp. Announces Third Quarter 2009 Results Oct 23, 2009
MBT FINANCIAL CORP. CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED Quarter Ended Nine Months Ended Dollars in thousands September 30, September 30, (except per share data) 2009 2008 2009 2008 ------------------------------------------------------------------- Interest Income Interest and fees on loans $13,229 $15,689 $39,994 $47,888 Interest on investment securities- Tax-exempt 837 844 2,579 2,477 Taxable 3,544 4,558 11,872 14,312 Interest on balances due from banks 30 -- 57 -- Interest on... (Primezone Releases)
ARM Mortgage Loans - Pros and Cons Oct 22, 2009
Do Adjustable Rate Mortgage Loans Mean Lower Home Mortgage Payments ... Advantages of ARM Mortgage Loans ... Disadvantages of ARM Mortgage Loans. (Suite101.com)
Eagle Bancorp, Inc. Announces $2.1 Million 3rd Quarter Net Income Available to Common Shareholders and a 20% Decline in Nonperforming Assets in the 3rd Quarter Oct 22, 2009
Net charge-offs in the third quarter of 2009 were attributable to charge-offs in the unguaranteed portion of SBA loans ($107 thousand), commercial and industrial loans ($631 thousand), consumer loans ($258 thousand), mortgage loans ($391 thousand), and commercial real estate investment property loans ($186 thousand), and owner occupied commercial real estate loans ($6 thousand) ... 1 million), consumer loans ($380 thousand), mortgage loans ($391 thousand), and commercial real estate investment... (Primezone Releases)
Net income drops at Renasant Oct 22, 2009
Gains from the sale of mortgage loans increased $480,000 to $1. 8 million for the third quarter as compared to $1. (Birmingham Business Journal, AL)
READ: Wells Fargo's press release Oct 22, 2009
In addition, the Company continues to explore the sale of certain interests held in securitized residential mortgage loans, which would be expected to reduce further the amount of incremental GAAP assets and incremental risk-weighted assets ... Several factors could cause actual results to differ materially from expectations including: current and future economic and market conditions, including the effects of further declines in housing prices and high unemployment rates; our capital... (USA Today -- Money)
Mass. foreclosures continue decline Oct 21, 2009
Still, he said foreclosure deeds will likely remain steady for the next few years as people struggle with unemployment and homes worth less than the balance on their mortgage loans. Even if the economy improves dramatically, we will still have serious problems, said Willen. (Boston Globe)
Flushing Financial Corporation Reports 2009 Third Quarter Earnings Increase of 65% to $0.33 Per Diluted Common Share; Core Earnings Increase of 3.7% to $0.28 Per Diluted Common Share Oct 21, 2009
This increase in non-performing loans primarily consists of mortgage loans collateralized by residential income producing properties located in the New York City metropolitan market. Prior to 2009, the Bank had recorded minimal losses on mortgage loans ... This increase in non-performing loans primarily consists of mortgage loans collateralized by residential income producing properties that are located in the New York City metropolitan market. (Primezone Releases)
Dearborn Bancorp Reports Third Quarter Results Oct 21, 2009
DEARBORN BANCORP, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Dollars, in thousands) 09/30/09 12/31/08 09/30/08 ---------- ---------- ---------- ASSETS Cash and cash equivalents Cash and due from banks $ 17,330 $ 11,671 $ 15,744 Federal funds sold 6,206 4,455 14,281 Interest bearing deposits with banks 117,732 36,876 33,146 ---------- ---------- ---------- Total cash and cash equivalents 141,268 53,002 63,171 Mortgage loans held for sale 1,449 1,834 281 Securities,... (Primezone Releases)
Pagliuca seeks clearer oversight of companies Oct 21, 2009
Obama has pushed a major overhaul of financial industry regulations, including creation of a consumer financial watchdog agency that would oversee products such as credit cards and mortgage loans. He also proposed new regulations on complex derivatives, which helped precipitate the meltdown on Wall Street last year. (Boston Globe)
Real Estate Insiders Blog Oct 21, 2009
She has served on the Board of Directors for the Puget Sound Mortgage Lenders Association and has achieved the highest level acknowledgements including the Tommy Ridenour award, numerous Top Producer awards, Chairman's Circle awards, Diamond Club awards, originating more than 600 mortgage loans annually. Because of Michelle's local and national accomplishments, she has been asked to speak at numerous mortgage events around the country and has published columns in industry related periodicals. (KIRO TV, WA)
Lessons from past and outstate economy helping Minn. S&Ls Oct 20, 2009
Savings-and-loan institutions, also known as thrifts, specialize in savings deposits and making home mortgage loans. By law, thrifts must have at least 65 percent of their loan portfolios in home mortgages and other consumer loans. (Twin Cities Business Journal, MN)
Second Federal has to hike capital to deal with loans Oct 20, 2009
(Crains) Federal regulators are ordering a Little Village thrift known for its groundbreaking mortgage loans to undocumented immigrants to beef up its capital levels as loan delinquencies mount. The Office of Thrift Supervision on Oct. 13 added the capital requirements to an existing cease and desist order imposed this year on Second Federal Savings Assn. of Chicago, a $251-million-asset lender with branches in the Southwest Side neighborhoods of Little Village and Brighton Park, as... (Crain's Chicago Business)
Paul Krugman: Banks got bailouts, but what happened to financial reforms? Oct 20, 2009
In the first phase of the crisis, Main Street was punished for Wall Street's misdeeds; now broad economic distress, especially persistent high unemployment, is leading to big losses on mortgage loans and credit cards. And here's the thing: The continuing weakness of many banks is helping to perpetuate that economic distress. (Sacramento Bee -- Opinion)
Change in appraisals causing uproar Oct 19, 2009
The aim: to reduce the pressure on appraisers to produce the sort of inflated home values that helped justify ever-bigger home prices and mortgage loans in once white-hot markets like metro Atlanta. Instead, say critics like Alexander, who is president of the Georgia Association of Mortgage Brokers, the change has resulted in many faulty value estimates. (Atlanta Journal-Constitution -- Business)
Could gold be next bubble to burst? Oct 18, 2009
That money made it easy for millions of Americans - even those without good credit or money for a down payment - to get mortgage loans because global institutional investors were eager to buy the high-yielding securities the mortgages were packaged into. Before last year's financial crisis, China had amassed $376 billion in long-term U.S. agency debt, mostly in assets issued or backed by mortgage-finance giants Freddie Mac and Fannie Mae. (Athens Banner-Herald)
Teachers fuel fall in Fresno Co. jobless rate Oct 17, 2009
Almost 15% of the mortgage loans in Fresno County are at least 90 days delinquent, state and local government payrolls are down 3. 7% over the last year, and the number of people looking for work sharply exceeds available jobs. (Fresno Bee -- Local)
Bank of America posts $2.2 billion quarterly loss Oct 17, 2009
It charged off about 2 percent of residential mortgage loans and 5 percent of home equity loans. Small-business was another problem area, with charge-offs totaling more than 17 percent. (Fresno Bee -- Lifestyle)
Keeping Mortgage Loans in the Family Oct 17, 2009
REALTOR Magazine Online: The real estate professional's business support tool. YOUR INTERACTIVE MAGAZINE REALTOR.ORG/realtormag. (Realtor Magazine Online)
Home sales up, prices still down in Sept. Oct 16, 2009
"The sales mix is still lopsided, tilting toward the low end, and lending institutions are only making really safe mortgage loans. For those who can buy, there are some very attractive opportunities. But it still looks like a lot of normal supply-and-demand activity has been put on hold until the economy comes back.". In Santa Clara County, sales were reported up 18. (San Jose Business Journal, CA)
Guaranty Federal Bancshares, Inc. Announces Third Quarter 2009 Financial Results Oct 16, 2009
45% of gross loans outstanding (excluding mortgage loans held for sale). The Company recognized $314,000 in gains on sales of fixed rate loans during the quarter (compared to $208,000 for the prior year quarter). (Primezone Releases)
Banks coming to the party Oct 14, 2009
"Banks have to lend in order to make profits. After a prolonged period of almost no lending, the 'green shoots' of the recovery have encouraged banks to start actively canvassing for mortgage loans once again and nowhere is this more evident than in Standard Banks decision on 28 August to once again offer the major bond originators contracts. Doing without originators is suicide "Standard Bank had originally decided to do without originators. This might have made sense when cash was... (iAfrica.com)
Residential mortgage shakeup Oct 14, 2009
In 2007, the largest D-FW area lender was Countrywide Home Loans, with almost 32,000 mortgage loans originated in the area, representing $4. 5 billion in loan volume. (Dallas Business Journal, TX)
Magic Numbers in Politics: Part II Oct 14, 2009
Administrations of both political parties, going back as far as the 1920s, have from time to time pushed the idea that a higher percentage of people owning their own homes is a "good thing," completely ignoring such repercussions as rising foreclosure rates in the wake of extending mortgage loans to people who are unlikely to be able to keep up the payments. One of the other magic numbers that is popular in politics is the average miles per gallon of gas that cars are supposed to get, in order... (Townhall.com)
FHA loans, and defaults, spike in metro area Oct 13, 2009
Defaults and foreclosures of loans in the Twin Cities have increased five-fold in the two years since the real estate bubble burst as higher-risk lenders turned to the government-backed mortgage loans. For the two years ending June 30, 3. (Twin Cities Business Journal, MN)
GOP uses ACORN to fight redlining law Oct 13, 2009
The 1977 Community Reinvestment Act was intended to end redlining, in which banks, in effect, walled off many inner-city neighborhoods from mortgage loans. But some GOP lawmakers say it has outlived its purpose and is being used inappropriately by ACORN to shake down banks for money. (Athens Banner-Herald)
Stock questions? Ask Matt Oct 12, 2009
Washington Mutual's stock collapsed as the bank strained under the weight of bad mortgage loans. The company was then forced by the government to merge with JP Morgan Chase. (USA Today -- Money)
JPMorgan, others to pay $100M settlement Oct 11, 2009
American Business Financial Services, which packaged subprime mortgage loans into securities for investors, filed for bankruptcy in January 2005. With interest, its debts exceed $1 billion, Coren said. (The Star Online, Malaysia -- Business)
Flood of foreclosure resales overshadow housing data Oct 11, 2009
It's far less clear where the Valley is overall in terms of working through troubled "jumbo" mortgage loans, which are difficult to refinance because they are too large to secure a government guarantee of repayment. It's likely foreclosures on more-expensive homes - those priced above the Federal Housing Administration limit of $346,000 - will take longer to purge from the housing market, in part because they will be much harder for lenders to sell. (AZCentral -- News)
Wachovia Borrowers See Foreclosure Delays Oct 9, 2009
Central to Wachovia's demise, and now Wells Fargo's future, are what Wachovia called Pick-A-Pay mortgage loans. Wachovia at one point held more than $120 billion of these risky negative amortization loans, which offer borrowers the option of paying less than the loan's interest every month, which increases the loan's balance. (SmartMoney)
Federal official vows financial oversight Oct 9, 2009
The demise of mortgage loans featuring high interest rates with little or no down payments. Fewer credit cards issued at low interest rates but carrying frequent and high penalty fees. (AZCentral -- Business)
C.B. 10 talks racino and foreclosures issues Oct 9, 2009
The plan, which is available to owner-occupants of one- to four-family homes, allows qualified homeowners to either modify or refinance their mortgage loans. There are no income limits, but the mortgagee must be able to afford loan payments going forward. (Queens Chronicle, NY)
Credit card debt down in September Oct 9, 2009
Other categories of consumer debt fell, too home mortgage loans and auto loans except for student loan debt, which rose to $26,295 for the average consumer in September, up from $26,080 in August. Four states had double digit drops in credit card debt since June. (New Mexico Business Weekly, NM)
Evidence big four are among the crisis winners Oct 8, 2009
The key area of competition concern was Challenger's three mortgage broker platforms, which provide wholesale mortgage loans and administrative services to 40 per cent of the nation's mortgage brokers. The ACCC reached the obvious conclusion, however: if mortgage brokers are unhappy with NAB, there are other platforms they can move to. (Sydney Morning Herald -- Business)
Report warns of reverse mortgages' dangers Oct 8, 2009
Twomey acknowledged that most of the data is "anecdotal at this point" and there was no statistical data to quantify how many reverse mortgage loans were made inappropriately. In recent years, the market for reverse mortgages, particularly the federally backed Home Equity Conversion Mortgage has taken off in popularity, as strapped homeowners look for additional financial sources. (AZCentral -- Business)
Government will pay for reverse mortgages abuses Oct 8, 2009
"HUD now has been assigned more than 1 billion in reverse mortgage loans, including 380 million in 2008. More than a third of what HUD is on the hook for came in the last calendar year. That gives an idea of the tremendous recent growth. If this growth is allowed to continue, then we are going to see a substantial risk to the federal government," McCaskill said. There are now 2,700 firms in the United States selling reverse mortgages and 1,500 of them made their first loans last year, she said. (Fulton Sun, MO)
Midwest BankCentre lending under fire Oct 6, 2009
But beginning in 2004, Midwest BankCentre said it changed the manner in which it processed and reported the mortgage loans it originates. Since 2004, loans originated by the bank to minorities have continued to increase, not decrease, Midwest BankCentre said. (St. Louis Business Journal, MO)
Report: 1 In 3 Loan Applications Denied Oct 1, 2009
Lenders Make It Difficult For Borrowers To Get Mortgage Loans. ALAN ZIBEL, AP Real Estate Writer. (KSBW 8, CA)
Governments' contingent liabilities: Fiscal iceberg Oct 1, 2009
Mr Pinto predicts that the federal government will sustain $300 billion in credit losses on mortgage loans between now and 2012, and that the FHA will need a bailout. The agency dismisses such talk but concedes that its reserves are about to fall below its statutory minimum. (The Economist)
Credit slides to lowest in 43 years Oct 1, 2009
Growth in mortgage loans continued to fall - to 5. 64 percent from 6. (Business Report, South Africa)
Napoli Bern Ripka LLP Wins Another Arbitration Against Morgan Keegan Oct 1, 2009
Despite these representations, the RMK Funds invested in mortgage-backed securities, many of which contained sub-prime mortgage loans and collateralized debt obligations. In six short months these funds dropped in value by over 70. (Primezone Releases)
The right keeps getting it wrong Sep 30, 2009
(snip)"...Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from... (Coos Bay-North Bend The World, OR)
Blame Barney Frank If a Pool Isn't in Your Future: Amity Shlaes Sep 30, 2009
As recently:If in fact residential mortgage loans were made only by banks or thrifts or credit unions, then we would not have a subprime crisis. . (Bloomberg -- Columnists)
LETTER: Government reigning in private sector blunders Sep 30, 2009
RAK wrote on Sep 26, 2009 7:35 PM:" "Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits. "-NYT 1999So the Go'vt is 'reigning in blunders' that it helped create. ". (Mattoon Journal-Gazette, IL)
Large-loan bank losses triple to $53 billion... Sep 26, 2009
While the economic downturn was first pegged to residential mortgage loans, banks and lenders are now having problems with commercial real estate. The report, called the Shared National Credits Review program, is prepared and jointly released by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision. (The Drudge Report)
Large-loan bank losses triple old record, hit $53B Sep 26, 2009
While the economic downturn was first pegged to residential mortgage loans, banks and lenders are now having problems with commercial real estate. The report, called the Shared National Credits Review program, is prepared and jointly released by the , the , the Office of the Comptroller of the Currency and the Office of Thrift Supervision. (USA Today -- Money)
