In mayor's race, personal budget styles vary Jun 22, 2009
City Councilor Michael F. Flaherty had the highest earnings last year of any Boston mayoral candidate, but he also is carrying by far the heaviest debt load, well over $900,000 in outstanding balances on mortgage loans. If he is elected in the fall, giving up his lucrative law practice will reduce his income significantly, Flaherty said in an interview. (Boston Globe)
Most NBFCs under slowdown pressure Jun 22, 2009
As there is a great shortage of dwelling units in India, the demand for mortgage loans is expected to remain intact 00004000 in future. Infrastructure finance companies - IDFC and SREI Infrastructure Finance, however, reported drastic fall in their bottom line in the March quarter. (India Times)
CHRIS DODD'S OTHER PROBLEM Jun 22, 2009
That's the same Chris Dodd who "just happened" to get sweetheart mortgage loans as a "Friend of [Countrywide Financial founder] Angelo [Mozilo]" -- a relationship that is the subject of a Senate Ethics Committee probe. That's the same Dodd who "just happened" to buy out a friend's share of an Irish cottage -- for well below what should have been the appraised value. (New York Post -- Opinions)
The Future of Fannie and Freddie: Chief Says Government Ownership Is Bad Jun 20, 2009
Fannie and Freddie now back nearly 70% of all the mortgage loans made this year, a sign that the two companies have been active in helping people get new loans or refinance existing ones. And mortgage rates, though up recently, are down from where they were when the companies were taken over, a further indication that their added liquidity is helping. (Time.com)
Stocks push higher after lackluster week Jun 20, 2009
The online brokerage and bank is trying to raise capital to shore up its balance sheet, which has been hit losses on mortgage loans. The stocks fell 21 cents, or 14. (Atlanta Journal-Constitution -- Business)
ALL BUSINESS: More transparency needed from Fed Jun 20, 2009
1 billion of its first mortgage loans. That means creditors will likely have to take a haircut. (Yahoo News -- Press Releases)
Public Information Notice: IMF Executive Board Concludes Article IV Consultation with The Bahamas Jun 19, 2009
Banks have proactively restructured troubled consumer and mortgage loans, and the central bank has enhanced monitoring. Negative spillovers from the offshore financial sector to the domestic financial sector appear limited so far, due to exchange controls and restrictions on net open foreign exchange positions of domestic banks. (IMF News)
Buttonwood: Not so fast Jun 19, 2009
Delinquencies on American mortgage loans are still rising: the seasonally adjusted rate in the first quarter was higher across all categories. European banks may still need to write down another $283 billion of assets this year and next, according to the European Central Bank. (The Economist)
Australia's Reserve Bank Says Cash Rate Influence on Bank Costs Weakened Jun 18, 2009
1 percentage point, and raised rates on its three, four and five-year fixed mortgage loans. To contact the reporter on this story: in Sydney at. (Bloomberg -- Australia & New Zealand)
BORROWING 'TIL THE NATION BREAKS? Jun 17, 2009
The more Washington borrows from that pool to finance its debt, the lower the amount left for small business loans, mortgage loans, car loans or student loans. This is why interest rates are spiking -- and will continue to spike. (New York Post -- Opinions)
Obama unveils plan to reform finance rules Jun 17, 2009
WASHINGTON - The Obama administration Tuesday night detailed a series of proposals that would involve the government much more deeply in the private markets, from helping to steer consumers into affordable mortgage loans to imposing new limits on the largest financial companies, in a sweeping effort to prevent the kinds of risk-taking that produced the economic crisis ... The proposed Consumer Financial Protection Agency would have broad authority to regulate the relationship between financial... (AZCentral -- News)
NACA to add more than 1,000 jobs in Charlotte Jun 16, 2009
It currently employs about 100 workers in Mecklenburg County to originate and process mortgage loans. Under the five-year state incentive agreement, the organization plans to add 550 jobs immediately. (Charlotte Business Journal, NC)
Its Finished, John Lanchester, The London Review of Books Jun 16, 2009
HBOS says it is making allowance for 18 per cent of its mortgage loans to go into default. These werent for the most part the super-risky 125 per cent loans which helped destroy Northern Rock, just ordinary mortgages on ordinary, wildly overvalued British homes, which have at the time of writing fallen in value by about 20 per cent, and have an unquantified amount still to fall. (Harper's Magazine)
LCCU opens Garner branch Jun 16, 2009
The new office, at 4418 Fayetteville Road, will offer transaction services, deposit products, money transfers and auto, consumer and mortgage loans. In addition, the credit union says, the office will help clients apply to the IRS for tax identification numbers. (Raleigh Triangle Business Journal, NC)
Tenth Colorado bank borrows through TARP Jun 16, 2009
Meanwhile, Aurora Loan Services LLC of Littleton has received $798 million so far through another U.S. Treasury program that provides incentives for lenders to modify home mortgage loans held by struggling borrowers. denvernews@bizjournals. (Denver Business Journal, CO)
Accusing Angelo Jun 6, 2009
The SEC alleges that the three Countrywide executives deliberately misled investors about the risk of its mortgage loans souring as it aggressively built market share. It was, according to the complaint, a tale of two companies : In public, Mr Mozilo praised the quality of his firm s loans, describing Countrywide as a role model to others in terms of responsible lending ; in private, he is described as having become increasingly alarmed at the poor quality of the mortgages and their chances of... (The Economist)
China Construction Bank Corporation Holds Grand Opening Celebration of New York Branch Jun 6, 2009
CCB ranks first among banks in China in terms of medium and long term capital construction loans and personal residential mortgage loans. As of the end of the first quarter of 2009, CCB's total assets were approximately USD$1. (PR Newswire)
In English, Please: Into the Weeds Jun 6, 2009
Continuing job cuts among loan underwriters suggests banks will be constraining lending and mortgage loans / modifications will either be tougher to get or take longer. The soaring unemployment rate among college graduates. (Fox News)
Reserve Bank warns about home loan 'complacency' Jun 6, 2009
Overdue mortgage loans rose 5 ... Overdue mortgage loans as a proportion of total home loans increased to 1. (Business Report, South Africa)
Concerned home buyers flock to fixed-rate loans Jun 6, 2009
While variable rates on mortgage loans depend on the credit profile of the client, the size of the loan and the size of the deposit, the benchmark mortgage rate is currently 15 percent. The monthly repayment on a R500 000 mortgage over 20 years has risen by R1 592 to R6 584 in the two years since rates began to rise. (Business Report, South Africa)
Public asked to help monitor life on earth Jun 5, 2009
Call us now for debt consolidation, life insurance and mortgage loans. Eco friendly termite control service. (Yahoo News -- Technology)
Nine accused in $92 million New York mortgage fraud Jun 5, 2009
To finance the projects, the defendants are accused of staging sales of the properties financed by mortgage loans. Bogus appraisals supported the price of the properties, even where buildings had not yet been built or had fictional addresses, according to the U.S. Attorney's Office in Brooklyn, which is prosecuting the case. (USA Today -- Money)
Rep. King: Probe ACORN's Financial 'Spiderweb' Jun 3, 2009
They claim they don't hire people on commission, but they do hire people on commission," King tells Newsmax in an exclusive interview. See Video: Rep. Steve King discusses his probe into ACORN - King says ACORN has over 270 corporate affiliates and business units that have received more than $53 million in federal tax dollars. Recent stimulus legislation, he tells Newsmax, could give the organization access up to $8.5 billion. According to a recent Fox News report, over 250 nonprofit groups list... (Newsmax)
Toll Brothers Reports FY 2009 2nd Qtr and 6 Month Results Jun 3, 2009
TOLL BROTHERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) April 30, October 31, 2009 2008 ---- ---- (Unaudited) ASSETS Cash and cash equivalents $1,963,000 $1,633,495 Inventory 3,711,685 4,127,475 Property, construction and office equipment, net 78,584 86,462 Receivables, prepaid expenses and other assets 96,307 113,762 Mortgage loans receivable 47,193 49,255 Customer deposits held in escrow 16,864 18,913 Investments in and advances to unconsolidated... (Primezone Releases)
Wells Fargo to create 200 jobs in San Antonio Jun 3, 2009
Wells Fargo Home Mortgage is one of the nation s leading retail mortgage lenders and services one of every six mortgage loans in the nation. A division of Wells Fargo Bank, N.A., it has a national presence in mortgage stores and banking stores, and also serves the home financing needs of customers nationwide through its call centers, Internet presence and third-party production channels. (San Antonio Business Journal, TX)
Thrift losses narrow in 1Q; more on 'problem' list Jun 3, 2009
Nearly 2 percent of nonresidential mortgage loans were past-due, compared with. 80 percent a year ago. (Yahoo News -- Press Releases)
Refi rally for TexasLending.com Jun 2, 2009
The company provides residential mortgage loans in Texas, Oklahoma, Florida, Michigan, Missouri and Colorado, servicing all of them from the Dallas office. For the week ending May 22, mortgage loan application volume nationwide was up 28. (Dallas Business Journal, TX)
America's Next Top Value Stock Jun 2, 2009
The company took on mortgage loans and mortgage-backed securities as the loan market got out of control, and is now seeing its bottom line hammered as it writes down its balance sheet. CAPS members, though, think that E*Trade and its stock -- which is currently priced lower than a large cup of Dunkin' Donuts coffee -- is a good bet, as the broker looks to capitalize on its core strengths while beating back the banking reaper that it called upon itself. (MSNBC -- Business)
Helping Clients Estimate Their Affordability Range Jun 1, 2009
Perhaps a better way to qualify homeowners for mortgage loans is to start with the family's existing budget and projections and develop a realistically affordable house payment based on current and projected net income and monthly expenses. Remember, every family's situation is unique. (RealtyTimes)
Exotics under fire from global market regulators May 31, 2009
Macquarie Bank, via its PUMA program, securitised nearly $40 billion of residential mortgage loans since 1993. In the US, demand for asset-backed securities saw many weak subprime loan books and credit card portfolios securitised into CDO bonds. (Sydney Morning Herald -- Business)
How exotic mortgages became time bombs May 31, 2009
Four years ago, when subprime mortgage loans were hot commodities, investors enthusiastically bought pieces of a pool of 5,500 mortgages that covered $984 million in homeowner debt ... Among black Atlantans who closed on mortgage loans between 2004 and 2007, 42 percent got subprime loans, compared with 16 percent of whites. (Atlanta Journal-Constitution -- Metro)
Unemployment Hurting Prime Borrowers May 30, 2009
REALTOR Magazine Online: The real estate professional's business support tool. YOUR INTERACTIVE MAGAZINE REALTOR.ORG/realtormag. (Realtor Magazine Online)
Isle foreclosures, delinquencies up May 30, 2009
Hawai'i has a relatively low percentage of delinquent residential mortgage loans, but a relatively high number of loans entering foreclosure, according to a national survey by the Mortgage Bankers Association ... Hawai'i's delinquency rate for mortgage loans on residential properties was 5 ... The Mortgage Bankers Association survey at a national level covers 80 percent to 85 percent of all outstanding mortgage loans, excluding second mortgages, on property containing up to four residential... (Honolulu Advertiser)
Avoiding foreclosure in Bureau County May 30, 2009
One of those options is the new Making Home Affordable program, which is aimed at helping as many as nine million eligible homeowners refinance or modify their mortgage loans. One criterion for being eligible is that the mortgage payment exceeds 31 percent of the owner-occupant;s gross monthly income. (Princeton Bureau County Republican, IL)
Home mortgage delinquencies hit highest rate since 1972 May 29, 2009
It said more than 12% of residential mortgage loans were delinquent or in some stage of foreclosure ... The delinquency rate on mortgage loans for residential properties was 8. (USA Today -- Money)
FBI arrests Elk Grove police officer, alleges mortgage fraud May 29, 2009
Sacramento FBI agents arrested an Elk Grove police officer Thursday for suspicion of making a series of fraudulent statements on mortgage loans. Ali Khalil, 29, is a three-year veteran of the Elk Grove Police Department. (Sacramento Business Journal, CA)
Delinquent mortgages decline in Wisconsin May 29, 2009
The delinquency rate for mortgage loans on residential properties in Wisconsin was 5 ... The delinquency rate for prime adjustable rate mortgage loans decreased 75 basis points to 8 ... 49 percent and the rate for prime fixed rate mortgage loans decreased 32 basis points to 3. (Milwaukee Business Journal, WI)
TD Bank Financial Group Reports Second Quarter 2009 Results May 28, 2009
30, 2009 ------------------------------------------ Significant Significant unconsolidated unconsolidated QSPEs SPEs ------------------------------------------ Carrying Carrying Secur- value of Secur- value of itized retained itized retained (millions of Canadian dollars) assets interests assets interests ------------------------------------------------------------------------- Residential mortgage loans $- $- $34,078 $936 Personal loans 8,100 102 - - Commercial mortgage loans 133 3 - -... (Canada Newswire)
CIBC Announces Second Quarter 2009 Results May 28, 2009
Often SPEs are referred to by reference to the type of assets that are aggregated within the SPE such as residential mortgage-backed securities (RMBS) which aggregate mortgage loans, or collateralized loan obligations (CLOs) which aggregate corporate loans. In addition, SPEs can also aggregate debt securities issued by other SPEs, such as RMBS, and are referred to as collateralized debt obligations (CDOs). (Canada Newswire)
Redwood Trust Announces Pricing of Common Stock Offering May 28, 2009
Important factors, among others, that may affect our actual results include: changes in interest rates; changes in mortgage prepayment rates; the timing of credit losses within our portfolio; our exposure to adjustable-rate and negative amortization mortgage loans; the state of the credit markets and other general economic conditions, particularly as they affect the price of earning assets and the credit status of borrowers, and the success of government actions aimed at stabilizing them; the... (PR Newswire)
Chase doles out $1.6M in Arizona during 1Q May 28, 2009
$719 million for 3,894 mortgage loans, a 37 percent increase from the last quarter. $25 million for 2,331 new student loans, up 72 percent. (Phoenix Business Journal, AZ)
The Housing Boom and Bust May 28, 2009
The Community Reinvestment Act of 1977, later given teeth during the Bush and Clinton administrations, forced financial institutions to make risky mortgage loans they otherwise would not have made. President Clinton's Attorney General Janet Reno threatened legal action against lenders whose racial statistics raised her suspicions. (Townhall.com)
Chase boosts lending in Florida May 28, 2009
It said it originated $870 million for 4,960 mortgage loans, a slight increase from three months earlier; $73 million for 7,907 new student loans, up 75 percent; and $279 million for 13,510 new auto loans, a 135 percent increase. In addition, Chase extended more than $3. (Tampa Bay Business Journal, FL)
Last Exec Gets 2 1/2 Years in SC's Biggest Bankruptcy May 27, 2009
Investors had made good returns until Carolina Investors was taken over by HomeGold, which used money to make high-risk mortgage loans to people who didn't have enough money to pay them back. Copyright 2009 The Associated Press. (ABC News -- Wire)
Meltdown 101: Deficits raise financing worries May 27, 2009
The 10-year Treasury is the benchmark rate for many mortgage loans. The worry is that rising rates in this area could drive mortgage rates higher and also increase the cost of borrowing for businesses. (Anchorage Daily News)
LETTERS: NCT, May 26, 2009 May 26, 2009
Robert Watson and Harold Weber are being dishonest when ignoring Democrats' culpability in this financial mess by promoting bad mortgage loans, blaming only Bush, and ignoring Obama's massive debt being placed on our grandchildren. Gary Gonsalves correctly refutes their claims , as well as Tony Miguel's pointing to Reagan's responsibility for an American demise. (North County Times)
U.K. lawmakers face ouster over expenses May 25, 2009
Days of embarrassing revelations have disclosed how legislators used public money to clean moats, pay for pornographic movies and an ornamental bird house, furnish lavish second homes or claim vast sums for mortgage loans. advertisement. (MSNBC -- International)
Hundreds Of UK Lawmakers Could Face Ouster Or Quit May 25, 2009
Days of embarrassing revelations have disclosed how legislators used public money to clean a moat, fix a tennis court, pay for an ornamental bird house, furnish lavish second homes or claim vast sums for mortgage loans. Many of the claims were legally valid but some _ like claiming mortgage payments for mortgages that were already paid off _ could spark criminal charges. (CBS News -- World)
Top S.C. court lifts stop on home foreclosure sales May 23, 2009
On Friday, Toal reaffirmed that decision, adding that any foreclosure actions filed after May 4 must clearly spell out if mortgage loans are owned or guaranteed by Fannie, Freddie or any other lender that is part of the federal assistance program. For foreclosure sales that a judge has determined meet the standards for federal assistance, Toal says the proceedings should be stayed until the assistance review process is completed. (Orangeburg Times and Democrat, SC)
BankUnited investors stay under threshold May 23, 2009
BU REIT would hold a 100 percent participation interest in certain residential mortgage loans. BU Delaware would hold and manage investments and own all the commons stock of BU REIT. (South Florida Business Journal, FL)
MassHousing announces East Cambridge Savings Bank as approved lender May 23, 2009
As a MassHousing-approved lender, East Cambridge Savings Bank will be able to originate MassHousing's MassAdvantage(tm) home mortgage loans for income-eligible homebuyers. These loans have low- and no-down payment options and below-market interest rates that can save homeowners hundreds of dollars a year and thousands of dollars over the life of the loan. (Arlington Advocate, MA)
Rachlin to merge with N.Y. firm May 22, 2009
for free extra services. Subscribe to South Florida Business Journal. (South Florida Business Journal, FL)
Obama admin ponders consumer commission May 20, 2009
The Department of Housing and Urban Development, for example, has clear authority to crack down on companies that charge excessive closing costs on mortgage loans, but repeatedly postponed planned reforms in the face of industry opposition. Warren's proposal initially found little support in Washington, but that has changed dramatically with the onset of the financial crisis and the rise of the Democratic Party. (AZCentral)
* [MA YING-JEOU'S FIRST YEAR] : Economy slumps as unemployment soars to new high May 20, 2009
Owing to the easy monetary policy and preferential interest rates on mortgage loans, the property market contracted less than the market expectation, Su said. This story has been viewed 608 times. (Taipei Times, Taiwan -- Taiwan)
Creating an HOA Nest Egg May 20, 2009
Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) purchase most of the residential mortgage loans lenders make and set the standards those loans must meet. New rules were enacted in 2007 that require lenders to verify every condominium loan made that the HOA contributes at least 10% of its annual budget to reserves. (RealtyTimes)
The Left Still Relies on Lies May 20, 2009
The bad mortgage loans weren t made by the regulated entities, the banks. What about J. P. Morgan Chase, or Bank of America, or Wells Fargo. (Human Events Online)
The big Canadian borrowing squeeze May 20, 2009
Institutions around the world made mortgage loans at very low interest rates and with little equity and few conditions. Wall Street then packaged them in bundles and sold shares in those packages to investors. (Globe and Mail -- Business)
Is the market exuberance irrational? May 19, 2009
Real, or inflation-adjusted, interest rates are still too high for auto and mortgage loans to gain traction. That means the economy will, in the near term, have to fire on a single cylinder. (India Times)
FASB Tightens off-Balance-Sheet Loan Rules May 19, 2009
It was the lack of disclosure and absence of capital supporting ballooning subprime mortgage loans in these special entities that aggravated the massive losses sustained by banks, regulators say. The Financial Accounting Standards Board said the rule change was intended "to improve consistency and transparency in financial reporting." The FASB voted to adopt it at a public meeting of its five-member board at its headquarters in Norwalk, Conn. (ABC News -- Wire)
Aiken bank reports lower profits May 19, 2009
It was the lack of disclosure and absence of capital supporting ballooning subprime mortgage loans in these special entities that aggravated the massive losses sustained by banks, regulators say. The change could result in about $900 billion in assets being brought onto the balance sheets of the 19 largest U.S. banks, according to federal regulators. (The Augusta Chronicle)
Thomas Sowell: Regulators Started Housing Crisis May 18, 2009
"The question then is, why did that happen? And the reason that happened was that banks and other lending institutions began lending to people who did not meet the traditional standards for mortgage loans, but were given those loans under pressure from government regulators, and even in some cases under threats from the Department of Justice if their statistics didn't match what the Department of Justice thought they should be for example, in terms of income levels, race, what communities they... (Newsmax)
Judge rejects portion of WaMu lawsuit May 17, 2009
Its failure was largely attributed to its vast exposure to risky mortgage loans and a resulting $16. 7 billion run on the bank in the week before it was seized by federal regulators. (Puget Sound Business Journal, WA)
Prudential Bancorp, Inc. of Pennsylvania Announces Second Quarter Results May 16, 2009
It is the Company's policy to cease accruing interest on all loans, other than single-family residential mortgage loans, which are 90 days or more past due as to interest or principal. Contact. (Primezone Releases)
HomeStreet Bank: cease-and-desist order May 16, 2009
HomeStreet is originating record levels of home mortgage loans that have produced a strong source of revenue, said bank officials. The agreement will have little if any impact on customers. (Pacific Business News, HI)
Treasury: Loans Held by Big Banks Fall in March May 16, 2009
But the increases in mortgage loans and others were smaller than in February. "Households are facing growing pressures from a weakening labor market and further declines in their wealth," the report said, noting that outstanding credit card balances held by the major banks dropped 2 percent in March. (ABC News -- Wire)
