A slate of bills seeking to rein in the type of risky lending practices that contributed to California’s housing collapse ran aground in a Senate committee Wednesday.
The legislative package had previously passed the Assembly but ran into tough questioning from the bipartisan panel after bankers and brokers raised concerns.
“California’s economy, current borrowers and future borrowers [...]
The rate at which that amount is increasing each month is now a quarter its level in June last year, when total household debt was increasing by a whopping 1.2 per cent a month.
The growth rate has been declining since July last year but has been in freefall since February. The biggest slowdown was in [...]
Within 15 months of his last purchase in January 2007, he lost all 38 homes, including his own residence, through foreclosure because he’d stopped making mortgage payments. The foreclosures saddled his lenders — which were all out-of-state institutions — with more than $3.5 million in unpaid mortgage debt, according to Kalamazoo County records.
Hixon, 48, says [...]
Birmingham, Ala.-based Southeastern Commercial Finance LLC said Friday it will acquire Tampa, Fla.-based Dominion Business Finance LLC.
Terms of the deal were not disclosed.
Patrick Trammell, president of Southeastern Commercial, said the acquisition allows the company to expand its geographic service area and product offerings. The independent commercial lending and bank consulting company will gain offices in [...]
First National Bank of Arizona has tapped an industry veteran to head the firm’s operations here and Nevada.
James R. Claffee, who has more than 30 years of banking experience, was named CEO, the company announced Monday. Claffee replaces Gary Dorris, who will remain on as a director and consultant.
Claffee’s appointment was effective June 4.
Claffee joined [...]
India’s inflation accelerated at the fastest pace in more than 3 1/2 years, maintaining pressure on the government to do more to tame prices which threatens economic growth. Bonds fell.
Wholesale prices jumped 8.1 percent in the week ended May 17 from a year earlier, Finance Minister Palaniappan Chidambaram told reporters in New Delhi today. Economists [...]
The British Bankers Association is expected to tweak rather than overhaul the way it sets Libor, when it announces next week the findings of a review into the the leading global interest rate benchmark that has become seriously distorted by the global credit crisis.
Faced with growing criticism that its London interbank offered rates don’t accurately [...]
Fannie Mae, the largest U.S. home funding source, is setting a single national standard for down payments on mortgages it buys, including areas where home prices are falling, in an effort to stimulate the housing market.
On loans it purchases, the company will accept down payments as low as 3.0 percent for single-family, primary residences in [...]
A major bank has placed strict new rules on home loan applications - widely interpreted as a sign that many home-owners are battling to make their repayments.
And amidst escalating interest rates, fuel prices and food costs, a second leading bank is only granting home loans if applicants are likely to be able to afford repayments [...]
Banks are mapping out strategies to garner a larger slice of the home loans market as intense competition continues to exert downward pressure on interest rates.
CIMB Bank Bhd head of retail banking Peter England said: “There certainly has been a significant increase in competition in the Malaysian banking sector in recent years and this has [...]
