Democratic lawmakers hoping to prevent another foreclosure crisis have approved a series of homeowner-friendly bills in the Assembly, but those measures face tougher prospects as they head to a key Senate committee today.
Resistance is strong from moderate Democrats in the upper house, who tend to be more supportive of business interests than their Assembly counterparts, [...]
Reverse mortgages are being held out as an excellent way for house-rich but cash-poor seniors to tap into their equity without having to sell and move. And they may well be a good choice for some people. But there are other options those homeowners might want to consider.
A reverse loan is intended to enable persons [...]
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 [...]
Brazilian stocks fell early on Wednesday for the fourth straight session, tracking losses in overseas markets and hit by inflation concerns at home, while the local currency weakened slightly.
The data reinforced expectations that Brazil’s central bank will raise its benchmark lending rate again in July to rein in consumer prices, sending interest-rate futures higher on [...]
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 [...]
This comes as its commercial loan books begin to shrink leading to reduced income following a government directive to change its lending focus, away from commercial to resource based, manufacturing and the micro loans sectors.
On how much FDB would lose because it has stopped lending to commercial customers, Bovoro said he could not really quantify [...]
However, Whitney was proved correct: Citigroup pushed out its CEO, sought foreign investors and slashed its dividend. Her comments now carry added weight on Wall Street, and she has a new warning for ordinary Americans: The crisis in credit markets is far from over, and it increasingly will affect consumers.
“In fact, we believe that what [...]
Federal Reserve Bank of New York President Timothy Geithner called for greater central bank authority over banks so the financial system can better withstand shocks and recover from the credit crisis.
In addition, the Fed’s lending programs to commercial and investment banks will remain “until conditions in money and credit markets have improved substantially,” Geithner wrote [...]
SCOTLAND has seen a 20 per cent slump in the number of new home loans, according to the first in-depth report from the Council of Mortgage Lenders on the housing market north of the Border.
The CML said there were 16,000 loans for house purchase agreed in the three months to April, down from 20,000 in [...]
PREDATORY lending by mortgage brokers will be outlawed after the largely unregulated mortgage industry is brought under Federal Government control as part of proposed reforms unveiled yesterday.
A green paper on the replacement of disjointed state regulation by a Federal Government regulator was released by the Minister for Corporate Law, Nick Sherry.
The financial services and credit [...]
