The number of new mortgages approved for house purchases has fallen to its lowest level since current records started, Bank of England figures show. The number of home loans approved in June fell to 36,000, down from 41,000 in May, as the slowdown continued. The increase in total mortgage lending was also lower than many [...]
Countrywide Home Loans has agreed to pay $325,000 to the Chapter 13 bankruptcy trustee in Pittsburgh, settling a matter that accused the lender of abusive practices in almost 300 mortgage loans overseen by the court.
Skip to next paragraph. The settlement, which has been filed with the court and must be approved by the federal judge [...]
The Federal Reserve adopted sweeping rules on Monday aimed at barring abusive or deceptive mortgage lending practices of the kind that analysts say have led to widespread delinquencies and foreclosures, a collapse of the housing market and an economic downturn. The rules, which are modifications of draft proposals issued in December, do not take effect [...]
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, [...]
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 [...]
StoneWater Mortgage Corp., the new company formed by First Magnus Financial Corp. executives, plans to start funding loans next month, said the new company’s president and chief financial officer.
StoneWater hopes to operate in more than 30 metro areas by the middle of next year, said Karl F.W. Young, former chief operating officer of First Magnus, [...]
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 [...]
Like many new entrepreneurs, Lee Richards struggled for a few years after founding Acadia Sports, an Irving mail-order business that sells fishing gear.
By his fourth year this year, sales were steady and he saw an opportunity to expand. But when he needed money to buy more inventory, his loan applications were rejected. “If you don’t [...]
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 [...]
