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 [...]
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, [...]
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 [...]
PREDATORY non-bank lenders and mortgage brokers could face hefty fines, and even jail, under a move towards a national system of regulation proposed by the Federal Government.
The Government has released a green paper outlining areas where the states will transfer powers to the Commonwealth, to ensure better protection for “mum and dad” investors and mortgage [...]
The U.S. mortgage market will recover slowly from a wave of bad loans that threw financial markets into crisis and the lending system will need repairs, Federal Reserve Governor Randall Kroszner said on Thursday.
“Recovery in the mortgage market will take time and will require more market and regulatory discipline,” Kroszner said in remarks to the [...]
Iceland’s central bank unexpectedly left its benchmark interest unchanged, six days after it obtained emergency funding from its Nordic counterparts to bolster the currency and quell inflation.
Sedlabanki kept the weekly lending rate at a record 15.5 percent, according to a statement on the Reykjavik-based bank’s Web site today. Three of 10 economists surveyed by Bloomberg [...]
The risk of Australian companies defaulting on their debt will stop a record plunge this year as the nation’s rising interest rates and slowing U.S. economy stoke concern that company profits will fall, UBS AG said.
Australia’s benchmark credit-default swap index, which comprises 25 companies including Qantas Airways Ltd. and Macquarie Group Ltd., has decreased as [...]
However delicate or blunt shifts in the commercial real estate market are, Leonard Manriquez reacts, putting together commercial loan products specific to the current climate.
Manriquez is the president and CEO of ALB Commercial Capital, an Altadena multi-family and commercial lending firm.
“We know who the capital sources are and we have an understanding of how these [...]
Sixteen years ago, developer Ian Bruce Eichner was forced to give his lenders the keys to his newly finished office tower in Times Square. The empty building, a symbol of one of the worst downturns in U.S. commercial real-estate history, ultimately cost his lenders and partners about $200 million.
Mr. Eichner, a slender, fast-talking New Yorker, [...]
GMAC LLC, the auto and home lender that General Motors Corp. sold to a private equity group, posted a $589 million loss in the first quarter and said it may not make a profit until next year.
The Detroit-based company, which reported a $305 million loss a year earlier, said in a statement that the latest [...]
