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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
NYSE Euronext’s Liffe derivatives market will start trading contracts on alternatives to the London interbank offered rate as the credibility of the benchmark for corporate borrowing is called into question.
The plan follows complaints by banks that some participants in the daily Libor-setting process submit inaccurate information to the British Bankers’ Association, meaning rates don’t reflect [...]
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, [...]
