Mortgages, morality, reputation
Bloomberg News filed a federal lawsuit to force the Federal Reserve to disclose details about $2 trillion in emergency loans and the troubled assets that the central bank is accepting as collateral.
Fannie Mae, Freddie Mac to Modify Approach to Foreclosure Prevention, WSJ Says
Government-sponsored enterprises Fannie Mae and
Freddie Mac are expected to announce a program
to help homeowners modify loans and prevent foreclosures,
according to the Wall Street Journal, who cited unnamed U.S.
officials.
The program, expected to be announced at 2 p.m. EST, would be an
extension of the Hope Now Alliance, the co-operative effort created in
August 2007 which aims at preventing [...]
FHFA Announces Loan Modification Program for Fannie, Freddie
Federal Housing Finance Agency (FHFA) director James
Lockhart announced on Tuesday that the FHFA, along with Fannie Mae and
Freddie Mac, would be adopting a new, streamlined approach to
loan modifications.
Lockhart said the loan modification program, which he is asking to be
adopted as the industry standard, will take effect Dec.
15. The new approach will target high-risk borrowers [...]
Congress panel eyes $25 billion automaker loan bill (Reuters)
Reuters - Massachusetts Democratic Rep. Barney Frank said his committee will hold a hearing next week to consider a bill to provide $25 billion in federal loans to U.S. auto manufacturers.
US lays out sweeping program to ease mortages (AFP)
AFP - The US government Tuesday sought to put a floor under soaring home loan defaults and falling property values with a sweeping program to ease payment terms for hundreds of thousands of struggling homeowners.
Housing agencies to widen homeowner help (Reuters)
Reuters - The regulator for mortgage finance companies Fannie Mae and Freddie Mac said it would unveil on Tuesday a new loan modification program that is meant to make mortgage payments more affordable and prevent foreclosures.
Citigroup to help 500,000 mortgage holders keep homes (AFP)
AFP - Citigroup said Tuesday it was placing a moratorium on foreclosures for most home loan borrowers, and that it would work with some 500,000 stretched mortgage customers to help them keep their homes.
ValCom, Inc. Announces Debt Conversion
CLEARWATER, FL–(Marketwire - November 10, 2008) - ValCom, Inc. (PINKSHEETS: VLCO) (FRANKFURT: VAM), a leader in media technology, facilities and content for television
programming and related services, announced today that it has converted
$1,669,729 in debt into approximately 1,669,729 shares of Series C
Preferred Stock at a price of $1.00 per share, effective September 15,
2008. The Series [...]
Realtors Ask Feds for Reduction in Owner-Occupancy Ratio
The National Association of Realtors® (NAR) recently
called on the Department of Housing and Urban Development
(HUD) and the Federal Housing Finance Administration
(FHFA) to reduce the owner-occupied ratio
requirement for condominium complexes.
In letters to HUD Secretary Steven C. Preston and James B. Lockhart,
III, Director of FHFA, NAR President Dick Gaylord asked that the two
agencies reduce the current requirement [...]
Government increases AIG bailout to $150 billion (Reuters)
Reuters - The government dramatically boosted its bailout of insurer American International Group Inc and eased the terms of its loans to the company on Monday after an initial rescue plan failed to stabilize the company.
Fed & Treasury Revise AIG Loan Terms Under TARP
The U.S. Treasury has revised its loan agreement with U.S.
insurance company AIG, adjusting the terms of the loan to
function under the Troubled Asset Relief Program.
“These new measures establish a more durable capital structure,
resolve liquidity issues, facilitate AIG’s execution of its plan to sell
certain of its businesses in an orderly manner, promote market stability,
and protect [...]
Video: Shopping for car loans
Get your financing in order before walking into a showroom.
Life insurance to pay off debt
When life insurance is used to pay off a loan, it’s an exception to the tax-free rule, says CPA George Saenz.
JPMorgan sees consumer loan defaults rising (Reuters)
Reuters - JPMorgan Chase & Co said on Friday it expects consumer loan defaults to increase in the current quarter and sees higher loan loss provisions.
AIG jumps on report of possible change in loan terms (Reuters)
Reuters - Shares of American International Group advanced 9.6 percent to $2.05 in premarket trade after the Wall Street Journal said federal officials were considering a possible change in the terms of an $85 billion loan to the troubled insurer.
U.S. approves loan rules, auto execs lobby for more (Reuters)
Reuters - The Bush administration cleared the way for distressed automakers to access up to $25 billion in loans for making more fuel efficient cars, but red tape could still constrain the flow of money and industry is pressing for more aid now to survive.
Live Lead Transfer Management changes for the good. Fresh Leads Unite’s outcome of partner
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Vertis receives $250M loan
GE Commercial Finance this week loaned $250 million to Vertis Communications Inc., which has emerged from Chapter 11 bankruptcy.
Life insurance to pay off debt
When life insurance is used to pay off a loan, it’s an exception to the tax-free rule, says CPA George Saenz.
Bridge Capital Holdings Reports Financial Results for the Third Quarter Ended September 30, 2008
Announces Plans for $30 Million Capital Raise and Sale of Nonperforming Loans
J.P. Morgan Chase Unveils Mortgage Foreclosure Initiative
J. P. Morgan Chase & Company has announced that it
will make its own contribution to stemming the tide of foreclosures
sweeping the country by modifying around $70 billion of its owned
mortgages that are in or nearing default.
The company has targeted 400,000 families for the
rescue program. This is in addition to what it claims are 250,000
families which [...]
Fed’s Senior Loan Officer Opinion Survey Released
U.S. banks tightened lending standards for businesses at a
record pace in the third quarter, according to the Federal
Reserve’s July Senior Loan Officer Opinion Survey on Bank Lending
Practices.
In the three months ending in October, a record 85% of banks tightened
lending standards to businesses, up from 60% in July.
The survey showed 84.6% of firms with annual sales [...]
Stonegate Mortgage Corporation Opens a New Branch Office in Oak Grove, MO
LENEXA, KS–(Marketwire - October 31, 2008) - Stonegate Mortgage Corporation opened a retail
facility in Lenexa, KS in May of 2008. The company now employs 17 full-time
originators in the Kansas City market, and announces the opening of a new
location in Oak Grove, MO to service the lending needs of Jackson County.
The company has employed Lori [...]
Verification Bureau Launches Instant Social Security Number Verification System Directly Through the SSA
MIAMI, FL–(Marketwire - October 31, 2008) - Verification Bureau, a leader in fraud detection
systems who helps lenders profit more by preventing fraudulent loans from
getting funded, has announced the launch of a new and enhanced Social
Security Number Verification system via the SSA on November 10th of 2008.
The company reported that the Social Security Verification system [...]
