May 16, 2012 |
Residential Capital L.L.C., which was a big subprime mortgage lender and still employs 1,385 in Fort Washington, filed for bankruptcy protection in New York on Monday. The move, which analysts had been expecting for months, is a reminder of the distress that festers in some corners of the financial industry following the burst of the home mortgage bubble five years ago. Ally Financial Inc., the owner of Residential Capital (ResCap), said that unloading the money-losing mortgage subsidiary and shedding certain other operations would enable it more quickly to repay the $12 billion it still owes the federal government from bailouts in 2008 and 2009.
April 27, 2012 |
Federal prosecutors in Philadelphia on Thursday announced that business-loan broker Matthew McManus of Glenside and his business partner, Andrew Bogdanoff, of Scottsdale, Ariz., were indicted on charges of fraud, conspiracy, and money-laundering, alleging that the pair "defrauded more than 800 victims out of more than $10 million," federal authorities said. Bogdanoff, 65, is founder and chairman of Philadelphia-based Remington Capital Group and related companies; McManus, 43, was his partner in the business until leaving in 2008.
April 26, 2012 |
The Philadelphia metropolitan area saw first-quarter foreclosure filings soar by nearly 33 percent over levels for the same period last year, RealtyTrac, which monitors such activity nationwide, reported Thursday. The total number of filings, 8,582, includes default, auctions and bank-owned repossessions in the city and its seven suburban counties, as well as in New Castle County, Del.; Cumberland and Salem Counties in New Jersey, and Cecil County, Md. Of those filings, 1,189 were repossessions of houses by lenders and institutions such as Fannie Mae, RealtyTrac said.
April 25, 2012 |
Mortgage applications dropped 3.8 percent in the week that ended Wednesday despite record low interest rates, the Mortgage Bankers Association reported. Refinance applications also declined, by 5.6 percent, but still accounted for 73.4 percent of total applications. More than half of the refis were at fixed interest rates, which stood at 4.04 percent, the lenders' group reported. — Alan J. Heavens
April 1, 2012 |
John White retired as a vice president of Orleans Homebuilders in 2002, as housing was starting to boom and long before it went bust. Now living in Florida, he e-mails me periodically with his thoughts about the real estate market. I don't consistently agree or disagree with his viewpoints, but I believe that continuing the dialogue about the current state of the housing and finance industries is too important an opportunity to pass up. White's most recent discourse: who and what caused the housing bubble to burst six years ago, which I will summarize to fit this space.
March 30, 2012 |
In a pilot program so small it is little more than symbolic, Bank of America is handling some of the trouble it and other lenders created: an overabundance of empty houses. The bank will pick fewer than 1,000 families in Arizona, Nevada, and New York on the verge of foreclosure. They will be asked to surrender the titles to their homes to have their debts forgiven, and then pay rent. This is no acknowledgment of the hurt that the mortgage industry put on the nation's economy, individuals, investors, and entire neighborhoods.
March 23, 2012
Murray Lender, 81, who helped turn his father's small Connecticut bakery into a national company credited with introducing bagels to many Americans, died Wednesday at a hospital in Miami from complications from a fall, his wife, Gillie Lender, said. The couple, who were married more than nine years, lived in Aventura, Fla., and also kept a home in Connecticut. Mr. Lender was perhaps best known from promoting Lender's Bagels in TV commercials. "He was courageous, strong and an example to everyone to show how one should go through life with a vision, ambition, a goal and with success," Gillie Lender said.
March 23, 2012
At long last, HARP 2.0 is available to Fannie Mae and Freddie Mac borrowers who want to refinance but owe more on their mortgages than their houses now are worth. HARP 2.0 - HARP stands for Home Affordable Refinance Program - is being billed as an improvement over the three-year-old version that just about everyone acknowledges didn't help anyone. The reason for that failure: The original program had limits on loan-to-value ratio, the amount of a mortgage as a percentage of the appraised value of a property.