September 17, 2011 |
BIRMINGHAM, Ala. - Leaders of Alabama's largest county chose Friday to settle with Wall Street over $3.1 billion in debt from a sewer system overhaul rather than go through with what would have been the largest municipal bankruptcy in U.S. history. Jefferson County Commissioners agreed in principle to the deal, but the state legislature must take action in a special session to complete the agreement, and commissioners said bankruptcy was still possible if that legislation doesn't go through.
September 16, 2011
Berkadia Commercial Mortgage L.L.C., a Horsham lender and servicer, said Friday it agreed to buy Tavernier Capital Partners L.L.C., a Florida commercial mortgage firm for an undisclosed amount. The deal, expected to close in 30 days, will add 20 employees and $2 billion in loan servicing business to Berkadia's operation, which was bought in 2009 by Berkshire Hathaway Inc. and Leucadia National Corp. from the bankrupt Capmark Financial Group Inc. for $468 million. Tavernier was formed in 2007 when its founders left Capmark.
September 3, 2011 |
NEW YORK - The government yesterday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed. Among those targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Goldman Sachs Group Inc. Large European banks including the Royal Bank of Scotland, Barclays Bank and Credit Suisse were also sued.
July 6, 2011
Dollar Financial Corp., of Berwyn, said it has paid $46 million for an Internet lender in Finland. The purchase of Risicum, based in Helsinki, is expected to immediately add to earnings for Dollar Financial, which focuses on what it calls the "ALICE" demographic ("asset-limited, income-constrained, employed"). The company's shares were up 56 cents, or 2.6 percent, to $22.52 in early trading on Nasdaq. - Harold Brubaker
May 20, 2011
Dear Harry: I want to get our ducks in a row about reverse mortgages before we contact a bank and then get hounded to apply for a program if we decide we aren't interested. There are two big reasons that we're considering the reverse mortgage: to add to our income while we're alive, and to relieve our children of having to sell the house when we're gone. Are the fees substantial? Must they be paid in advance or can they be added on to the loan? Will we have to pay income tax on the money we get?
April 15, 2011 |
WASHINGTON - The federal government yesterday ordered 16 of the nation's largest mortgage lenders and servicers to reimburse homeowners on whom they improperly foreclosed. Government regulators also directed the financial firms to hire auditors to determine how many homeowners could have avoided foreclosure in 2009 and 2010. Citibank, Bank of America, JPMorgan Chase and Wells Fargo, the nation's four largest banks, were among the financial firms cited in the joint report by the Federal Reserve, the Office of Thrift Supervision and the Office of the Comptroller of the Currency, The Fed said it believed that financial penalties were "appropriate" and that it planned to levy fines in the future.
January 15, 2011 |
Buoyed by another shot of state aid Friday, Tasty Baking Co. also won desperately needed relief from its banks, which gave the Philadelphia company until June to sell itself or refinance its debt. The banks, led by Citizens Bank of Pennsylvania, also agreed to forgo debt payments by the maker of Krimpets and Kandy Kakes until June 30, a move that should help the company deal with a cash squeeze caused by production problems at the new $78 million bakery at the Navy Yard in South Philadelphia.
January 9, 2011 |
Michael Lenny of Cherry Hill has 49 years in the real estate industry, more than 30 of them as an appraiser. Five years ago, he stopped doing appraisals for lenders. The income he made was not worth the trouble, he says. That's something I've heard from many appraisers, both before and since the introduction of the Home Valuation Code of Conduct in May 2009. This code of conduct, devised after the housing bubble burst, prohibits lenders from using their own appraisers for any new and refinanced mortgages they generate, and bars mortgage brokers from choosing or paying appraisers.
November 7, 2010 |
Sustainable homeownership , rather than just owning a home, is the new American dream. Sustainable not in the sense of building houses with "green" materials, but in the sense of buying a house and keeping it for the long haul. I found the phrase at the end of an interesting paper on "The Long-Term Value of Home Ownership in the U.S. " by National Association of Realtors spokesman Walter Molony. Sustainability means not having to worry about affording the mortgage or the taxes, or watching the mail every day for the court notice giving you 30 days to answer a lender's suit to foreclose on your house.
October 15, 2010 |
MIAMI - In a new foreclosure crisis that has gone national, attorneys general in all 50 states plus the District of Columbia have launched a sweeping probe of the country's lenders, even as new figures showed banks repossessed a record number of homes in September. The joint investigation announced Wednesday, led by Iowa Attorney General Tom Miller, seeks to find out whether mortgage servicers and banks have been using flawed documents in court proceedings that have dispossessed hundreds of thousands of distressed homeowners.