Borrowers

Would you borrow money to pay off your mortgage and instead risk it in the market? That is in essence what Baltimore County Executive Kevin Kamenetz would like to do by floating $255 million of pension obligation bonds to fill the official hole in the county's $2 billion pension system. Because of accounting gimmicks, the real hole is much deeper, and the county soon will sink billions of dollars more into debt because of Gov. Martin O'Malley's shift of teacher pension costs and tougher accounting standards.

Baltimore County Executive Kevin Kamenetz wants to borrow $255 million and repay it over the next 30 years to help fund the county's retirement system, a move that would carry risk but that the administration says could benefit taxpayers in the long run. County Administrative Officer Fred Homan told the County Council at a briefing Tuesday that the administration would introduce legislation next week to allow the county to issue pension obligation bonds....

Wells Fargo is inviting borrowers struggling with their mortgage payments to an assistance event at the Baltimore Convention Center next week. The Sept. 6 workshop, from 9 a.m. to 7 p.m., will be held in Hall D. The convention center is at 1 W. Pratt St. Homeowners whose mortgages are owned or serviced by Wells Fargo can attend the free event. The company, which suggests signing up by Sept. 4 , says borrowers will be able to sit down with "home preservation specialists" to go over options.

Baltimore County plans to borrow $25 million from its pension system to upgrade recycling facilities, a move some County Council members and union leaders are questioning. The county retirement system's board of trustees approved the loan last month at the request of County Executive Kevin Kamenetz's administration. In an interview Thursday, Kamenetz called the move prudent, saying it would serve both the retirement system and the county well. The county plans to borrow the money at an interest rate of 7.875 percent and repay it within 15 years.

Like 13-time Pro Bowler Ray Lewis, Ravens inside linebacker Jameel McClain acknowledged that he has shed some weight in preparation for the upcoming season. McClain, who recorded 81 tackles last season, is listed at 245 pounds, but he conceded Thursday that he is slightly lower than that, hovering around 240 pounds. “[I]t's becoming more of a passing league,” McClain reasoned after the first full-team practice of training camp. “So the goal is to try to stay out there as long as you can and still stay strong and get all of those things done.

The Consumer Financial Protection Bureau and the Department of Education issued a report on the status of private student loans. Americans owe more than $150 billion on such loans - much less than on federal loans - but these private loans don't have borrower-friendly repayment plans and they're poorly understood by those who take them out. When you hear graduates complain about the weight of student loans, it's the private kind they're typically talking...

About 1,000 Baltimore-area residents are expected to receive thousands of dollars each under a landmark $175 million settlement between the U.S. Department of Justice and Wells Fargo over accusations of discriminatory lending practices. Under the terms of the deal announced Thursday, Wells Fargo also will provide $7.5 million to the city of Baltimore, which federal officials credited with first raising issues of discrimination related to bank's subprime mortgages. The city alleged Wells Fargo steered minorities into subprime loans, gave them less favorable rates than white borrowers and foreclosed on hundreds of Baltimore homes, creating blight and higher public safety costs.

Much of the wealth of millions of baby boomers is tied up in their houses — a sure sign we're going to see a growing demand for reverse mortgages. These mortgages allow older homeowners to drain the equity in their house without having to sell it or make monthly payments. For now, though, these complex loans make up only a tiny percentage of housing loans — and that's a good thing. It gives regulators, the industry and consumer advocates time to bolster borrower protections and education before widespread problems occur.

Maryland is offering a new mortgage program that gives discounts to military families and veterans. The "Maryland Homefront" loans, announced Tuesday, are part of the state's Maryland Mortgage Program. The loans — available through June of next year or until the $50 million reserved for them is used up — will come with an interest rate that's half a percent lower than the Maryland Mortgage Program's overall rate. That's a savings of about $840 a year on a $250,000 home, the state said.

When borrowers complain about student loan debt it is most likely they are talking about private education loans. And the Consumer Financial Protection Bureau has been getting an earful of complaints about these types of loans that don't have the consumer-friendly repayment plans that federal loans do. The CFPB, which has oversight over private student loans, has been collecting comments from borrowers for months for a report to Congress next...