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BUSINESS
February 14, 1999
Several readers have sent in questions asking about the feasibility of obtaining a mortgage when they have gone through bankruptcy.Qualifying for a home loan after bankruptcy may be difficult, but it is not impossible. According to the loan specialists at Agra Capital, a Towson-based mortgage broker, two of the most important factors lenders consider are:What is the amount of equity in the home? Lenders will not consider bankruptcy as a "showstopper" if the total loans on the home do not exceed 65 percent of its fair market value.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | July 1, 2014
The Maryland Department of Housing and Community Development said Tuesday it will extend for the long-term a program that offers reduced mortgage rates for veterans and active-duty military, while scaling back the initial incentive. The new "Maryland Homefront" loans will carry interest rates a quarter of a percent lower than those offered under Maryland Mortgage Program, or about 3.75 percent. That's half the discount of the first Homefront loans announced just before July 4 two years ago. At the time, the state had reserved $50 million for the incentive.
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BUSINESS
By Dian Hymer | October 16, 1994
What are the most important things to consider when shopping for a home loan?Last year, at this time, shopping for financing was relatively easy. Most buyers took fixed-rate loans, so it was merely a question of finding out who offered the best interest rate with the lowest points (loan origination fees).Recent interest rate increases have changed the home financing market significantly. More and more buyers are opting for adjustable-rate mortgages (ARMs). Some buyers are looking into hybrid loan products, which combine features of fixed- and adjustable-rate mortgages.
NEWS
By Jessica Gregg | August 5, 2013
I call it "the white remark. " Someone I don't know too well sidles up to me and says something they I assume I will agree with because of the color of my skin. Which in my case is the paler side of German/Irish. It happened just a few days ago. I was at an exercise class. One of my classmates whispered to me that this exercise center used to be a lot nicer "before the blacks" started coming. After Barack Obama won for the first time, an acquaintance who campaigned for him was excited that the election of a black president meant that we could finally talk about how racist black people are. He said this as we were sitting in a room full of white people in a wealthy neighborhood of this city that has always been white and always been wealthy.
BUSINESS
By ILYCE GLINK | April 18, 2008
The housing market malaise has some homeowners up in arms. Sure, if you're trying to sell your home to get out of financial difficulties or because you have bought another place and carrying two mortgages is killing you financially, I can understand why you're not happy. What does not make much sense to me are the dozens of readers who are ready to hand over their property to the lenders because their home does not work for them anymore. Where did these folks get the idea that homes are like disposable consumer goods?
BUSINESS
By Kenneth R. Harney | July 12, 1998
IF YOU'VE bought a house or shopped for a mortgage in the past few years, you know the problem: You get smothered in federally mandated paper -- good-faith estimates, cost-of-credit disclosures, loan-servicing notices and tough-to-understand settlement cost itemizations.And if you're like many consumers, you don't really read all that fine print. Worse yet, some of the most important disclosures -- such as truth-in-lending and closing-cost projections -- either get to you too late to be useful, or are subject to major bottom-line revisions before your home loan actually closes.
NEWS
By Steve Kilar, The Baltimore Sun | March 9, 2012
An Edgewater man was sentenced to six years in prison and a Crofton man pleaded guilty Friday for their involvement in a Gambrills-based mortgage fraud scheme in which they stole nearly $5 million for their personal use, prosecutors said. Gary Pierce, 44, was sentenced Friday to six years in prison for his part in a wire fraud conspiracy to divert funds that were supposed to be used to pay off mortgages during home transfers on 17 Maryland properties, according to a statement from Maryland's U.S. Attorney's Office.
BUSINESS
By Jack Snyder and Jack Snyder,Orlando Sentinel | January 27, 1991
Mortgage rates are at their lowest level in more than a year, causing a surge of interest in refinancing and a pickup in new loan business for lenders.But consumers hoping for further rate drops are likely indulging in wishful thinking. Prospective buyers who have found the home they want to buy are advised to proceed with their purchase rather than try to catch the market at its lowest, experts said."Rates may go lower than they are now, but they're not going to go through the floor," said Mark Obrinsky, a senior economist with the Federal National Mortgage Association, known as Fannie Mae, the nation's largest secondary market buyer of home mortgages.
BUSINESS
By Kenneth R. Harney | July 28, 1996
TO MICHIGAN attorney Robert Constan, the fees he is challenging are "symbolic of what's happening in the mortgage marketplace right now. Consumers aren't watching every line item on their [loan settlement documents]. They see little charges for $20, $30 or $50 and they just let them go. The fees just sort of sneak in there and nobody complains."They're complaining now -- loudly. Constan's firm, Daguanno and Accetura, is one of several around the country who are taking on many of the biggest, best-known American mortgage companies over a series of seemingly trivial fees they routinely charge when they close out a home loan for a refinancing or to sell a house.
BUSINESS
By American Banker | June 13, 1993
The 30-year fixed-rate home loan -- the mortgage industry's old standby -- is enjoying a surge in popularity after having lost ground last year to 15-year models, a study shows.The trend suggests a marked change of heart among homeowners participating in the refinancing boom, economistsand lenders say.As interest rates plunged last year, many consumers refinanced into 15-year mortgages to pay off their loans more quickly. But this year, experts said, more consumers are interested in reducing their monthly payments, and 30-year mortgages entail smaller payments than 15-year loans.
NEWS
By Steve Kilar, The Baltimore Sun | March 9, 2012
An Edgewater man was sentenced to six years in prison and a Crofton man pleaded guilty Friday for their involvement in a Gambrills-based mortgage fraud scheme in which they stole nearly $5 million for their personal use, prosecutors said. Gary Pierce, 44, was sentenced Friday to six years in prison for his part in a wire fraud conspiracy to divert funds that were supposed to be used to pay off mortgages during home transfers on 17 Maryland properties, according to a statement from Maryland's U.S. Attorney's Office.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | February 17, 2011
In the latest sign the mortgage crisis is easing in Maryland, the number of homeowners facing foreclosure or falling behind on their home loans hit the lowest level since mid-2009, statistics released Thursday show. The number of Marylanders behind on payments in the final three months of last year, including those in foreclosure proceedings, fell 10 percent from the year-earlier period to 140,000, according to the Mortgage Bankers Association. That number accounted for 13.5 percent of the more than 1 million loans in the state, the data showed.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,lorraine.mirabella@baltsun.com | March 6, 2009
The number of Maryland borrowers who face foreclosure or have missed mortgage payments topped 100,000 for the first time at the end of last year - a record 11.1 percent of loans in the state, the Mortgage Bankers Association said yesterday. Rising joblessness is adding to a worsening housing crisis that has sent foreclosures and delinquencies to record levels, economists said yesterday. Problems for borrowers with subprime loans are now spreading into more conventional loans. Nationally, 12 percent of borrowers were behind on their mortgage payments at the end of December.
NEWS
By Michael Middleton | January 5, 2009
In recent speeches, President-elect Barack Obama has called for an economic recovery plan that "helps both Wall Street and Main Street." Main Street may seem like an abstract concept to some, but in communities across Southern Maryland, it is not. When I drive down the main streets of towns such as Waldorf, Leonardtown and Prince Frederick, I see not only homes but also businesses, churches and professional offices that were built and supported by a...
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,lorraine.mirabella@baltsun.com | November 27, 2008
Home loan borrowers with good credit could be in for some of the best mortgage rates in months, analysts said yesterday, a day after the Federal Reserve announced intervention designed to make financing less costly and more readily available. But it will likely take some time to turn around a sluggish housing market amid a deepening economic crisis, where lenders have tightened standards and many sellers are still unwilling to budge on home prices, mortgage experts and brokers said. Tuesday's action by the Federal Reserve sent mortgage rates down to the lowest levels since February.
NEWS
By Jamie Smith Hopkins and Jamie Smith Hopkins,Sun reporter | June 6, 2008
The number of Maryland homeowners behind on their mortgage payments jumped a record 70 percent in the past year as a protracted housing slump and months of sharply tightened credit continue to take their toll. Delinquencies have not hit all-time highs in the state - the share of loans with late payments was larger at the end of the 1990s and in the early part of this decade, because of fraudulent property-flipping schemes in Baltimore. But housing counselors and Maryland leaders are alarmed by how quickly the mortgage situation has been worsening statewide, despite a low unemployment rate and high household income.
BUSINESS
By Kenneth R. Harney | June 30, 1996
WASHINGTON -- In a bellwether victory for consumer advocates, a prominent mortgage lender has agreed to settle a national class-action lawsuit challenging its funneling of undisclosed fees to local mortgage companies who persuade borrowers to pay higher than the prevailing rates or terms for their home loans.A spokesman for Ford Consumer Finance Co., a mortgage subsidiary of the giant automaker, confirmed that his company has decided to settle the year-old suit rather than incur additional litigation costs.
BUSINESS
By Kenneth R. Harney | October 6, 1996
HOME LOAN applicants nationwide should be the beneficiaries of a new Federal Reserve Board rule on upfront disclosure of fees charged by mortgage brokers.Effective Sept. 30, all fees levied by loan brokers and paid directly by the borrower must be included as part of the mandatory truth-in-lending "finance charge" disclosure that consumers receive within three business days of applying for a home mortgage.Before the new rule, the federal government offered no uniform guidance on what fees brokers had to disclose up front as part of the finance charge or annual percentage rate (APR)
BUSINESS
By ILYCE GLINK | May 30, 2008
Nothing down. To a first-time buyer who doesn't have a lot (or any) cash for a down payment, mortgage loans that allowed you to skate by without having any skin in the game were a fast ticket to homeownership over the past decade. Thousands of home buyers chose a 100 percent mortgage to grab their piece of the American dream, neatly side-stepping the single biggest obstacle to homeowners: cash for a down payment. Too bad the credit crunch has almost completely wiped zero-down mortgage loans off the table.
BUSINESS
By ILYCE GLINK | April 18, 2008
The housing market malaise has some homeowners up in arms. Sure, if you're trying to sell your home to get out of financial difficulties or because you have bought another place and carrying two mortgages is killing you financially, I can understand why you're not happy. What does not make much sense to me are the dozens of readers who are ready to hand over their property to the lenders because their home does not work for them anymore. Where did these folks get the idea that homes are like disposable consumer goods?
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