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By William L. Renfro | January 4, 1991
Washington.-- PRESIDENT EISENHOWER warned us in his last State of the Union address: the national debt is a ''mortgage on our children's future.'' To push the budget package, President Bush used the same scary words. But are they true? Who bears the burden of the national debt -- the generation that creates it? Or does the next generation ''inherit'' the burden?The economists get all tied up in questions of who owns the debt, who is owed the debt, who inherits which part and who has to pay interest on the debt.
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NEWS
By Frederick N. Rasmussen and The Baltimore Sun | October 1, 2014
Mary M. "Margie" Adams, who worked for a mortgage origination company and was a physical fitness enthusiast, died Friday at her Sparks home of a massive heart attack. She was 49. The daughter of Dr. Hector F. DiNardo Jr., a dentist, and Margaret Meekins DiNardo, a homemaker, Mary Margaret DiNardo was born in Baltimore and raised in Timonium. She was a 1983 graduate of Notre Dame Preparatory School and attended Marymount University and what is now McDaniel College. From 1987 to 1989, she was a medical scheduler at the Greater Baltimore Medical Center, and from 1989 to 1993 was a claims adjuster in the Owings Mills office of Blue Cross and Blue Shield of Maryland.
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BUSINESS
Eileen Ambrose | July 8, 2012
Reverse mortgages should never be entered into lightly. These are mortgages for those age 62 and up that allow them to pull the equity out of a house without have to sell it. The loan and interest is repaid once the homeowner moves or dies and the house is sold. The mortgages are so complicated and counterintuitive that homeowners are required to undergo counseling before they can take one out. This often costs money. But the Consumer Credit Counseling Service of Maryland and Delaware, which usually charges $125, is offering counseling for free thanks to funding it has received.
SPORTS
Peter Schmuck | July 31, 2014
Sometimes, the confluence of seemingly unrelated events can squeeze clarity out of coincidence. Take the news Wednesday that the Orioles' top pick from the 2013 draft, Low-A Delmarva right-hander Hunter Harvey, has been shelved for the remainder of the minor league season with an arm injury, which arrived at about the same time speculation surfaced on Twitter that the Orioles were close to a deal for Boston Red Sox ace Jon Lester. Maybe there was some fire under that smoke, and maybe there wasn't.
BUSINESS
Jamie Smith Hopkins | March 2, 2012
More homeowners are slipping below the waterline. About 125,000 homes in the Baltimore region were worth less than what their owners owed on the mortgages at the end of last year, up from nearly 120,000 last summer, according to estimates from real estate data firm CoreLogic. All told, close to 20 percent of borrowers are upside down on their mortgages, the company said. The underwater phenomenon grew nationally as well , engulfing an additional 400,000 homes and inching up to nearly 23 percent of all residential properties with a mortgage.
NEWS
By Julie Scharper, The Baltimore Sun | October 12, 2010
The signs, tacked to telephone poles and vacant buildings, promise struggling homeowners help keeping their homes. The letters, printed on stationery from lawyers' offices, pledge to fend off a foreclosure — as long as the recipient promptly sends a hefty check. But the money homeowners pay to these mortgage "rescue" companies never makes it into the hands of the lender. The deal is a scam and barred by state law, yet many homeowners fall for it each year, officials say. To raise awareness of the problem, the Baltimore Homeownership Preservation Coalition, an umbrella group of 60 nonprofits working on housing issues, plans to post billboards and air public service announcements to warn those facing foreclosure to avoid the fraudulent companies — and find real help.
BUSINESS
Jamie Smith Hopkins | September 4, 2012
Just over 2,800 Marylanders have received some aid through the national mortgage-servicing settlement this year, with nearly 2,000 others in process, according to the settlement's monitor . The assistance, valued at $224 million, ranges from principal reduction to refinancing underwater borrowers. The average rate reduction for refinancing? More than 2 percent. Five mortgage servicers -- Wells Fargo, Bank of America , Citigroup, JPMorgan Chase and Ally Financial (the former GMAC)
BUSINESS
By BLOOMBERG NEWS | January 16, 2005
Mortgage applications fell for a third week as home purchases dropped to their lowest level since the end of 2003, a private group survey found. The Mortgage Bankers Association's gauge of applications to buy and refinance homes fell 3 percent in the first week of January to 587.8, the lowest since June, from 605.7. Applications to buy homes declined 5.8 percent to 393.1, the lowest since the week that ended Dec. 26, 2003, from 417.3. Mortgage rates are forecast to rise this year and likely to slow refinancing, according to economists.
BUSINESS
By Glenn Burkins and Glenn Burkins,Knight-Ridder News Service | May 10, 1992
How much house can you afford? That's an important question for anyone planning such a purchase.A rule of thumb says a person can afford a house that costs up to 2 1/2 times his annual gross income (the amount you make before taxes are deducted). Therefore, if you made $40,000 a year, you would be able to afford a house that costs up to $100,000.But that rule doesn't always work. If you have a lot of other bills, you might be better off with a less expensive house.Basically, lenders use two guidelines to determine what size mortgage you can afford:* Your monthly housing costs (mortgage payments, property taxes and insurance)
BUSINESS
By BLOOMBERG NEWS | April 11, 2004
Fewer Americans sought to refinance mortgages last week after an unexpectedly strong national jobs report contributed to the biggest increase in home-loan rates since early December. The Mortgage Bankers Association's applications index declined 7.2 percent to 1,012.9, the third straight drop. The Washington-based group's gauge of applications to refinance existing mortgages fell 15 percent to 4,126.7, the second straight decline. Yields on 10-year Treasury notes, used to benchmark home loans, jumped after the Labor Department said payrolls rose the most since April 2000.
BUSINESS
By Natalie Sherman, The Baltimore Sun | June 26, 2014
A lawsuit that accuses Creig Northrop Team, Long & Foster and several mortgage firms — including Long & Foster's Prosperity Mortgage Co. — of perpetrating mortgage fraud to ease home buying and selling could go before a jury, after the Maryland Court of Special Appeals reversed a lower court decision that found the statute of limitations had expired in the case. Creig Northrop Team sold more homes than any other real estate group in the state last year and was one of the top five in the country, according to a ranking by RealTrend.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | January 9, 2014
Prepare for a year of more in the real estate industry - more improvement, mostly, but also more expense as mortgage rates, prices and rents rise. Analysts expect a solid 2014 here and nationally, after a year in which the battered housing market got on firmer footing. They predict home values will continue rising and expect to see more choices for home buyers as higher prices pull in more would-be sellers. Moody's Analytics is forecasting an 8 percent rise in average home prices in the Baltimore region this year, compared with a 5.6 percent increase last year.
BUSINESS
By Natalie Sherman, The Baltimore Sun | November 25, 2013
A California city's controversial plan to use eminent domain to help its residents burdened with mortgages worth more than their homes has caught the eye of some Baltimore leaders, who say the city might benefit from the program. There are thousands of such underwater mortgages in Baltimore, so 4th District Councilman Bill Henry has asked the City Council to explore the possibility of using the city's power to take mortgages from banks and then work with a private firm to refinance the loans based on current property value.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 8, 2013
First Mariner Bancorp on Friday reported a $7.4 million loss in the third quarter, which the Baltimore-based company blamed on a steep increase on interest rates that dampened its mortgage business. The loss amounts to 38 cents per share, compared with a profit of $7.9 million, or 42 cents per share, for the quarter a year earlier. CEO Mark A. Keidel said the third-quarter results were affected by the "rapid and steep increase" in long-term Treasury rates. "Like most in the residential mortgage industry, we experienced declines in production and a significant compression of the margins on sold loans," Keidel said in a statement.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | November 7, 2013
Maryland had the fifth-highest rate of new foreclosure cases in the nation during the summer, the number increasing from the spring even as many other states improved, the Mortgage Bankers Association said Thursday. It's not a new problem. The mortgage bankers' trade group said the effects of the mortgage crisis, which hit about six years ago, are lingering longer in Maryland and other states that require at least some court involvement before foreclosure auction is permitted. That "tends to slow things up," said the group's chief economist, Jay Brinkmann.
NEWS
Robert L. Ehrlich Jr | October 20, 2013
Those of you who read my first book ("Turn This Car Around") will recall my indictment of the many contributors to our historic mortgage industry meltdown and worldwide recession, AKA "The greatest financial crisis since the Great Depression," per President Barack Obama. The guilty (and greedy) included Wall Street rating houses that regularly awarded sub-prime or otherwise risky mortgage backed products their coveted AAA rating; the (formerly) powerful government sponsored enterprises, most notably Fannie Mae and Freddie Mac, that lowered their underwriting standards in order to purchase ever more low quality mortgages; brokers and other middle men who helped to steer marginal credit clients into obviously unaffordable mortgages; naive (or worse)
BUSINESS
By Los Angeles Daily News | January 11, 2004
Mortgage applications plunged an annualized 53 percent during the last week of last year compared with the same week the previous year, reflecting the deceleration of the refinance boom, an industry tracker said Wednesday. The Mortgage Bankers Association said its index of loans for the week that ended Jan. 2 increased 23.5 percent from the prior week. John Karevoll, an analyst at DataQuick Information Systems, a supplier of real estate market information, said not too much should be made of the sharp decline in applications.
BUSINESS
Jamie Smith Hopkins | May 2, 2012
Internal Fannie Mae documents show the mortgage financier was about to launch a principal reduction program in 2010 after determining that it would save taxpayers hundreds of millions of dollars, a Baltimore congressman says -- contradicting claims by Fannie's regulator that such a move would be costly. U.S. Reps. Elijah E. Cummings of Baltimore and John F. Tierney of Massachusetts, Democrats who sit on the House Committee on Oversight & Government Reform, sent a joint letter Tuesday to regulator Edward DeMarco demanding more information about why the program was "mysteriously terminated" in July 2010.
BUSINESS
Jamie Smith Hopkins | October 4, 2013
CitiMortgage says its local borrowers should come to Towson on Tuesday if they're having trouble keeping up with their loan payments or face foreclosure. The company is holding a foreclosure-prevention event at the Sheraton Baltimore North Hotel at 903 Dulaney Valley Rd. from noon to 7 p.m. on Oct. 8. The free event will include one-on-one time with mortgage-assistance specialists. Homeowners can sign up at events.citimortgage.com , but you don't have to pre-register. Those who need help but can't attend should call 866-915-9417, Citi says.
NEWS
August 8, 2013
Fannie Mae and Freddie Mac, as it turns out, were a pleasant fiction. The quasi-government guarantors of mortgage loans seemed like a good deal for Americans during all the years when they helped guarantee the availability of affordable, long-term home loans without any apparent cost - and, at times, with great private gain for their shareholders. But their true cost became all too real when the government's implicit guarantee of Fannie and Freddie was made explicit during the housing crisis.
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