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BUSINESS
By Bloomberg News | July 3, 2005
HUD reviving efforts to reform rules on mortgage lending Department of Housing and Urban Development Secretary Alphonso Jackson is reviving efforts to reform mortgage-lending rules to make loan costs more transparent. The agency plans to hold six meetings from July 14 to Aug. 18 seeking public and industry comments on reforms to a 30-year-old consumer-protection law known as Respa, the Real Estate Settlement and Procedures Act, Jackson said. Americans spend $55 billion on closing costs a year, according to a HUD statement.
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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.
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NEWS
October 23, 1991
The American banking industry has long been accused of discriminating against blacks in home mortgage lending, a perception reinforced by new Federal Reserve Board data which the Fed itself warns may be inconclusive. Bankers will protest, perhaps protest too much, but the end result may yet serve a useful social purpose.Historically, there can be no doubt that African Americans have faced unfair obstacles in their upward quest to become homeowners. Presently there can be no denying that discrimination still exists and, in the words of a Fed official, it is "very worrisome."
NEWS
November 19, 2013
U.S. banks don't come any bigger than JPMorgan Chase, so no one should be surprised by the size of its settlement with the U.S. Department of Justice that was announced today - $13 billion to end civil litigation regarding mortgage lending practices. The question people should be asking is whether that's enough to prevent such irresponsible behavior from happening again. In the run-up to the financial collapse, JPMorgan took subprime home loans made by other financial institutions and sold them to others, including Fannie Mae and Freddie Mac. Much of this was done by two companies JPMorgan acquired - Bear Stearns and Washington Mutual - both of which the company was encouraged to buy by Bush administration officials, including then-Treasury Secretary Hank Paulson.
BUSINESS
By Steve Kerch and Steve Kerch,Chicago Tribune | October 21, 1990
CHICAGO -- The mortgage lending industry, buffeted by tight credit and skittish homebuyers, is facing an uncertain future as it waits for the economy to sort itself out."Our industry -- in fact, the entire real estate finance industry -- is enduring one of the most difficult times in our history," said Warren Lasko, executive vice president of the Mortgage Bankers Association of America.More than 5,000 members of the group were here last week for the annual convention.Though the theme of the session was "Shaping Tomorrow," many of those in attendance were thinking more of the past, as outgoing president Ronnie J. Wynn did in comparing the current state of the housing industry to the "darkest days of World War II."
NEWS
July 13, 2008
Fannie Mae and Freddie Mac, two mortgage lending giants that hold or guarantee about half of the nation's $12 trillion mortgage market, took a beating on Wall Street last week, raising fears of the biggest financial crisis yet for the nation's battered housing market. That danger demands continuing short-term oversight by regulators to ensure the stability of these pivotal financial institutions and long-term reforms to reduce their influence. The companies' stock values plummeted after questions were raised about their financial stability.
BUSINESS
By David W. Myers and David W. Myers,Los Angeles Times | October 7, 1990
In what some experts say is another sign that mortgage lending and real estate sales just don't mix, Century 21 Real Estate Corp. has quietly decided to fold its mortgage operations.The nation's biggest real estate network started the Century 21 Mortgage Corp. in the mid-1980s, hoping to bolster profits by making loans to consumers who purchased homes through the company's 600,000-plus real estate agents.It was, company officials said at the time, the "ultimate in one-stop shopping" -- you would buy a house from a Century 21 agent and also get a loan from its mortgage company.
BUSINESS
By Sharon Stangenes and Sharon Stangenes,Chicago Tribune | October 18, 1992
CHICAGO -- If the banking industry had a red "alert" button, it was pushed with a study by the Federal Reserve Bank of Boston that showed racial discrimination is a fact of life in home mortgage lending.The Boston bank's one-year investigation, released late last month, concludes that, all other factors being equal, black and Hispanic mortgage applicants are roughly 60 percent more likely than whites to be denied loans.The study, anticipated by the nation's banks, was the second of a one-two punch to an industry that has long denied that it discriminates.
BUSINESS
By BLOOMBERG NEWS | November 23, 2003
U.S. mortgage lending rose to a record $1.06 trillion in the third quarter as people rushed to take advantage of the lowest interest rates since Dwight Eisenhower occupied the White House. For the first time, the dollar value of purchased and refinanced home loans rose above $1 trillion in a quarter, Douglas Duncan, chief economist for Washington-based Mortgage Bankers Association, said Thursday. The amount was a 9 percent gain from the $975 billion registered in the second quarter. A record $722.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,lorraine.mirabella@baltsun.com | April 8, 2009
The head of a financing company planning to acquire Towson-based AmericasBank Corp. and inject the bank with more than $35 million in cash and assets said Tuesday that he sees a growing need for community banks in Maryland. Jack Dwyer, owner of Baltimore-based Capital Funding Group, said the next step for his company is to become a bank. Dwyer formed Capital Funding Bancorp Inc. this year and he announced Tuesday the acquisition of AmericasBank, a small Maryland bank hit hard by mortgage-lending losses last year.
BUSINESS
By Steve Kilar, The Baltimore Sun | April 15, 2013
The Federal Deposit Insurance Corp. has lifted a cease and desist order that 1st Mariner Bank has operated under since April 2009, the bank announced Monday. The order required 1st Mariner to strengthen its fair lending practices because the FDIC suspected 1st Mariner of discriminating against Hispanic, black and female mortgage borrowers. The bank charged some of these borrowers more than "similarly-situated" white and male borrowers in 2005, 2006 and 2007, the regulator said.
ENTERTAINMENT
By Steve Kilar, The Baltimore Sun | January 10, 2013
Richard Cordray, the director of the Consumer Financial Protection Bureau, is expected to announce the issuance of a pioneering federal rule Thursday that is intended to help prevent a repeat of the risky mortgage lending that led to the recent housing boom and bust. He is scheduled to declare the adoption of the final "ability-to-repay" rule in remarks prior to a town hall meeting about mortgage policy at Westminster Hall in downtown Baltimore. The rule is set to take effect one year from Thursday.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,lorraine.mirabella@baltsun.com | April 8, 2009
The head of a financing company planning to acquire Towson-based AmericasBank Corp. and inject the bank with more than $35 million in cash and assets said Tuesday that he sees a growing need for community banks in Maryland. Jack Dwyer, owner of Baltimore-based Capital Funding Group, said the next step for his company is to become a bank. Dwyer formed Capital Funding Bancorp Inc. this year and he announced Tuesday the acquisition of AmericasBank, a small Maryland bank hit hard by mortgage-lending losses last year.
NEWS
July 13, 2008
Fannie Mae and Freddie Mac, two mortgage lending giants that hold or guarantee about half of the nation's $12 trillion mortgage market, took a beating on Wall Street last week, raising fears of the biggest financial crisis yet for the nation's battered housing market. That danger demands continuing short-term oversight by regulators to ensure the stability of these pivotal financial institutions and long-term reforms to reduce their influence. The companies' stock values plummeted after questions were raised about their financial stability.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun reporter | May 6, 2008
Towson-based AmericasBank Corp. said yesterday that it has dismissed its president and chief executive officer, Mark H. Anders, in the wake of recent losses at the bank stemming from turmoil in the mortgage lending business. The company, parent of commercial bank AmericasBank, appointed A. Gary Rever as acting chief executive of the bank, which operates the Towson Community Bank in Towson and Annapolis Community Bank in Annapolis. Rever has served as AmericasBank's chief financial officer since August 2003.
BUSINESS
By JAY HANCOCK | March 18, 2008
There are uncountable culprits and dupes in the extraordinary chain of events that finished Bear Stearns, Wall Street's fifth-largest investment bank. But at its heart the crisis is a failure of regulation. If not for the Federal Reserve's and the Bush administration's refusal to stop crazy mortgage lending, former Bear boss James E. Cayne would still be chewing cigars in his Manhattan office, counting his money and complaining about regulators. And the country wouldn't be headed toward what might be the worst recession in decades.
BUSINESS
By Bloomberg News | March 21, 2004
The Mortgage Bankers Association is boosting its 2004 lending volume forecast by 25 percent, to $2.5 trillion, saying mortgage rates will fall to the lowest levels since the 1950s. The annual average rate for a 30-year fixed mortgage is likely to drop to 5.6 percent from a record low of 5.8 percent last year, the Washington-based group said in a statement last week. A month ago, the Mortgage Bankers Association had called for a 6 percent fixed rate and $2 trillion in borrowing. Mortgage lending will rise as cheaper borrowing costs spur more people to refinance their loans, said the group's chief economist, Doug Duncan.
BUSINESS
July 7, 1996
Provident places mortgage lending programs on webMortgage lending programs offered by Provident Mortgage Corp. are now available on the Mid-Atlantic Real Estate Information Technologies web site at http: //www.marit.com.MARIT's web site contains information and photographs on roughly 14,000 homes in central Maryland. After finding a home, browsers can get information on mortgages, interest rates, prequalification and refinancing by clicking on Provident's name in the service directory.Provident Mortgage Corp.
BUSINESS
By McClatchy-Tribune | March 14, 2008
WASHINGTON -- A presidential working group issued a broad set of proposals yesterday to correct weaknesses in the way homes are financed so that the problems now crippling the nation's housing sector won't recur. The President's Working Group on Financial Markets recommended changes in virtually every area of mortgage finance. It called for tougher state and federal regulation of mortgage lending and mortgage brokers. It also supported creating a national licensing standard for anyone who originates mortgages.
BUSINESS
By Jamie Smith Hopkins and Jamie Smith Hopkins,Sun reporter | September 26, 2007
Maryland's employment market performed relatively well last month at a time of economic instability, bucking the national trend by adding jobs and cutting unemployment. The jobless rate fell to 3.7 percent, from 4 percent in July, the U.S. Labor Department said yesterday. That's significantly lower than the national rate, which remained at 4.6 percent last month. Employment grew last month by about 3,300 jobs, according to preliminary estimates adjusted for seasonal variations. Nationally, employers cut 4,000 jobs - the first drop in four years, when the country was still suffering from the effects of the 2001 recession.
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