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BUSINESS
January 24, 1993
Approximately $50 million in low-interest mortgage loans is available for income-eligible homebuyers in Maryland.The funds are available through the Maryland Mortgage Program administered by the state's Department of Housing and Community Development.To qualify for a 30-year, fixed-rate mortgage, individuals may earn up to $32,800 per year. Families may earn up to $40,950.Interest rates for the program are based on household income. The interest rate is 7 percent for households earning $28,900 a year or less.
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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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BUSINESS
By American Banker | July 5, 1992
NEW YORK -- The Rock is on a roll.Prudential Insurance Co. of America, the nation's largest insurer, has suddenly become one of the most active home mortgage lenders.Prudential Home Mortgage, based in Clayton, Mo., produced $10.8 billion of loans in 1991, up 86 percent from the preceding year. That vaulted it to No. 3 in nationwide rankings, from No. 7 in 1990.Prudential officials say the engines will continue full blast. Volume this year should be $17 billion to $20 billion, though the refinancing surge has lost momentum, they predict.
NEWS
By Carrie Wells, The Baltimore Sun | August 1, 2013
A Zimbabwe native living in Baltimore was convicted Thursday on charges related to several different fraud schemes in which he was accused of bilking credit unions and the Internal Revenue Service, according to the U.S. Department of Justice. Makushamari Gozo, 40, was first indicted in 2002 on charges he had fraudulently obtained mortgage loans for people who did not intend to pay them off. By October 2004, five businesses Gozo incorporated to make those real estate transactions were forfeited for the state for failure to pay property taxes, federal prosecutors said.
BUSINESS
By From Baltimore Sun news services | December 16, 2008
Area mall owner and Columbia master developer General Growth Properties Inc. said yesterday that it is still negotiating for an extension of the maturity date on $900 million in mortgage loans for two Las Vegas malls. The real estate investment trust, which is the second-largest U.S. mall owner, failed to reach unanimous agreement with lenders on extending the loans for the Fashion Show and Palazzo malls in Las Vegas. The loans were due Friday after the Chicago-based company received a two-week extension.
BUSINESS
By Andrea F. Siegel and Andrea F. Siegel,andrea.siegel@baltsun.com | November 16, 2008
Exotic mortgages, as well as some lenders, are a thing of the past. But the need to borrow to buy a home is very much present. The lending landscape keeps changing fast, economists, mortgage brokers and lenders say, so homeowners and potential buyers need to stay current. "I think the choices consumers will have will be much more constrained, as will the number of lenders," said economist Anirban Basu, chairman and CEO of the Baltimore-based Sage Policy Group. Fixed-rate mortgages, the predictable 15- or 30-year kind your parents had, are making a comeback, with adjustable-rate loans getting a smaller share of the market, Basu said.
BUSINESS
November 16, 2007
Novastar Financial Inc. Shares declined $2.51, or 54 percent, to $2.08. The possibility of bankruptcy grew as the Kansas City, Mo., company said it lost $598 million in its third quarter on losses on mortgage loans.
NEWS
By Jamal E. Watson and Jamal E. Watson,SUN STAFF | August 8, 1998
NAACP President Kweisi Mfume has called upon the Justice Department and congressional leaders to investigate alleged discriminatory practices against African-Americans and Latinos -- in Baltimore and nationwide -- who have been denied mortgage loans.Mfume's remarks came on the heels of Thursday's national release of the 1997 Home Disclosure Mortgage Act report.Compiled by the Federal Financial Institutions Examination Council, which is part of the Federal Reserve System, the report lists the number of home mortgage loans that were granted across the country last year based on racial, geographic and income levels.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | August 23, 1994
The U.S. Justice Department announced yesterday that Chevy Chase Federal Savings Bank and its mortgage subsidiary agreed to an $11 million settlement of the nation's first discrimination suit brought against a lender for refusing to serve minority neighborhoods.Under the settlement, the privately owned Chevy Chase and its B. F. Saul Mortgage Co. subsidiary agreed to offer low-cost mortgages to residents of majority-black areas in the District of Columbia and Prince George's County, expand its presence in those neighborhoods and try to hire more blacks for lending positions.
NEWS
April 21, 1997
PeoplePolly Andrews, formerly a mortgage consultant for Provident Bank of Maryland, has been named residential mortgage director for Columbia Bank. She will originate and implement residential mortgage loans, including single-family permanent and construction loans.Brian M. Hare of Elkridge has been appointed director of career services at Lincoln Technical Institute's new Columbia campus. A retired Army major, he was most recently sales manager for Coun- try Fresh Foods in Baltimore.Carol T. Shaner, Certified Association Executive and president of Franklin/Thomas Association Management Inc., Ellicott City, has been selected by the American Society of Association Executives as chairman of the Management and Technology Conference Advisory Committee.
BUSINESS
By Scott Dance, The Baltimore Sun | January 10, 2013
Consumer advocates welcomed a federal effort aiming to prevent predatory mortgage lending at a town hall in Baltimore on Thursday, but expressed worries that new rules would not halt discrimination. The Consumer Financial Protection Bureau unveiled a rule to be imposed a year from now that would require mortgage lenders to document and verify that a borrower will be able to repay a loan. The policy is intended to prohibit so-called "no-doc" and "low-doc" loans that were common during the housing boom.
BUSINESS
By Steve Kilar and The Baltimore Sun | December 26, 2012
The foreclosure rate in the Baltimore metro area was up more than a half of one percent in October when compared to the rate a year earlier, according to numbers recently released by business data firm CoreLogic. “Foreclosures among outstanding mortgage loans was 3.36 percent for the month of October 2012, an increase of 0.53 percentage points compared to October of 2011 when the rate was 2.83 percent,” the firm said in a statement. Those stats apply to the region made up of Baltimore and six nearby counties - Anne Arundel, Baltimore, Carroll, Harford, Howard and Queen Anne's.
BUSINESS
By Steve Kilar and The Baltimore Sun | December 20, 2012
An Upper Marlboro mortgage broker has admitted to inflating her clients' incomes so that they would qualify for larger mortgage loans - a scheme that caused lenders to lose more than $1.3 million, officials said. Licensed mortgage broker and the owner of the Newgate Mortgage company, Shola Risikat Balogun, pleaded guilty Wednesday in federal court to conspiracy to commit wire fraud in connection with a plot she led to make money off loan origination fees, commissions and other premiums, according to a statement from the U.S. Attorney's Office for Maryland.
BUSINESS
By Steve Kilar and The Baltimore Sun | November 20, 2012
The foreclosure rate in the Baltimore metro area was significantly higher in September than the rate a year earlier, according to numbers released Tuesday. In Baltimore and six surrounding counties - Anne Arundel, Baltimore, Carroll, Harford, Howard and Queen Anne's - “foreclosures among outstanding mortgage loans was 4.05 percent for the month of September 2012, an increase of 1.31 percentage points compared to September of 2011 when the rate was 2.74 percent,” according to business data firm CoreLogic.
BUSINESS
By Steve Kilar and The Baltimore Sun | October 30, 2012
Home mortgage foreclosure rates in the Baltimore area were up in August over the same month last year, according to recent data from housing market analysis firm CoreLogic. Among outstanding mortgage loans in the Greater Baltimore area, 4.24 percent were in some stage of the foreclosure process in August, CoreLogic said. That's an increase of 1.58 percentage points when compared to August 2011, when the Baltimore region's foreclosure rate was 2.66 percent. Maryland as a whole had a similar jump in the foreclosure rate, from 2.83 percent in August 2011 to 4.4 percent two months ago. The national foreclosure rate in August was 3.35 percent, down from 3.46 percent in August 2011, CoreLogic said.
BUSINESS
By Steve Kilar and The Baltimore Sun | October 10, 2012
Federal prosecutors across the country have charged more than 500 people with crimes related to mortgage fraud as part of a year-long program that ended last month, U.S. Attorney General Eric Holder announced Tuesday. The Distressed Homeowner Initiative was the “first-ever nationwide effort to target fraud schemes that prey upon suffering homeowners,” according to a statement from the U.S. Department of Justice. The initiative was in operation from Oct. 1, 2011 until Sept. 30, the department said.
BUSINESS
June 18, 1992
Maryland Federal BancorpThe Hyattsville-based parent of Maryland Federal Savings and Loan Association reported record profits in its first fiscal quarter, which ended May 31, as improving residential real estate markets helped heat up demand for mortgage loans.The company also said demand was increasing for adjustable-rate mortgages and for mortgage refinancings.Maryland Federal has 19 offices in Prince George's, Montgomery, Charles and Anne Arundel counties.Three months ended 5/31/92.. .. .. .. ..Income .. .. .. ..Share'92 .. .. .. 1,998,000 .. .. ..0.69.
BUSINESS
By New York Times News Service | November 21, 1990
NEW YORK -- Delinquent mortgages at Citicorp, the nation's largest home lender, increased substantially in the quarter that ended Sept. 30, with much of the rise coming from the economically-depressed Northeast.The rise in mortgage loan delinquencies at Citicorp is a reminder, bankers and analysts said, that defaults and losses are likely to increase for most kinds of bank loans as the economy weakens.In the last year, while Citicorp, which operates Citibank, the nation's largest bank, and many other banking companies have been hurt by heavy losses on commercial real estate loans, mortgage loan portfolios have fared much better.
NEWS
By Steve Kilar, The Baltimore Sun | August 9, 2012
The rate of new foreclosure filings in Maryland far exceeded any other state's this spring, a spike caused in large part by the national robo-signing legal settlement that unleashed a flood of new cases. Almost 20 in every 1,000 home loans in Maryland - twice the national average - were drawn into the foreclosure process during April, May and June, according to survey data released Thursday by the Washington-based Mortgage Bankers Association. "If you look at what's going on in foreclosure starts, Maryland now has exceeded Florida, has exceeded Georgia - some of the states that have been up there at the top in terms of the percent of loans on which foreclosure actions have started," said Jay Brinkmann, the trade group's chief economist.
NEWS
By Julie Bykowicz and Julie Bykowicz,julie.bykowicz@baltsun.com | June 29, 2009
Baltimore City will attempt to show a federal judge on Monday that it has lost millions of dollars because of what it contends were racially biased predatory lending practices by Wells Fargo. In what will amount to a mini-trial before U.S. District Judge Benson E. Legg, attorneys for Baltimore and Wells Fargo will present evidence and call witnesses, as the city fights the California-based bank's motion to dismiss its lawsuit. It is a critical juncture in the city's suit against the lender, because if Legg allows the case to continue, Baltimore could gain access to Wells Fargo documents and subpoena its employees.
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