Mortgage counseling fund cut debate rages on The U.S. government’s housing counseling program that offers objective advice to home-buyers on mortgage and related services has just lost its lifeline – funding worth about $90 million has been cut from the nation’s federal housing counseling initiative. Over the last decade and beyond, the counseling program has [...]
Florida Home Owners to get Hardest Hit Funds As part of the Obama administration’s Hardest Hit Funds program, which helps bail out mortgage owners across 18 states in the country, the Florida Housing Finance Corp. began to take applications this week from homeowners in serious need of assistance. Initially, the Corporation, which is owned by [...]
NATO’s Cracks Seen Wide Open Once Again The foreign ministers of NATO on Thursday tried to hide the division that has been originating over the intensity of the air strikes over Libya. NATO’s foreign ministers requested patience and resolve while the alliance carried out “a significant level” of attack against the forces of Muammar Gadhafi. [...]
After Arizona, Georgia Passes Boarder Immigration Law Georgia on Friday has passed a bill that will give the state’s law enforcement agencies and businesses increased authority to identify illegal immigrants. A similar bill was passed by Arizona, which was blocked by the federal courts. Under the new bill, the police will be give the power [...]
BoA’s Mortgage Arm Cuts 1,500 Jobs Bank Of America Corp. (NYSE:BAC) announced that it is cutting more than 1,500 jobs from its mortgage arm and also shifting about 350 employees to handle existing troubled loans from the unit that handles the creation of new home loans. The announcement was made on Tuesday by the spokesperson [...]
Goldman Sachs Accused Of Misleading Investors By Senate A United States Senate committee after two years of investigation has found that Goldman Sachs Group Inc. (NYSE:GS) had knowledge about the imminent failure of the mortgage backed securities that was projected to investors as a viable investment. An investigation carried out by the Senate Permanent Subcommittee [...]
The 1st quarter profit for JPMorgan Chase & Co. (NYSE:JPM) has increased for the second quarter by a record 67 percent, but revenue remains low as the bank reels under the pressure of increasing mortgage costs and sluggish loan growth. The first quarter net income for JPMorgan climbed to around $5.56 billion or up to [...]
Major Banks Forced To Pay Foreclosure Victims The first sanction by regulators against mortgage servicing companies, has ordered that they pay back the victims of foreclosures or home loans who were mishandled during the housing collapse. This sanction is the first in a set of sanctions against 14 of United States largest mortgage service provides. [...]
State Farm In Dispute Over Payments, Including Texas State Rep Texas’s State Farm Insurance Company has been ordered by a Texas District court to refund almost $350 million to policy holders in Texas. A Texas, Austin Judge ordered this week that the national insurance giant owes customers in Texas over $350 million for the period [...]
Insurance Companies to Benefit From Legislation According to a top insurance regulator of North County, the industry backed legislation being passed to allow all auto insurers to increase the rates of insurance by 15 percent, will lead to higher end insurance costs and might also weaken the current regulatory system of North Carolina. At a [...]
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