January 8, 2008 |
U.S. mortgage lenders cut more than 86,000 jobs last year as the housing market deteriorated, data released Monday show. California was hit hardest by the cuts, with a net loss of 15,933 mortgage positions, or 19% of the nationwide job loss, MortgageDaily.com said. Calabasas-based Countrywide Financial Corp. made the most cuts, eliminating a net 11,665 jobs. Melville, N.Y.-based American Home Mortgage Investment Corp. cut 6,628 jobs. Tucson-based First Magnus Financial Corp. lost 5,948 positions.
October 27, 1991 |
Questions about financing a condominium, the rules for taking an important tax break and a congressional attempt to make it easier to tap a retirement account to buy a house have arrived in the mail. Sharon Ebert of Los Angeles recently agreed to buy a condominium for $125,000, with a 10% down payment of $12,500.
June 23, 1991 |
Each week in this column, you read about a variety of issues that concern you and your mortgage--how to shop for a loan, when to refinance, which way interest rates are going and the like. But summertime is here, and it's time to take a brief vacation from such matters and instead have a little fun at the expense of the people we often write about--the lenders themselves. You've probably heard the old joke that "a bank is a place that will lend you money if you can prove that you don't need it."
September 17, 2013 |
Most Americans have gotten an earful about the too-big-to-fail banks, which created a financial tsunami that engulfed the world - only to be rewarded with a bailout by Uncle Sam. But what about the little banks caught in the ensuing economic and regulatory backwash? Banks that wrote no dicey home loans, sold no toxic securities, never considered trading leveraged derivatives - the ones whose shareholders and customers live within an easy drive of the head office. While the too-big banks have gotten even bigger, smaller community bankers are finding it increasingly tough to survive, in part because they must commit more of their limited resources to complying with new regulations stemming from the global near-meltdown.
July 25, 2011 |
Even though the recession has been officially over for some time, getting a small-business loan hasn't gotten any easier. In fact, fewer loans backed by the federal Small Business Administration were made during the first half of this year than during the same period in 2010. In Southern California, the amount lent in this type of loan declined 7% to $922 million in the period that ended June 30, compared with $988 million a year earlier. That's more than double the 3% decline nationwide.
May 31, 1987 |
State and federal lawmakers are considering five proposals that consumer advocates say would put mortgage shoppers on more even footing with lenders. In Washington, Rep. Dean A. Gallo (R-N.J.) is expected to introduce a proposal later this week that would make it tougher for lenders to back out of an agreement to fund a low-interest loan after interest rates suddenly rise.
February 17, 1991
I was very disappointed by the definition of "redlining" in the article "Group Accuses American Savings of 'Redlining' " (Jan. 3). It was defined as "the refusal to make loans in a particular neighborhood solely because of deteriorating conditions." The practice uses racial criteria to deny loans in certain areas. Redlining leads to deteriorating conditions in urban minority neighborhoods, not vice versa, as the article states. Lenders have a longstanding policy of equating minority homeowners with bad financial risks and equating minority in-migration as indicative of a neighborhood in decline.
December 9, 2010 |
The federal government said it was investigating 22 mortgage providers after a national housing group accused them of engaging in unfair lending practices toward borrowers with poor credit scores. The National Community Reinvestment Coalition said Wednesday that the lenders had implemented policies that require borrowers to have scores higher than the minimum established for certain loans insured by the Federal Housing Administration. The U.S. Department of Housing and Urban Development, which oversees the FHA, said it would investigate the allegations.