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Subprime loan aid possible
(04-24) 04:00 PDT Sacramento -- In an effort to stem potential mass foreclosures of homes financed with controversial subprime loans, a state Assembly committee on Monday approved a bill intended to create a pool of money for homeowners to refinance their mortgages. "We're not trying to bail out lenders and speculators," said Assemblyman Ted Lieu, D-Torrance (Los Angeles County). "The idea is to assist first-time homeowners who may face foreclosure due to bad loan products." The bill, AB1538, would create a fund by tapping into the housing bond that voters approved in November, floating bonds in the future and asking banks that have large numbers of subprime customers who face foreclosures to pitch in, Lieu said. The legislator said he also has spoken with the staff of Assembly Speaker Fabian Nez, D-Los Angeles, to look for additional funding sources.
Home foreclosures up 47 percent in March over year-ago rate
(AXcess News) New York - It's not looking good for home owners or lenders as home foreclosures rose 47 percent in March over year-ago rates, real estate data firm RealtyTrac says. The foreclosure rate in March climbed 7 percent over the prior month's to 149,150. In RealtyTrac's February report on the nation's home foreclosure rate the number of foreclosures had actually declined 4 percent from a revised January total but still up 12 percent from February 2006. RealtyTrac reported that in February, there were 130,786 foreclosure filings reported that month. The report also shows a national foreclosure rate of one foreclosure filing for every 884 U.S. households during the month. RealtyTrac's Vice President Rick Sharga credited the sharp increase in home foreclosures in March to subprime mortgages. "Subprime mortgages are performing atrociously," Sharga was quoted as saying.
Lender Support Systems, Inc. Celebrates 25 th Anniversary
POWAY, Calif.--(BUSINESS WIRE)--Lender Support Systems, Inc. (LSSI), a global provider of eMortgage enabled lending and loan servicing technology solutions, announced its 25 years of operation serving the mortgage industry. Since 1982, LSSI has provided compliance services, closing document preparation software, mortgage servicing software and custom solutions to more than 1,600 customers worldwide. Of its current active customer base, 172 customers have utilized LSSI's services since before 2000, 112 customers have benefited from LSSI for a decade or more and 25 customers have benefited from LSSI for more than 15 years. Throughout the past 25 years, privately held LSSI has pioneered its products and services to cater to both the needs of its customers and the ever-changing lending market.
Fremont General sued over pensions
Fremont General Corp., a mortgage lender barred from making subprime loans, was sued by a retiree who claims corporate officers authorized the purchase of Fremont stock for company pension funds as they dumped their own shares. The suit, which seeks class-action status, was filed this week in federal court in Los Angeles under the Employee Retirement Income Security Act. Executives sold $16.5 million of their own shares from Jan. 1, 2003, to April 24, 2007, while causing the company's retirement plan to buy between $150 million and $210 million of the stock, the complaint said. Fremont and its officers caused company pension funds to buy shares though "they knew or should've known that company stock was an imprudent investment because of Fremont Investment & Loan's unsound underwriting, risk management and lending practices," the lawsuit said.
Commercial Capital Alliance is Proud to Present The Commercial ...
Commercial Capital Alliance is offering this seminar which is designed to teach, in one day, what is needed to work and invest in the commercial real estate and mortgage market. This includes how to value property, analyze a scenario, understand if it is actually fundable, package it, bring it to the correct lender and get it closed. This seminar has been approved for NYS Real Estate Continuing Education credit of 7.5 hours. Jericho, New York (PRWeb) April 4, 2007 -- Commercial Capital Alliance (http://www.easycommercial.com) is proud to present the Commercial Real Estate/Mortgage Education Seminar, April 17, 2007 at the Uniondale Marriott in Uniondale, Long Island. Commercial Capital Alliance is a commercial real estate lender and broker that has been in the business of funding for over 15 years.
Pinehurst center now full
Debbie Breuer, leasing manager for Pinehurst Retail, said three more leases have been signed as well as two more letters of intent for space in the 10,500-square-foot building on U.S. Highway 24-40 between 155th Street and 158th Street. Sunset Mortgage and A Season to Remember Pools and Spas are two of the businesses willing to make the announcement about their new locations. While Sunset Mortgage has been in Tonganoxie almost nine years, branch manager Leisa Bray said it was time for a change. "We generate a lot of business outside of Tonganoxie so it just makes sense to move east," she said. "With all its (Basehor) growth, it just seems perfect for us to be there." The company arranges both residential and commercial mortgages with more than 200 lenders available for customers to choose from based on their needs and credit.
StanChart acts on investment property loans
Reacting to the rising demand for investment properties, the Hong Kong unit of Standard Chartered (2888) announced Thursday an innovative mortgage program that will make it easier for people to acquire such properties. Under the new scheme, the downpayment for investment property buyers will be reduced to 15 percent from the current market average of 30 percent. Standard Chartered (Hong Kong) becomes the first lender in the city to offer a loan-to-value ratio of up to 85 percent at conventional interest rates. An investment property refers to real estate one buys for rental-income purposes or to speculate on value appreciation. While Hong Kong Monetary Authority regulations prohibit lenders from offering first mortgages exceeding 70 percent of a property's purchase price, Standard Chartered is getting around the rule by having Radian Group, a global credit-risk management company, cover the extra 15 percent under its mortgage insurance program.
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