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Million Dollar Home Sales Drop in California
According to the research firm MDA DataQuick, million-dollar homes in California dropped for a fourth consecutive year to hit a seven year low.
Read More... Tuesday, February 09, 2010
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Merrill Lynch’s Former CEO to Lead CIT
CIT Group Inc. has chosen former the CEO of Merrill Lynch to be its new chief executive and lead the commercial lender toward better financial times.
Read More... Monday, February 08, 2010
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CoStar Buys MBA’s D.C. Headquarters for Substantial Discount
CoStar Group, Inc. a top provider of information, marketing and analytic services to the commercial real estate industry, announced that it has purchased an office building at 1331 L Street, N.W. in Washington, D.C., formerly the Mortgage Bankers Association headquarters, for $41.25 million.
Read More... Monday, February 08, 2010
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GMAC Reports 4Q Financial Results, $5Billion Net Loss
GMAC Financial Services reported a net loss of $5.0 billion for the fourth quarter of 2009, compared to net income of $7.5 billion for the fourth quarter of 2008.
Read More... Friday, February 05, 2010
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Flagstar Bancorp Announces $300 Million in New Capital
Flagstar Bancorp, Inc., (the "Company"), the holding company of Flagstar Bank (the "Bank"), announced that the Company has raised $300 million of capital through a previously announced rights offering, which closes on February 8, 2010.
Read More... Friday, January 29, 2010
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North State Bank to Buy Mortgage Operations of Affiliated Mortgage
North State Bank has signed an agreement to acquire the mortgage operations of Affiliated Mortgage, LLC, a Raleigh-based mortgage company, according to Larry D. Barbour, president and CEO of North State Bank and North State Bancorp, the bank's holding company.
Read More... Friday, January 29, 2010
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California Default Notices Drop 24% in Fourth Quarter
Mortgage defaults in California dropped 24.3% in the fourth quarter compared to the quarter before, but were still 12.4% higher than a year prior, according to a report by DataQuick, a research firm based in San Diego.
Read More... Thursday, January 28, 2010
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Nicholas Cage’s Foreclosed Vegas Home Sells in a Day
It took one day for the foreclosed Las Vegas home formerly owned by actor Nicholas Cage to sell at the bargain price of $4.95 million.
Read More... Wednesday, January 27, 2010
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McGraw-Hill, Moody's Win Dismissal From Lehman Bros. Mortgage Suit
A U.S. federal judge dismissed McGraw-Hill Cos. and Moody's Corp. from a consolidated lawsuit related to over $100 million mortgage-backed securities issued by Lehman Brothers Holding Inc.
Read More... Wednesday, January 27, 2010
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BoA is First Loan Servicer to Commit to Home Affordable Second-Lien Modification
Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to its participation in the pending second-lien component of the federal government's Home Affordable Modification Program (HAMP).
Read More... Wednesday, January 27, 2010
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Former NJ Mortgage Broker Confesses to Triple Murder
A former New Jersey mortgage broker is accused of gunning down his wife and twin boys at their home in a gated Florida community.
Read More... Tuesday, January 26, 2010
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Bank of America Posts First Annual Loss in 20 Years
Bank of America posted a quarterly loss and its first full-year deficit in more than two decades, widened by the cost of repaying TARP funds and defaults on consumer loans.
Read More... Friday, January 22, 2010
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Bancorp Releases Earnings Report for 4Q
Dearborn Bancorp, Inc., the Holding Company for Fidelity Bank, reported net income of $4,194,000 or $0.55 per fully diluted common share for the three months ended December 31, 2009 compared to a net loss of $29,407,000 or $(3.77) per share for the three months ended December 31, 2008.
Read More... Friday, January 22, 2010
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Citigroup Reports a Nearly $7.8B Loss in 4Q
Citigroup reported that the financial institution endured a $7.77 billion loss in its fiscal fourth-quarter because of failed loans and the costs of repaying TARP bailout money.
Read More... Wednesday, January 20, 2010
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Top 10 Reverse Mortgage Myths Refuted by Generation Mortgage
Recent headlines pointing to the detriments of reverse mortgages aren't getting the story straight.
One of the nation's leading reverse mortgage lenders, Generation Mortgage Company™, wants to separate fact from fiction.
Read More... Wednesday, January 20, 2010
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LTC Financial Partners Has New Affiliate That Will Offer Reverse Mortgages
LTC Financial Partners, LLC (LTCFP) announced the formation of a new affiliate, Reverse Mortgage Direct, LLC (RMD), which will provide reverse mortgages to Americans 62 and up.
Read More... Tuesday, January 19, 2010
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First Financial Northwest Announces Increase in Loan Loss Provision for 4Q 2009
First Financial Northwest, Inc. ("the Company"), the holding company for First Savings Bank Northwest ("the Bank"), announced that it expects to record approximately $24 million to $26 million in provision for loan losses for the fourth quarter of 2009.
Read More... Friday, January 15, 2010
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Study Shows One in Seven Properties are Delinquent or Facing Foreclosure
The December Mortgage Monitor report, released by Lender Processing Services, Inc., a leading provider of mortgage performance data and analytics, showed that one in every 7.5 homeowners in the United States is either behind on mortgage payments or in foreclosure.
Read More... Thursday, January 14, 2010
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ABA Chooses MetLife as Sole Reverse Mortgage Provider
The American Bankers Association will offer its member banks a reverse mortgage program through MetLife Home Loans, a division of MetLife Bank, N.A.
Read More... Wednesday, January 13, 2010
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Judge Rules Against City Accusing Wells Fargo of Predatory Lending
A federal judge dismissed a first-of-its kind lawsuit by the city of Baltimore against Wells Fargo, ruling that the city could not prove that the bank’s lending practices had a detrimental impact on Baltimore’s inner-city neighborhoods or its residents.
Read More... Tuesday, January 12, 2010
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