Investors would control the real-estate loans that Mortgages Ltd. made to developers under a proposed reorganization plan an investors committee filed in U.S. Bankruptcy Court. The plan is the first one filed since the Phoenix-based development and construction financier was forced into bankruptcy seven months ago. Under the plan, filed last Wednesday in Phoenix, Mortgages Ltd. would service ... [full story]
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General tightening of credit standards among lenders, problems in the secondary loan market and lender financial difficulties have caused a substantial decline in SBA loan totals in the first quarter of Fiscal Year 2009. A total of 211 loans valued at $83 million were made in the quarter. In the same quarter of FY2008, 549 loans were made, totaling $237 ... [full story]
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First Tennessee Bank N.A. has sold $14 billion of first lien mortgage loans to an undisclosed buyer, the bank announced. The deal was finalized Jan. 27 and is expected to close Jan. 30 with actual transfer of the liens to follow within 90 to 120 days. Further terms of the sale were not disclosed. First Tennessee spokesman Anthony ... [full story]
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China's state lenders will not see any major increase in their non-performing loans (NPLs) this year even as the economic downturn bites, an executive at Bank of China (3988.HK) said on Wednesday. Chinese bank lending surged in November and December in response to government efforts to pump-prime the world's third largest economy. This added to analysts concerns that new ... [full story]
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Charge-offs and delinquencies are on the rise at Capital One Financial Corp. The McLean, Va.-based financial giant disclosed in a Securities and Exchange Commission filing Jan. 14 that it charged off nearly 11 percent more auto and credit card loans in December than in November. Loans at least 30 days past due also increased. In December, Capital ... [full story]
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The Federal Reserve said some home loans in the $30 billion asset portfolio acquired in the rescue of Bear Stearns Cos. became delinquent and were modified to avert foreclosure, according to a central bank official. The Fed will soon adopt a policy on modifying home loans owned by the central bank in response to a provision in legislation creating ... [full story]
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General Motors Corp. and Chrysler LLC will get $13.4 billion in emergency government loans in exchange for substantially restructuring their businesses, President George W. Bush announced. Another $4 billion will be available to GM in February provided Congress releases the second half of the $700 billion Troubled Asset Relief Program fund originally set up to bail out financial institutions. ... [full story]
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Kenneth Barnett knows the frustrations of striking out in the loan game. In the last six months, he's been pitching his profitable, four-year-old underwater lighting manufacturer Aqua Lights to banks near his headquarters in Alpharetta, Ga. Itching to grow, the CEO is looking to borrow $500,000 in expansion capital to develop his product line and build out his staff. ... [full story]
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Few of us have the means to write a check for the full amount of a new - or even used - vehicle. Unfortunately, car buyers, treating financing as an afterthought in the car buying transaction, can easily waste thousands of dollars. Here are some tips on what to do and what to avoid. Know your incentives ... [full story]
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One of the last sources of ready cash for homeowners looking to get money from their house appears to be shutting down and the results aren't likely to be pretty for the economy. Last week, buried deep in the ugly details of Countrywide Financial Corp.'s (CFC, Fortune 500) earnings release, was the news that its $32.4 billion portfolio of ... [full story]
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Gov. David A. Paterson plans to announce on Tuesday the creation of a low-cost student loan program to help 45,000 students in New York State secure credit and cope with tuition increases at both public and private colleges. The program would provide $350 million in loans each year, with the state spending $50 million next year to start the ... [full story]
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China aims to increase its money supply 17 percent in 2009 and encourage lending to boost domestic consumption and buoy growth in the world’s fourth- largest economy. M2, the broadest measure, including cash and all deposits, will increase 17 percent, the State Council said in a statement on its Web site. The government will also suspend the issue of ... [full story]
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The Small Business Administration has tightened the rules on a popular loan program, which will make it tougher for some start-ups and small ventures to get the loans they need. New lending caps and other restrictions come at a particularly dicey time for small businesses because the recession and uncertain financial markets continue to pinch off access to vital ... [full story]
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Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle home loan fraud during the second quarter of the year, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday. Reports of suspected mortgage fraud rose 45 percent nationally ... [full story]
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As new reports showed that misery in auto dealers' showrooms worsened in November, Detroit automakers on Tuesday submitted detailed plans to Congress reinforcing their pleas for government loans totaling $34 billion. General Motors Corp. and Chrysler LLC said the need for government help is urgent. General Motors said it must get $4 billion by the end of the month, ... [full story]
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Chrysler says that without a federal loan, its cash could fall below the minimum amount required to run the company in the first quarter of next year. The company said in a plan for federal loans delivered to Congress on Tuesday that it would seek $7 billion from the government by Dec. 31. It also says that CEO ... [full story]
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HBOS Plc, the U.K. bank being bought by Lloyds TSB Group Plc, plans to use 250 million pounds ($372 million) of European funds to offer discounted loans to small and medium-sized businesses in the U.K. HBOS is finalizing a deal with the European Investment Bank to secure the funds, which will enable it to offer loans with a discount ... [full story]
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America, in many ways, is based on a high-horsepower engine under the hood. Whether that man-made machine comes in an American, Japanese or German brand doesn't matter that much anymore. Americans love their cars, and there is no reason to think that affinity will not continue and grow as it always has. Clearly the American auto industry is ... [full story]
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The deafening silence in the market for bonds backed by consumer credit loans was interrupted Tuesday with a deal brought by car maker Nissan Motor Co. (NSANY). The transaction came despite a worsening outlook for the U.S. car sector. Sales slid further in November as Nissan reported a 42% drop in North American sales in November, while Ford Motor ... [full story]
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Hong Kong mortgage loans fell for a third month in October as banks tightened lending amid an economic slowdown and a freeze in global credit. Banks in Hong Kong approved HK$13.7 billion ($1.8 billion) of new mortgage loans last month, 40 percent less than a year earlier, figures from the Hong Kong Monetary Authority show. Loans fell 5.9 percent ... [full story]
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The International Monetary Fund this month lent more money to cash-strapped governments than it has in the past five years combined. The IMF agreed this month to $41.8 billion in loans, approving $16.4 billion for Ukraine, $15.7 billion for Hungary, $2.1 billion for Iceland and $7.6 billion for Pakistan. Financing is in the works for Serbia, Turkey, Belarus and ... [full story]
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UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) has been hired to arrange the sale of real estate loans extended by the Japanese unit of failed investment bank Lehman Brothers (LEHMQ.PK: Quote, Profile, Research, Stock Buzz), four people familiar with the matter said. Swiss bank UBS will seek buyers for loans extended through Lehman Brothers Commercial Mortgage and Sunrise ... [full story]
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North Carolina’s state-chartered banks are better equipped than their national peers to handle loan losses, new federal figures show. The Federal Deposit Insurance Corp. says there are 93 FDIC-insured, state-chartered banks in North Carolina. Collectively, the banks’ reserves for loan losses equal 87.6 percent of noncurrent loans and leases – those that are at least 90 days past due. ... [full story]
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Barclays Capital, the investment banking arm of U.K. bank Barclays PLC (BCS), plans to make around 50 people redundant in its European leveraged finance, loans and sales divisions, a person familiar with the matter said Friday. The U.K. bank started redundancy negotiations with employees in these divisions, most of whom are located in the London office, Thursday, the person ... [full story]
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(CBS) The $700 billion federal rescue plan for Wall Street continues to get headlines, but there's another massive effort to prop up financial institutions that's been falling under the radar so far. The Federal Reserve Board has been quietly providing $2 trillion in "emergency" loans to banks, and the pace has been quickening, Early Show National Correspondent Jeff Glor ... [full story]
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Federal Deposit Insurance Corp (FDIC) staffers are likely to recommend exclusion of the shortest-term loans from a $1.4 trillion debt-insurance program, Bloomberg reported, citing a person briefed on the plan. The exclusion of loans that mature in 30 days or less, which would encompass overnight interbank loans at the rate targeted by the U.S. Federal Reserve, would help the ... [full story]
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In another move to bolster access to student loans, the Department of Education will purchase up to $6.5 billion worth of federally guaranteed loans that were made during the 2007-2008 academic year. Amid a worsening economic crisis, the initiative expands on the department's existing loan-purchase effort and signals concern that some lenders may be hard pressed to fully deliver ... [full story]
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The international aid package for Iceland is set to double to more than $10 billion, with the U.K., Germany and the Netherlands adding roughly $5 billion to a $5.1 billion package Iceland said it has secured. The total aid package will reach an estimated $10.2 billion, said Martti Hetemäki, undersecretary at Finland's finance ministry. Iceland officials weren't available to ... [full story]
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People that have bad credit may find themselves in a bind, especially if they need a loan for something important such as a car engine repair. Many times, creditors and lenders are very cautious when lending money to those with bad credit for fear of not being paid back. That is why they simply avoid it to prevent losses. ... [full story]
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Debt consolidation loans are one of the increasingly popular ways that consumers are saving their credit, and saving money on paying off debts. Debt consolidation is a fantastic way to solve your financial problems, and get yourself out of a financial crisis. Debt consolidation loans also improve your credit and keep your credit score from going even lower. Home ... [full story]
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The government announced plans Friday to expand purchases of the student loans it backs in an effort to head off a potential shortfall next year.While student loans are typically considered among the most secure assets — especially ones that carry government guarantees — the fear that has spiked financing costs for mortgage and auto loans has spread into student loans ... [full story]
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Half as many loans were made to Collier and Lee small businesses in 2008 compared with a year earlier, according to Small Business Administration’s South Florida district’s year-end data.That’s a bigger decline than the rest of the country, which saw 30 percent fewer SBA loans.“I’m heartbroken,” said John Dunn Jr., the district’s assistant director for lender relations. “I’m devastated. ... ... [full story]
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