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Posted: May 31st, 2009, 11:56pm EDT
LISBON -A program started in 1994 to provide low-interest business loans could cost Columbiana County commissioners $340,000 unless the federal government agrees to lower the interest rate it is charging for the program.
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Posted: May 31st, 2009, 11:12am EDT
Dear Debt Adviser, I am giving my house back to the bank. Can they go after my savings? What about other assets? I am near retirement age. -- Kitty Dear Kitty, Depending on the state where you live, the bank could conceivably come after your savings through a deficiency judgment.
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Posted: May 31st, 2009, 4:45am EDT
While everybody's talking about the battered housing market, there's a rumble growing about the other shoe that's about to fall.
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Posted: May 29th, 2009, 4:04pm EDT
Daiichi Sankyo Co. plans to sell bonds to refinance a loan for its $5 billion acquisition of Ranbaxy Laboratories Ltd., India's biggest pharmaceuticals company. Daiichi Sankyo, the nation's third-largest drugmaker, hired Nomura Holdings Inc. and Daiwa Securities Group Inc. to manage the sale, Satoru Ogawa, a spokesman at the drugmaker, said Friday. Read the full story
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Posted: May 29th, 2009, 3:18pm EDT
HORSHAM, Pa.----Capmark Financial Group Inc. today announced that it has entered into a new $1.5 billion term loan facility and entered into amendments to its existing senior credit facility and bridge loan agreement .
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Posted: May 29th, 2009, 9:47am EDT
LONDON, May 29 (Reuters) - MTS, Russia's biggest cellphone network operator has launched general syndication of its three-year loan signed earlier this month, which will increase the size of the $584 million deal, banking sources close to the deal said on Friday. The loan, split between a $295 million facility A and a 214.5 million euro ($300.1 million) facility B, was agreed with a group of 18 ...
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Posted: May 29th, 2009, 9:04am EDT
LONDON, May 29 (Reuters) - MTS , Russia's biggest cellphone network operator has launched general syndication of its three-year loan signed earlier this month, which will increase the size of the $584 million deal, banking sources close to the deal said on Friday.
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Posted: May 29th, 2009, 8:56am EDT
Roger Wald recently discovered he would save $25,000 a year if he refinanced his five-year mortgage at 4. 75 percent. Wald, an auto-body repairman...
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Posted: May 29th, 2009, 8:36am EDT
May 29 (Bloomberg) -- Harrah’s Entertainment Inc. , the world’s biggest casino company, and Leap Wireless International Inc. led companies selling $21.9 billion of speculative-grade bonds in May, the most since June 2007, as the riskiest borrowers raise cash to repay bank loans.
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Posted: May 29th, 2009, 6:31am EDT
LONDON, May 29 (Reuters) - Turkish Akbank has invited international banks to bid to put together a syndicated loan that will refinance its 1 billion euro ($1.4 billion) loan which was signed in August 2008, banking sources close to the deal said on Friday. Akbank has sent out the request for proposals (RFPs) and is expecting all-in pricing of 250 basis points (bps), the bankers added. One of the ...
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Posted: May 29th, 2009, 5:57am EDT
NEW YORK -- Roger Wald recently discovered he would save $25,000 a year if he refinanced his five-year mortgage at 4.75 percent. Wald, an auto body repairman in Sarasota, Fla., could have gotten that rate last month.
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Posted: May 29th, 2009, 5:49am EDT
LONDON, May 29 (Reuters) - Turkish Akbank has invited international banks to bid to put together a syndicated loan that will refinance its 1 billion euro ($1.4 billion) loan which was signed in August 2008, banking sources close to the deal said on Friday.
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Posted: May 29th, 2009, 3:51am EDT
May 29 (Bloomberg) -- Daiichi Sankyo Co. , Japan’s third-largest drugmaker, plans to sell bonds to refinance a loan taken for its $5 billion acquisition of Ranbaxy Laboratories Ltd.
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Posted: May 29th, 2009, 2:01am EDT
Veterans and FHA home owners may have been waiting for the right time to refinance their VA loan or FHA loan.
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Posted: May 28th, 2009, 11:57pm EDT
May 29 (Bloomberg) -- Daiichi Sankyo Co. , Japan’s third- largest drugmaker, plans to sell bonds to refinance a loan taken for its $5 billion acquisition of Ranbaxy Laboratories Ltd.
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Posted: May 28th, 2009, 8:30pm EDT
Mortgage rates at some lenders spiked by as much as 1 percent on Wednesday and saw little relief on Thursday, according to mortgage brokers.
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Posted: May 28th, 2009, 12:29pm EDT
An Elk Grove police officer allegedly lied on his mortgage and refinance applications to obtain loan
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Posted: May 28th, 2009, 5:00am EDT
Weigh several factors before a mortgage refinance, including a potentially reduced tax deduction.
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Posted: May 28th, 2009, 2:36am EDT
Tata extends deadline on JLR bridge loan Tata extends deadline on JLR bridge loan
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Posted: May 27th, 2009, 9:43pm EDT
As a result of a recent loan default, Austin-based Supportkids Inc. was forced to transfer a portion of its child-support collection cases to a New Hampshire-based law firm.
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Posted: May 27th, 2009, 7:38pm EDT
PETALING JAYA: Public Financial Holdings Ltd, a unit of the Public Bank group, has signed the first HK$1.5bil syndicated term loan deal in the Hong Kong dollar market since October last year.
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Posted: May 27th, 2009, 2:49pm EDT
Tata Motors got a $1 billion loan to refinance debt used to buy Jaguar and Land Rover from Ford Motor Co, two people with knowledge of the matter said.
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Posted: May 27th, 2009, 9:28am EDT
The highest home loan rates in more than two months drained demand for refinancing last week, dragging total mortgage applications to the lowest level nationwide since early March, the Mortgage Bankers Association said on Wednesday.
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Posted: May 27th, 2009, 9:06am EDT
May 27 (Bloomberg) -- Dubai Electricity & Water Authority, the state-owned utility, raised a $1 billion loan guaranteed by European export-credit agencies to fund its expansion.
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Posted: May 27th, 2009, 8:38am EDT
May 27 (Bloomberg) -- Mortgage applications in the U.S. declined last week, led by a plunge in refinancing as lending rates rose. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped 14 percent to 786 in the week ended May 22, from 915.9 the week before.
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Posted: May 27th, 2009, 7:36am EDT
May 27 (Bloomberg) -- Mortgage applications in the U.S. declined last week, led by a plunge in refinancing as lending rates rose. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped 14 percent to 786 in the week ended May 22, from 915.9 the week before.
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Posted: May 27th, 2009, 6:25am EDT
North Jersey bankers are betting the local economy remains rocky in the months ahead. Most local lenders added to loan-loss reserves in the first three months of 2009, expecting that higher unemployment will lead to more defaults by owners of homes and businesses.
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Posted: May 27th, 2009, 6:16am EDT
Higher loan rates dampen demand for refinancing, dragging down total loan applications last week.
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Posted: May 27th, 2009, 3:01am EDT
MILAN, May 27 (Reuters) - Italian power generator Edison SpA has obtained a 600 million euro ($838 million) loan from a pool of banks, the company said on Wednesday. Interest on the three-year loan, which will be fully used in coming days, is based on the euribor interbank rate and is in line with best market terms, it said in a statement. The loan will be used to refinance part of its ...
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Posted: May 27th, 2009, 12:41am EDT
North Jersey bankers are betting the local economy remains rocky in the months ahead. Most local lenders added to loan-loss reserves in the first three months of 2009, expecting that higher unemployment will lead to more defaults by owners of homes and businesses.
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Posted: May 26th, 2009, 11:24am EDT
GenCorp, moving to overhaul its debts, said today it has hired an investment banker to help it amend its $280 million bank loan and refinance other debt.
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Posted: May 26th, 2009, 9:19am EDT
MOSCOW, May 26 (Reuters) - Russian steel and coking coal producer Mechel said on Tuesday it has reached agreement with lenders on the "basic principles" of refinancing a $1.5 billion bridge loan that will be extended to July 15 as talks continue. "The company and creditor banks representatives agreed on the basic principles of the bridge loan refinancing for a term of up to 3.5 years, and the ...
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Posted: May 26th, 2009, 8:37am EDT
U.S. home prices fall a record 19.1% in the first quarter compared with a year earlier, according to the national Case-Shiller home price index.
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Posted: May 26th, 2009, 8:34am EDT
* Mechel says agreement made on "basic principles"
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Posted: May 26th, 2009, 8:34am EDT
* Mechel says agreement made on "basic principles"
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Posted: May 26th, 2009, 6:42am EDT
Dear Bankruptcy Adviser, I co-signed on my ex-husband's student loans. He was ordered in our divorce to refinance them in his name, but didn't. He filed for bankruptcy. My credit is being ruined. I have two weeks before it is charged off. Should I begin making his payments?
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Posted: May 26th, 2009, 6:10am EDT
The luxury carmaker just got a loan from Volkswagen, but crunch time is approaching.
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Posted: May 26th, 2009, 5:00am EDT
A judge may have ordered him to pay, but you're on the hook because you co-signed the loan.
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Posted: May 26th, 2009, 5:00am EDT
The longer an owner plans to stay in a mortgage, the more sense it makes to pay discount points.
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Posted: May 24th, 2009, 11:51pm EDT
When Massachusetts Mutual Life Insurance Co. wanted to refinance two office buildings in Boston’s Financial District, the insurer turned to Ocean Bank for a mortgage.
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Posted: May 24th, 2009, 11:39pm EDT
Federal officials still are tinkering with different ways they can use President Barack Obama's $75 billion housing plan to help financially struggling homeowners and prop up the ailing housing sector. The cornerstone of the program encourages lenders to either refinance o...
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Posted: May 24th, 2009, 11:46am EDT
FRANKFURT, May 24 (Reuters) - Volkswagen said it loaned 700 million euros ($980 million) to Porsche, adding a bizarre twist to the German sportscar maker's bungled takeover of Europe's largest carmaker. A spokesman for Porsche, which owns a 51 percent stake in VW, declined to comment on Sunday. Porsche was forced to abandon a takeover of Wolfsburg-based VW, struggling under the 9 billion euro ...
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Posted: May 24th, 2009, 5:30am EDT
LANSDALE — Refinancing of a three-year-old loan will save the North Penn School District $235,000.
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Posted: May 24th, 2009, 2:11am EDT
One of the best -- and easiest -- streamline refinance programs is available to consumers who now have a loan guaranteed by the U.S. Department of Veterans Affairs.
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Posted: May 22nd, 2009, 11:07am EDT
Port operator International Container Terminal Services Inc. (ICTSI) has raised $150 million from a three-year loan with a syndicate of seven banks for the refinancing of some debt due by end-2010.
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Posted: May 22nd, 2009, 9:19am EDT
GREAT SOUTHERN'S bankers tightened their hold over the assets of the timber and cattle investment group late last year as part of a deal to refinance its debt - a deal that turned out to be its final cash lifeline before the company collapsed a week ago.
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Posted: May 22nd, 2009, 1:58am EDT
Port operator International Container Terminal Services Inc. yesterday signed a $150-million loan facility with a consortium of seven banks to refinance existing debt.
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Posted: May 22nd, 2009, 12:40am EDT
Tata Motors Ltd. reportedly plans to raise Rs47.5bn (US$1bn) as foreign currency loan to partly refinance the debt taken to buy Jaguar and Land Rover (JLR) brands from Ford Motor. The company may complete the overseas loan by the middle of next week, says a financial newspaper.
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Posted: May 21st, 2009, 6:53pm EDT
HORSHAM, Pa.----Capmark Financial Group Inc. today announced that the anticipated closing date for its new term loan facility of up to $1.5 billion has been extended to allow additional time to finalize the loan documentation.
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Posted: May 21st, 2009, 4:22pm EDT
Washington, D.C.--Walker & Dunlop provided a $7 million refinance loan for the Garfield House ( pictured top ) located on Wisconsin Avenue in Washington, D.C.
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Posted: May 21st, 2009, 11:52am EDT
Port operator International Container Terminal Services Inc. raised $150 million through a three-year loan from a syndicate of seven banks for the refinancing of obligations falling due in end-2010.
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Posted: May 21st, 2009, 11:34am EDT
Find out if you qualify for the federal government's new program to reduce mortgage payments.
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Posted: May 21st, 2009, 9:00am EDT
RAZON-LED International Container Terminal Services, Inc. (ICTSI) has signed a $150-million loan facility to refinance debts due in December 2010.
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Posted: May 21st, 2009, 8:46am EDT
Tata Motors moved closer to refinancing fully the $3bn bridge loan it used to buy Ford Motor ’s Jaguar and Land Rover marques by raising Rs42bn through a rupee bond.
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Posted: May 21st, 2009, 8:22am EDT
May 21 (Bloomberg) -- Gibson Energy ULC, a unit of private- equity firm Riverstone Holdings LLC, is among borrowers seeking to sell bonds this week to refinance outstanding debt.
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Posted: May 21st, 2009, 2:09am EDT
International Container Terminal Services Inc. (ICTSI) will have no substantial debt repayments due until second semester of 2011 as it borrows from seven foreign banks to renew loan terms of its remaining outstanding balance, finance manager Arthur R. Tabuena said.
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Posted: May 20th, 2009, 11:39pm EDT
Port operator International Container Terminal Services Inc. (ICTSI) announced Thursday that it obtained a $150-million loan facility from seven foreign banks.
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Posted: May 20th, 2009, 11:03pm EDT
Guyasuta Volunteer Fire Department has accepted an offer from O'Hara council to use taxpayer money to refinance its building with a $241,000 loan for 10 years at two percent interest, in a deal that makes moot Guyasuta's threat to suspend services in June.
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Posted: May 18th, 2009, 9:45am EDT
MOSCOW, May 18 /PRNewswire-FirstCall/ -- Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces that it has signed a facility agreement to refinance a portion of its $1.33 billion syndicated loan facility. Having concluded negotiations with a consortium of banks, MTS signed the facility agreement to refinance the first tranche of its ...
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Posted: May 17th, 2009, 2:03pm EDT
18 May 2009 Bloomberg LONDON -- TMK, the world's second-largest pipe maker for the oil and gas industry, is in talks with the European Bank for Reconstruction and Development on a loan accord to service debt, board member Vladimir Shmatovich said Saturday.
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Posted: May 13th, 2009, 2:01am EDT
VA Loan Desk is not only giving our Veterans a leg up when they need to purchase a new home but also giving Veterans a place to meet and share their stories.
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Posted: May 12th, 2009, 6:47pm EDT
By Ilaina Jonas and Emily Chasan
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Posted: May 12th, 2009, 6:33pm EDT
Suit contains sensational allegations against Allied Home Mortgage workers
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Posted: May 12th, 2009, 11:57am EDT
It takes no time for blogger to find some 'ATM' houses.
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Posted: May 12th, 2009, 8:49am EDT
Citigroup said Tuesday it authorized $8.2 billion in lending to U.S. consumers and businesses so far this year backed by taxpayer funding.
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Posted: May 12th, 2009, 6:42am EDT
Dear Bankruptcy Adviser, My daughter recently divorced. She and her ex-husband had purchased a $178,000 house. On her divorce papers, she stated she would free him from all debt to the house, meaning she would take over the house payment and refinance the house.
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Posted: May 12th, 2009, 6:42am EDT
Dear Dr. Don, We owe about $407,000 on a 30-year, fixed-rate mortgage at 5.75 percent. In addition, we have a $175,000 home equity loan for seven years at 0.25 percent less than the prime rate. Our home recently appraised at $800,000.
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Posted: May 12th, 2009, 6:24am EDT
In the first settlement of its kind in the country, Massachusetts Attorney General Martha Coakley has reached a $60 million agreement with a Wall Street investment bank that helped facilitate the frenzy of subprime lending that saddled so many homeowners with mortgages they could not afford to pay.
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Posted: May 12th, 2009, 5:00am EDT
Leave emotion out of it when you decide to co-sign a loan. The real question is: Can I afford it?
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Posted: May 12th, 2009, 4:53am EDT
Austrian door panel and headliner maker Polytec Holding has announced that it is selling most of Peguform as part of a financial restructuring. The new owner will be Cross Industries Group, managed by Stefan Pierer and Rudolf Knünz.
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Posted: May 12th, 2009, 2:28am EDT
May 12 (Bloomberg) -- China Huaneng Group , the nation’s biggest power producer, is in talks with 10 banks to refinance a S$2.25 billion ($1.54 billion) loan it obtained from six lenders last year, a person familiar with the matter said.
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Posted: May 11th, 2009, 1:10pm EDT
BOSTON (Reuters) - Goldman Sachs Group Inc agreed to pay up to $60 million to settle a Massachusetts probe into whether its subprime mortgage securitization business had encouraged unfair loans, state officials said on Monday.
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Posted: May 11th, 2009, 10:43am EDT
Capmark Financial Group, which is trying to stave off a bankruptcy filing, said late Friday that it obtained a loan of up to $1.5 billion from lenders it did not identify.
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Posted: May 11th, 2009, 9:25am EDT
Charles G. "Bones" Seivers runs a lucrative $3 billion loan empire that has skated around state law for years, avoided scrutiny by regulators and mined his political connections to lock up deals with cities and counties across Tennessee - deals that sometimes have overcharged taxpayers.
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Posted: May 11th, 2009, 6:42am EDT
Dear Dr. Don, I need $50,000 to remodel my house, and I want to know if it's better to get a home equity line of credit or a fixed-rate refinance with cash out?
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Posted: May 11th, 2009, 12:44am EDT
The new federal program to let people refinance or modify their mortgages is expected to help millions of Americans lower monthly payments and avoid foreclosure. So what strings are attached?
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Posted: May 10th, 2009, 12:44pm EDT
NAACP workshop will focus on financial literacy, for the first time home buyer programs, loan modification, refinance, down payment assistance and credit counseling.
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Posted: May 10th, 2009, 3:15am EDT
Defaults on loans better than subprime have increased at a faster pace than subprime defaults, thanks to job losses and plunging home values in metro Atlanta.
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Posted: May 10th, 2009, 3:02am EDT
Defaults on loans better than subprime have increased at a faster pace than subprime defaults, thanks to job losses and plunging home values in metro Atlanta.
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Posted: May 10th, 2009, 2:55am EDT
Defaults on loans better than subprime have increased at a faster pace than subprime defaults, thanks to job losses and plunging home values in metro Atlanta.
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Posted: May 10th, 2009, 2:50am EDT
Q: I am 4 1/2 years into a 15-year mortgage at a fixed rate of 5.875 percent. My remaining balance is roughly $63,000 and my house is worth about $220,000.
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Posted: May 9th, 2009, 2:01pm EDT
Mortgage brokers and small lenders say they've been left out of the Obama administration's plan to help borrowers refinance their home loans and take advantage of near record-low interest rates.
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Posted: May 8th, 2009, 4:52pm EDT
Defaults on loans better than subprime have increased at a faster pace than subprime defaults, thanks to job losses and plunging home values in metro Atlanta.
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Posted: May 8th, 2009, 4:12pm EDT
HORSHAM, Pa.----Capmark Financial Group Inc. today announced that it has obtained a commitment from certain of its lenders to provide a new term loan facility of up to $1.5 billion .
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Posted: May 8th, 2009, 2:46pm EDT
Love Funding, a national mortgage-banking firm, said Friday its St. Louis office closed a $4.27 million refinance loan for Lake Broadway Townhomes, a 58-unit market-rate, multifamily housing complex located in Columbia, Mo.
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Posted: May 8th, 2009, 6:59am EDT
LONDON, May 8 (Reuters) - Russian bank MDM is in talks with lenders to secure a one-year loan that will involve the participation of the International Finance Corp (IFC), an arm of the World Bank [IBRD.UL ], MDM Bank's press service told Reuters Loan Pricing Corp on Friday.
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Posted: May 8th, 2009, 6:59am EDT
LONDON, May 8 (Reuters) - Russian bank MDM is in talks with lenders to secure a one-year loan that will involve the participation of the International Finance Corp (IFC), an arm of the World Bank [IBRD.UL ], MDM Bank's press service told Reuters Loan Pricing Corp on Friday.
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Posted: May 7th, 2009, 11:15pm EDT
Refinancing an option for inherited property Q:My husband and I inherited a home from my husband’s uncle who passed away a few weeks ago. Will the lender expect us to refinance the home or can we just assume it even if it is a conventional loan? - Karen Answer: Unless the existing loan was from a private person, it is most likely covered under the Garn-St. Germain Depository Institutions Act of ...
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Posted: May 7th, 2009, 11:07pm EDT
Admit it: You've toyed with the idea of skipping your monthly mortgage payment just so you'd qualify for one of those special loan "modifications" that...
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Posted: May 7th, 2009, 10:02pm EDT
Tata Motors, India's largest commercial vehicle maker, is in the process of raising Rs 5,000 crore through a bond issue to refinance the remaining $ 2 billion (Rs 10,000 crore) bridge loan it took to acquire Jaguar and Land Rover.
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Posted: May 7th, 2009, 8:31am EDT
Cornerstone Real Estate Advisers LLC has secured a $16.5 million loan to refinance existing debt on two Boston buildings. (HF)
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Posted: May 7th, 2009, 6:43am EDT
I own a 2007 Jeep Wrangler, and I'm "upside down" in my loan. Currently, I owe about $28,000, and the vehicle is worth no more than $20,000. Is there a bank or lending institution anywhere that will let me refinance at a lower rate so I can get my monthly payments down?
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Posted: May 7th, 2009, 5:00am EDT
The federal government, Fannie Mae and Freddie Mac spell out the rules for the refinance program.
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Posted: May 6th, 2009, 7:38pm EDT
SYDNEY, May 7 (Reuters) - Australian energy firm SP AusNet , controlled by Singapore Power, has raised A$275 million ($204 million) in 3-year loans to refinance debt and fund capital expenditures, it said on Thursday.
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Posted: May 6th, 2009, 4:19am EDT
During this recession many people have trouble paying their bills and their credit score is being hurt. So, friends and family with good credit may be asked to co-sign on a loan.
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Posted: May 6th, 2009, 1:58am EDT
The U.S. Treasury has pledged $798 million in incentives to Aurora Loan Services LLC of Douglas County for help in refinancing homeowner mortgages, according to The Associated Press.
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Posted: May 5th, 2009, 3:02pm EDT
ATLANTA, GA - May 5, 2009 - YourKasa.com, a real estate marketing website providing informational and financial services to both buyers and sellers, announces a unique, well-timed resource for real estate agents and mortgage lenders – refinancing assistance, home loan modification (for those that cannot refinance), and short sale services for their existing home owning clients.
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Posted: May 5th, 2009, 11:57am EDT
COLUMBIA, S.C. - South Carolina's highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages.
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Posted: May 5th, 2009, 7:01am EDT
ST. LOUIS----Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, announced that on April 1, 2009, one of its members became the first institution in the country to sell a Refi Plus™ loan to Fannie Mae.
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Posted: May 4th, 2009, 8:00am EDT
PITTSBURGH----ServiceLink, a leading provider of origination and default services and the national mortgage services platform of Fidelity National Financial , is providing Loan Modification & Refinance services for mortgage lenders and servicers offering loan products under the Homeowner Affordability and Stability Plan.
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Posted: May 4th, 2009, 2:15am EDT
Every week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year fixed rate mortgages, the most popular type of loan for home buyers.
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Posted: May 3rd, 2009, 10:53pm EDT
Are you having trouble making your monthly mortgage payment? If you're unable to refinance, a loan modification might be the answer for you, but be careful. Contact 6's Katrina Cravy shows you how to stop the chance of losing your money and your home.
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Posted: May 3rd, 2009, 2:59pm EDT
04 May 2009 Reuters Oil services company Integra posted a 2008 net loss of $272 million, more than five times its 2007 loss, and expects to be in technical breach this June of a $250 million loan agreement, it said.
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Posted: May 3rd, 2009, 12:09pm EDT
Fisher & Paykel Appliances says it has received a number of expressions of interest in buying its East Tamaki factory and headquarters after announcing its banks agreed to a $80 million loan extension.
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Posted: May 3rd, 2009, 4:07am EDT
Every week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year fixed-rate mortgages - the most popular type of loan for homebuyers.
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Posted: May 2nd, 2009, 2:09pm EDT
Q. I'm retired, living in a condo. I have a first mortgage that is a 30-year at 5.875 percent. I pay $657 per month. My second mortgage is paid off. I've been offered a refinance at 4.5 percent, which would cost me $572 per month. I'd save about $85 per month, but it will cost me $3,919 to close on the loan. Should I do it?
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Posted: May 1st, 2009, 11:00pm EDT
In previous columns, I have criticized the Obama administration's new Making Home Affordable foreclosure prevention program because it ignores negative equity -- the major factor underlying the horrendous foreclosure rate -- and because it offers refinance relief only to borrowers lucky enough to have their mortgages owned or guaranteed by Fannie Mae or Freddie Mac.
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Posted: May 1st, 2009, 11:00pm EDT
Q: I'm retired, living in a condo. I have a first mortgage that is a 30-year at 5.875 percent. I pay $657 per month. My second mortgage is paid off. I've been offered a refinance at 4.5 percent, which would cost me $572 per month, but it would cost me $3,919 to close on the loan.
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Posted: May 1st, 2009, 11:00pm EDT
Q: My wife and I purchased our home a couple of years ago, with 10 percent cash down, a $417,000 first mortgage and a $77,000 home-equity line of credit. We would like to refinance our first mortgage to take advantage of today's low interest rates, but the holder of our line of credit refuses to subordinate. We feel this is unreasonable. After refinancing, the payments on our first mortgage ...
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Posted: May 1st, 2009, 7:14pm EDT
WITH lending rates at historical low levels, the obvious question to ask is – should one refinance their home loans? The answer is simple – if there are net savings to be enjoyed by refinancing the existing loan, then yes. If the impact is neutral, then there’s little point going through all that hassle.