Another two depression-era financial institutions succumbed to the Great Recession. The latest bank failure was in Illinois. An additional institution was thrown into liquidation. The Illinois Department of Financial and Professional Regulation closed down Waukegan Savings Bank on Friday. brThe Waukegan, Ill., bank was established in 1924. As of the end of the first quarter, [...]
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2 Depression-Era Institutions Succumb to Great Recession
August 6th, 2012 
davidguide Biggest Reverse Lender Overcomes Industry Slump
July 17th, 2012 davidguide While government-insured reverse mortgage originations were down for both retail and wholesale lenders during May, the biggest player — MetLife Bank, N.A. — pushed production higher. But with a more than 20 percent market share, MetLife’s upcoming exit from the business is going to leave a gaping hole. Retail-originated home-equity conversion mortgages endorsed during May [...]
Posted in Business Loans 
Tags: bank, federal housing administration, home equity conversion, mortgage originations, percent, Player, Production, Reverse, reverse mortgage, Slump, wholesale lenders 
Comments OffBrutal Week for Banks
June 11th, 2012 davidguide Among Friday’s quartet of bank failures were two financial institutions that survived the Great Depression, a bank that had been converted from a credit union and an $0.5 billion entity. The Oklahoma State Banking Department said that it closed down First Capital Bank. An “exhaustion of capital funds as a result of significant loan losses” [...]
Posted in Business Loans Tags: bank, bank failures, Depression, entity, exhaustion, federal deposit insurance, kingfisher okla, loan losses, result, state banking department, Week Comments Off121-Year-Old Bank Among 2 to Fail
February 12th, 2012 davidguide Two midwest banks were closed by the national regulator of banking institutions, including one that was more than a century old. Meanwhile, a net branch operation that had previously touted a planned transition from mortgage broker to mortgage banker has since vanished. The Office of the Comptroller of the Currency closed down two banks on [...]
Posted in Business Loans Tags: bank, banking institutions, century, comptroller of the currency, Fail, federal deposit insurance, midwest, midwest banks, office of the comptroller of the currency, Regulator, Transition Comments OffClass Action Targets NV Foreclosure Processors
January 31st, 2012 davidguide Six companies that process foreclosures in Nevada have been named as defendants in a lawsuit that seeks class-action certification. The firms are accused of engaging in debt collection activity even though they were not licensed as debt collectors in the state. The lawsuits are in addition to foreclosure lawsuits recently filed against Bank of America [...]
Posted in Business Loans Tags: action targets, bank, bank of america, bank of america corp, Collection, debt, debt collectors, Lenders, Processors, six companies, State Comments OffBofA Moves Backwards With HAMPs
January 19th, 2012 davidguide Completed and active modifications from all mortgage servicers under the Home Affordable Modification Program increased by more than 15,000 during November. That was better than the gain previously calculated for October. A noteworthy item about the November report is that Bank of America, N.A.’s, completed modifications fell by 12,245 HAMPs from October. View full post [...]
Posted in Business Loans Tags: Affordable, bank, bank of america, BofA, Completed, home, mortgage servicers, October, post Comments OffMetLife Emerges as Dominant Reverse Lender
December 2nd, 2011 davidguide MetLife Bank closed more than 1,200 retail-originated home-equity conversion mortgages in November. That was the most HECMs closed of any reverse lender. In fact, MetLife closed more than three times as many retail loans than the next-biggest originator. View full post on Mortgage Stories
Posted in Business Loans Tags: bank, conversion, Emerges, home equity conversion, MetLife, Mortgage, mortgages, post, retail loans, three times, View Comments OffWells Fargo is Frequent Target in Discrimination Litigation
November 28th, 2011 davidguide The judge in a federal lawsuit filed by the City of Baltimore accusing Wells Fargo Bank of causing the city’s foreclosure mess because of discriminatory lending has denied Baltimore’s request for an extensive discovery. A federal judge in California denied a motion by several plaintiffs in litigation against Wells Fargo. A judge in an Illinois [...]
Posted in Business Loans Tags: bank, city of baltimore, Discrimination, discrimination litigation, federal lawsuit, frequent target, lending, mess, post, State, wells fargo bank Comments OffAnother Shakeup Impacts BofA Mortgage President
October 23rd, 2011 davidguide The combination of two units at Bank of America Corp. has the company reorganizing management in a move that impacts the president of the mortgage unit. BofA is combining its consumer and small-business banking unit with its home loans division. While Barbara Desoer will maintain her title of president of home loans, she will manage [...]
Posted in Business Loans Tags: bank, bank of america, bank of america corp, barbara desoer, BofA, Consumer, home, President, Small business, small business banking Comments OffBofA Short Sale Incentive Pays Borrowers Up to $20k
October 7th, 2011 davidguide Bank of America Corp. has rolled out a program in Florida that gives defaulted borrowers up to $20,000 if their houses are sold through a short sale. Some in the industry say the offer is a move to ensure outgoing borrowers keep their properties in good condition. While the program is new for BofA, other [...]
Posted in Business Loans Tags: bank, bank of america, bank of america corp, BofA, Borrowers, condition, incentive, limited time, Pays, post Comments Off
