Word: lender
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...Dutch banks confessed to being hit by their exposure to soured U.S. sub-prime mortgages, an RBS-led consortium was closing in on its eventual $100 billion buy-out of Dutch rival ABN Amro, the banking industry's biggest ever takeover. One year on, and Britain's second-largest lender is still making news - though these days it's much less welcome. On August 8, RBS announced it had tumbled to a $1.33 billion loss in the first half of this year - a massive drop from the $9.6 billion profit it recorded in the first six months...
Williams is quick to note that not all the lenders involved in the Miami Gardens disaster were disreputable - and he acknowledges that "there were too many folks here who were totally irresponsible as buyers and shouldn't be able to take advantage of this process." He agrees, for example, with a stipulation in the new bill that defaulting homeowners who get bailed out must return all or a significant portion of any profit they make on the subsequent sale of their house to the federal government. But he also stresses that one of the things he hopes the city...
...Lenders often agree to loan modifications when borrowers run into trouble--one industry group says 315,000 home loans were modified in the first five months of this year. The Dodd-Frank plan aims to increase that number with help from the FHA. The agency would insure existing loans in which a) the lender forgives at least 10% of the debt and switches to a fixed rate and b) the borrower agrees to split any sale gains with...
...already at work scouring candidates' financial and personal backgrounds, voting records and public statements. In a sudden setback that could slow the Democratic nominee's search, Obama lost his top Veep hunter, Jim Johnson, after the former Fannie Mae executive came under scrutiny for accepting preferential mortgages from a lender linked to the foreclosure crisis. Both camps will finish their work by early August, if not sooner. When they do, the choice of Vice President should tell us something - maybe a lot - about how McCain and Obama think and how they could run the government. There...
Michael Seton, a managing director in the New York office of German-based property lender Eurohypo AG, said foreigners view the U.S. market as a long-term investment. "They're less rattled by the subprime crisis and short-term gyrations in the market," Seton explains. "Their horizon is longer, which in the end is good for the real estate business. These are properties that are meant to be held onto." The new Italian owners of the Flatiron say they're in for the long haul and plan to seek city approval for a new project to illuminate the exterior...