Word: lender
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...prepared to deal with the rush. To avoid paying for the blown deadlines and other mistakes of harried bankers, keep track of things like the good-faith estimate of costs and the HUD-1 statement of expenses that you will get from your lender. (Make sure the numbers on both forms are about the same.) Consider refinancing with your existing lender, which, to avoid losing business, may agree to reset your rate for as little as a few hundred dollars in handling costs. With your current lender, you would avoid the risk of getting stuck in a paperwork...
After the Amex embarrassment, Weill and his band of mercenaries took over Baltimore's Commercial Credit Co. (CCC), a substandard subprime lender, then used CCC to go after bigger and bigger deals until they got to Citicorp. The bottom line wasn't the main thing; it was the only thing. As Langley shows, in Weill's world, anything that didn't produce revenue was gone. No perks were too small to eliminate...
...practice, but the Federal Reserve estimates that 2.1 million U.S. households owe money to individuals, including friends and family members. These loans may seem appealing, since they cut out the application process and give fast access to cash, but they come with plenty of risks for both the lender and the borrower. Credit counselors say many personal loans between family members go unrepaid, which can lead to anger and unraveling of close ties. And even when loans are repaid, they can create an unsettling change in the balance of power between relatives. That may be less of a problem between...
...vast majority of people, a reverse mortgage insured by the Federal Housing Authority (FHA) is the best deal. This is called a home-equity conversion mortgage, and many of its costs--including interest, which floats with one-year Treasury bills and is now 3.55%--are consistent from lender to lender. So you don't have to shop or dicker. Exceptions include origination fees, which may be as high as 2% of loan value, and servicing fees, generally around $30 or so a month. Non-FHA reverse mortgages with higher loan limits are available from Fannie Mae (the Homekeeper Loan...
...gives you a sense of honesty and confidence," he says. With Zhu's blessing, Shang ascended to become vice president of the central bank. Then, after 18 years there, he left in January 2000 to run the Agricultural Bank of China, the country's most indebted and overstaffed lender. Shang, like his counterparts at other banks, boosted profits by laying off thousands of workers and cleaned up the balance sheet by writing off a slew of bad loans. Still, his brief tenure hardly distinguished him as a trailblazing reformer destined to head the CSRC. His ex-colleague says...