Word: lenders
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Then in late March, the bank became the first major lender to say it would reduce loan balances of homeowners who owe more than their property is worth. Most other banks have only been willing to lower interest rates. Writing down loan balances for such "underwater" homeowners, while costly for the bank, gives borrowers more incentive to stay current on their mortgage. The Bank of America program, which has won praise from consumer advocates, could help as many as 45,000 borrowers reduce what they owe by $3 billion. "Bank of America is to be commended for launching a program...
Among the legal oddities I learned along the way: banks usually require business partners to agree to something called joint and several liability, which may sound nice and fair but in reality means the lender may pursue just one of the partners for the entire debt. I also found out I had to sign a spousal consent only once, no matter how many times the line of credit increased...
...even the home lender of last resort is increasingly ditching those with low scores in favor of people with better credit. In the last seven months of 2009, the most recent data available, the FHA, which doesn't make its own loans but provides insurance for lenders that do, backed just $8.3 billion in loans to borrowers with a credit score of 619 or worse. That's down from $39 billion in the same time period a year before. (See a report card on the stimulus programs...
...Monday, John Thain, who was Merrill's chief executive when the firm sold to BofA, got the top job at troubled lender CIT. Thain said he was interested in the opportunity to revitalize the small-business lender. "CIT can and will serve an important role in the recovery of the U.S. economy and the creation of jobs," Thain told reporters...
...rest of the world, the dispute presented a golden opportunity. The Middle East didn't waste time, stepping in with loans and development projects - or as one Western observer put it, "a rain of dollars." In June, the Islamic Development Bank - a lender in which Saudi Arabia, Libya and Iran hold the three largest stakes - agreed to build a railroad connecting Turkmenistan and Iran, the first direct rail link between the Islamic Republic and Central Asia. "As of today, our relations with the Islamic bank have really been activated," Tuvakmammed Japarov, the country's deputy prime minister for the economy...