Announcements Bank Failure: Inland Bank & Trust, Oak Brook, Illinois, Assumes All of the Deposits of First Choice Bank, Geneva, Illinois First Choice Bank, Geneva, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation -Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Inland Bank & Trust, Oak Brook, Illinois, to assume all of the deposits of First Choice Bank. Aug 19, 2011 - 4:38:57 PM
Announcements U.S. Federal Rating: Standard & Poor Lowers Rating of the U.S. Government from AAA to AA+ Earlier today, Standard & Poor’s rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations. Aug 5, 2011 - 6:35:24 PM
Bank of Whitman, Colfax, Washington, was closed today by the Washington State Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of Bank of Whitman.
Aug 5, 2011 - 6:31:02 PM
Housing and Mortgage News Home Equity Loans: Great Benefits, Serious Risks "If a home equity product is not repaid, a creditor likely can foreclose on the home — to sell the property to pay off what is owed," explained C. Lee Page, an FDIC Consumer Affairs Specialist. "And if the home cannot be sold for enough to pay the debt, the borrower will be responsible for making up the difference. May 27, 2011 - 5:53:14 AM
Housing and Mortgage News Escrow Services: What Mortgage Borrowers Need to Know An "escrow" account is usually set up when you get a mortgage and it is maintained with money from your loan payment. Your mortgage servicer will then use that money to pay your real estate taxes, homeowners (hazard) insurance and other costs that you have agreed to. May 27, 2011 - 5:23:33 AM
Unemployment, illness or unexpected expenses can make it tough for homeowners to pay their mortgages. If you are struggling to pay your mortgage or have fallen behind on your payments, you can find help.
Mar 11, 2011 - 12:58:37 PM
Housing and Mortgage News FTC's Mortgage Relief scams Ban Takes Effect The advance fee ban under the FTC’s Mortgage Assistance Relief Services (MARS) Rule is designed to protect financially distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. Feb 14, 2011 - 8:11:33 AM
Housing and Mortgage News Mortgage Relief Services: Marketers Banned from Selling Mortgage Eight marketers are banned from selling mortgage modification or foreclosure relief services under settlements with the Federal Trade Commission. The FTC alleged that the marketers charged homeowners up-front fees and falsely claimed they could get their mortgage loans modified or prevent foreclosure on their homes. Jul 26, 2010 - 10:34:01 PM
Housing and Mortgage News Foreclosure Rescue Scams: A New Twist in the Scam If you are facing default on your mortgage or foreclosure on your home, watch out for the latest scam: phony "forensic mortgage loan audits." Con artists claim that for an upfront fee, their audits can help you hold onto your home. Don’t believe them. May 14, 2010 - 7:07:05 AM
Housing and Mortgage News New Laws for 2010: Landmark Mortgage Reform Helps Borrowers January 1,
2010 not only marks the New Year, but also the effective date for many new
California laws. Among the bills taking effect on January 1 are several
important new laws that address some of California’s most pressing issues,
including the mortgage crisis, water conservation and important consumer
protections. Dec 31, 2009 - 8:16:54 AM
Housing and Mortgage News Is Foreclosure Knocking at Your Door? Stop living in fear of
losing your home.If you
are having financial difficulties - due to a job loss, a higher mortgage
payment, or any other reason - you are not alone. The economic crisis
has made it hard for many responsible homeowners to make ends meet Sep 23, 2009 - 8:28:04 AM
Housing and Mortgage News Mortgage Relief Services Scams: FTC Announces New Crackdown The
Federal Trade Commission today announced two new law enforcement
actions in a continuing crackdown on mortgage foreclosure rescue and
loan modification scams, bringing to 22 the number of these cases the
Commission has filed since the housing crisis began. The FTC also
announced developments in similar pending mortgage-related actions. Sep 21, 2009 - 6:00:49 AM
Housing and Mortgage News IRS: Ten Facts about the First-Time Homebuyer Credit Many taxpayers who purchase a home this year will qualify for an
$8,000 federal tax credit. The refundable first-time homebuyer credit
is a major tax provision in the American Recovery and Reinvestment Act
of 2009. But time is running out to qualify for this credit. Sep 18, 2009 - 10:08:45 AM
