http://thedailyrecord.com Maryland's trusted source for business and legal news Thu, 23 May 2013 02:01:27 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 http://thedailyrecord.com/2013/01/10/new-federal-rules-aim-to-curb-risky-mortgages/ http://thedailyrecord.com/2013/01/10/new-federal-rules-aim-to-curb-risky-mortgages/#comments Thu, 10 Jan 2013 12:38:26 +0000 Associated Press http://thedailyrecord.com/?p=231266 WASHINGTON — Federal regulators for the first time are laying out rules aimed at ensuring that mortgage borrowers can afford to repay the loans they take out. The rules being unveiled Thursday by the Consumer Financial Protection Bureau impose a range of obligations and restrictions on lenders, including bans on the risky “interest-only” and “no [...]

]]> http://thedailyrecord.com/2013/01/10/new-federal-rules-aim-to-curb-risky-mortgages/feed/ 1 http://thedailyrecord.com/2012/08/21/transunion-late-auto-loan-payments-fall-in-2q/ http://thedailyrecord.com/2012/08/21/transunion-late-auto-loan-payments-fall-in-2q/#comments Tue, 21 Aug 2012 15:48:49 +0000 Associated Press http://thedailyrecord.com/?p=222015 LOS ANGELES — More Americans are making their car payments on time, a trend that has sent the rate of overdue auto loans to the lowest level on records dating back more than a decade. The rate of U.S. auto loan payments at least 60 days overdue fell in the second quarter to 0.33 percent. [...]

]]> http://thedailyrecord.com/2012/08/21/transunion-late-auto-loan-payments-fall-in-2q/feed/ 0 http://thedailyrecord.com/2012/08/09/number-of-homes-facing-foreclosure-rose-in-july/ http://thedailyrecord.com/2012/08/09/number-of-homes-facing-foreclosure-rose-in-july/#comments Thu, 09 Aug 2012 16:05:55 +0000 Staff and Wire Reports http://thedailyrecord.com/?p=221134 More U.S. homes started on the foreclosure path in July, as lenders tackled a backlog of mortgages gone unpaid even as they pulled back on home repossessions. The number of homes that received an initial notice of default — the first step in the foreclosure process — increased 6 percent in July compared to July [...]

]]> http://thedailyrecord.com/2012/08/09/number-of-homes-facing-foreclosure-rose-in-july/feed/ 1 http://thedailyrecord.com/2012/08/08/late-payments-on-mortgages-hit-3-year-low-in-2q/ http://thedailyrecord.com/2012/08/08/late-payments-on-mortgages-hit-3-year-low-in-2q/#comments Wed, 08 Aug 2012 13:14:50 +0000 Associated Press http://thedailyrecord.com/?p=221032 LOS ANGELES — U.S. homeowners are getting better about keeping up with their mortgage payments, driving the percentage of borrowers who have fallen behind to a three-year low, according to a new report. Still, the rate of decline remains slow, credit reporting agency TransUnion said Wednesday. The percentage of mortgages going unpaid is unlikely to [...]

]]> http://thedailyrecord.com/2012/08/08/late-payments-on-mortgages-hit-3-year-low-in-2q/feed/ 0 http://thedailyrecord.com/2012/04/12/inspector-general-foreclosure-aid-program-flawed/ http://thedailyrecord.com/2012/04/12/inspector-general-foreclosure-aid-program-flawed/#comments Thu, 12 Apr 2012 14:00:45 +0000 Associated Press http://thedailyrecord.com/2012/04/12/inspector-general-foreclosure-aid-program-flawed/ WASHINGTON — The Treasury Department rushed out a major revamp of its foreclosure-prevention program in 2010, limiting the plan’s ability to help people who are unemployed or owe more than their homes are worth, a government watchdog says. Treasury’s Hardest Hit Fund, which distributes money to state housing agencies for a range of programs, has [...]

]]> http://thedailyrecord.com/2012/04/12/inspector-general-foreclosure-aid-program-flawed/feed/ 0 http://thedailyrecord.com/2012/03/22/rate-on-30-year-mortgages-jumps-above-4-percent/ http://thedailyrecord.com/2012/03/22/rate-on-30-year-mortgages-jumps-above-4-percent/#comments Thu, 22 Mar 2012 14:52:20 +0000 Associated Press http://thedailyrecord.com/2012/03/22/rate-on-30-year-mortgages-jumps-above-4-percent/ WASHINGTON — The average U.S. rate on a 30-year fixed mortgage rose above 4 percent for the first time in five months. The sharp increase suggests the window to buy or refinance a home at historically low rates is closing. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to [...]

]]> http://thedailyrecord.com/2012/03/22/rate-on-30-year-mortgages-jumps-above-4-percent/feed/ 0 http://thedailyrecord.com/2012/01/05/gansler-announces-mortgage-rate-settlement/ http://thedailyrecord.com/2012/01/05/gansler-announces-mortgage-rate-settlement/#comments Thu, 05 Jan 2012 18:06:36 +0000 Associated Press http://thedailyrecord.com/2012/01/05/gansler-announces-mortgage-rate-settlement/ Maryland Attorney General Doug Gansler has announced an agreement with Wells Fargo relating to allegedly deceptive marketing of adjustable rate mortgages written by companies it acquired in 2008. Gansler said Thursday the settlement involves mortgages written by Wachovia and Golden West Financial. Gansler says the settlement will create loan modifications for some customers. He also [...]

]]> http://thedailyrecord.com/2012/01/05/gansler-announces-mortgage-rate-settlement/feed/ 0 http://thedailyrecord.com/2011/12/21/bank-of-america-reaches-335m-settlement-over-countrywide-loans/ http://thedailyrecord.com/2011/12/21/bank-of-america-reaches-335m-settlement-over-countrywide-loans/#comments Wed, 21 Dec 2011 22:00:51 +0000 Associated Press http://thedailyrecord.com/2011/12/21/bank-of-america-reaches-335m-settlement-over-countrywide-loans/ Bank of America agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers on home loans. The settlement with the U.S. Justice Department was filed Wednesday with the Central District court of California and is subject to court approval. The [...]

]]> http://thedailyrecord.com/2011/12/21/bank-of-america-reaches-335m-settlement-over-countrywide-loans/feed/ 4 http://thedailyrecord.com/2011/10/13/u-s-foreclosure-activity-edged-higher-in-3q/ http://thedailyrecord.com/2011/10/13/u-s-foreclosure-activity-edged-higher-in-3q/#comments Thu, 13 Oct 2011 12:08:09 +0000 Associated Press http://thedailyrecord.com/2011/10/13/u-s-foreclosure-activity-edged-higher-in-3q/ LOS ANGELES — More U.S. homes are entering the foreclosure process, but they’re taking ever longer to get sold or repossessed by lenders. The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter, RealtyTrac Inc. said Thursday. That increase signals [...]

]]> http://thedailyrecord.com/2011/10/13/u-s-foreclosure-activity-edged-higher-in-3q/feed/ 0 http://thedailyrecord.com/2011/09/26/sec-may-recommend-legal-action-against-sp/ http://thedailyrecord.com/2011/09/26/sec-may-recommend-legal-action-against-sp/#comments Mon, 26 Sep 2011 13:03:27 +0000 Associated Press http://thedailyrecord.com/2011/09/26/sec-may-recommend-legal-action-against-sp/ NEW YORK — The staff of the Securities and Exchange Commission is considering recommending civil legal action against the Standard & Poor’s debt ratings agency over its rating of a 2007 collateralized debt offering. Collateralized debt obligations, also known as CDOs, are securities tied to multiple underlying mortgage loans. The CDO generally gains value if [...]

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