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The level of outstanding commercial and multifamily mortgage debt grew by 3.4 percent during the second quarter of this year, according to the Mortgage Bankers Association’s Federal Reserve Board Flow of Funds data. The 3.4 percent increase brings the total debt to about $3.1 trillion, an increase of $103.8 billion from the first quarter. Multifamily… Continue Reading Commercial investments grow 3.4 % in third quarter

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The age requirement to qualify for a reverse mortgage keeps getting younger. Melville, N.Y.-based Lender Lead Solutions has introduced Simple60, a new reverse mortgage product available to homeowners aged 60 and older. Reverse mortgages offered to date have required that borrowers be at least 62 years old. And couples applying for a reverse mortgage must… Continue Reading 60 is the new 62 for reverse mortgage standards

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Mortgage applications show slight rise

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Mortgage application volume increased 5.5 percent last week, according to the Mortgage Bankers Association’s weekly application survey. The MBA’s mortgage application index rose to 707.3, from 670.6 the previous week. The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail… Continue Reading Mortgage applications show slight rise

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Bankers associations in Colorado are eager to support legislation that encourages financial literacy and combats Colorado’s foreclosure crisis.
Don Childears, president and chief executive officer of Colorado Bankers Association, said that CBA supported three major bills during 2007 which addressed foreclosure and sub-prime lending issues. Continue Reading Bankers associations anticipate 2008 legislative issues

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State, IRS partner to curb employment tax fraud

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The Internal Revenue Service and more than two dozen state workforce agencies have agreed to share employment tax examinations results. The agreements, part of the Questionable Employment Tax Practice initiative, will provide a centralized, uniform means for the IRS and state employment officials to ensure that businesses comply with federal and state tax requirements. “Combining… Continue Reading State, IRS partner to curb employment tax fraud

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FDIC approves new banking rule

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The Federal Deposit Insurance Corp. has approved a rule that requires certain large banks to calculate risk-based capital requirements using their own internal parameters to determine credit and operational risk. It is the final rule of the Basel II Capital Accord. Under the new regulation, banks will be able to calculate specific credit risks to… Continue Reading FDIC approves new banking rule

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Wells Fargo names new regional president

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Steve Helbing is the new regional president for Wells Fargo’s Southern Colorado region. He replaces Gene Sullivan who was promoted in August to regional vice president of commercial banking in Colorado and Wyoming. Helbing comes from El Paso, Texas where he was Wells Fargo’s regional president for Border Business Banking and retail stores in Southern… Continue Reading Wells Fargo names new regional president

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The nation’s banking associations have said that Congress should place burdens on non-bank mortgage lenders to prevent another subprime lending crisis — rather than impose greater restrictions on banks.
The American Bankers Association and America’s Community Bankers have urged Congress to require mortgage lenders to place greater emphasis on a borrower’s ability to repay and to hold non-bank mortgage lenders to the same standards as banks. Continue Reading Bank groups urge Congress not to increase restrictions

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Despite subprime mortgage foreclosures and rising debt and interest rates, Americans feel confident in October about their overall financial security, according to a survey released by Country Financial Security Index.
During a random sampling of passersby on Tejon Street last week, the overall mood about personal financial security was positive. Continue Reading Public feeling confident about financial security

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Merrill Lynch reports record loss

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Merrill Lynch & Co. reported the biggest quarterly loss in its 93-year history after $8.4 billion worth of writedowns. The third-quarter loss of $2.24 billion, or $2.82 a share, was about six times higher than the New York-based company estimation on Oct. 5. Merrill Lynch wrote down the value of subprime mortgages, asset-backed bonds and… Continue Reading Merrill Lynch reports record loss

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