National Bank of Kansas City, Overland Park, Kan., has announced the introduction of a Mortgage Recovery program by its mortgage division to help borrowers hurt by the turmoil in the subprime mortgage market.Under the program, the bank will review a loan's terms, including prepayment penalties, adjustment dates, and variable rates, and counsel the borrower about the loan and the available options. "With so many stories in the media regarding subprime loans, refinancing, [Federal Housing Administration] loans, rate freezes, and foreclosures, consumers are confused about their options," said Todd Geiman, executive vice president of the Kansas bank's mortgage division. "We were taken aback by the misinformation given to many of the people we've spoken with. Many homeowners don't even realize they fall in the subprime category."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11