Many homeowners facing foreclosure in 10 hard-hit states will be able to get legal assistance thanks to the Center of Responsible Lending and a $15 million grant from a hedge fund.Paulson & Co. Inc., New York, is providing the funds for the CRL's new Institute for Foreclosure Legal Assistance, which will support legal aid groups and law school clinics that provide legal services to subprime borrowers in danger of losing their homes. "By providing funding and other support for attorneys who can review loan documents and negotiate with loan servicers, we believe that many more homeowners will be able to stay in their homes," CRL chief executive Martin Eakes said. The National Association of Consumer Advocates is managing the legal assistance project. "We hope to be able to provide legal representation to at least 5,000 families with these funds," NACA executive director Ira Rheingold said.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
9h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
10h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
11h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18