An Australian home loan program that combines a mortgage and a full-service checking account has been introduced in the United States by CMG Mortgage Inc., a wholesale mortgage bank based in San Ramon, Calif.The CMG Homeownership Accelerator is based on a fast-growing Australian model used by nearly a third of the homeowners in that country, the company said. "Homeowners deposit their paychecks directly into the new line of credit mortgage account, and they write all of their expenses out of the mortgage as well," CMG said. "While they are not using their money, it reduces their daily loan balance, on which interest is computed." The company said this can save tens of thousands of dollars in interest over the life of the loan, enabling borrowers to build equity faster and own their home sooner without changing their monthly budget. But the loan program is "not for everyone," CMG vice president of marketing Doug Nesbit cautioned. "You need to have positive cash flow and be disciplined about your use of equity," he said. The holding company for CMG, CMG Financial Services, can be found online at http://www.cmgfs.com.
-
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.
July 11 -
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.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
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