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lending: How You Can Manage Your Risks Under "HERA" - 01/05/09 01:27 PM
The Mortgage Bankers Association provides a useful "Housing and Economic Recovery Act of 2008" (HERA) Resource Center.
"As you know, on Wednesday, July 30, 2008, President George W. Bush signed major housing legislation, Public Law 110-289, the "Housing and Economic Recovery Act of 2008 (HERA)."
HERA includes reform of government sponsored enterprise (GSE) regulation that will dynamically affect FNMA and FHLMC, and modernization of the Federal Housing Administration (FHA). These are, of course, the essential sources of most of the home mortgage financing in America. Unless you only deal with all cash buyers, you need to be up to date on … (0 comments)
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lending: IndyMac CEO Requests Pay Cut - 07/10/08 05:34 PM
IndyMac CEO Michael W Perry requested a 50% pay cut as a result of the market changes at the bank he has run for the past 15 years. What does that really mean?
Recently he was listed as number 84 among the Forbe's list of top CEO's compensation across America. That put him on page 4 of the list; entry reproduced here for your convenience.
So his pay cut request essentially means he will need to struggle along on a bit under $8 Million per year. The 3,400 soon to be former employees will get somewhat less, even though IndyMac … (7 comments)
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lending: Another Bank Bites the Dust - 07/09/08 04:17 PM
In the news today, IndyMac Bank depositors want their money back. So they've started a run on the bank to close their accounts and get what cash they may have, even those under the FDIC insurance limit. This follows Monday's announcement that IndyMac would shut down the mortgage lending operations. These were the heart of the bank's income and profits just as recently as a year ago. Most of its retail mortgage branches were sold to Illinois-based Prospect Mortgage for an undisclosed price.
Hard to remember that a year ago IndyMac Bank stock was $30.00/share. Two years ago it was at … (7 comments)
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Bruce Forge
Irvine,
CA
More about me…
iNET Realty, Inc.
Address: 2450 Dupnt Dr, Irvine, CA, 92612
Office Phone: (714) 376-4488
Cell Phone: (714) 376-4488
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