A top lawmaker on Capitol Hill is calling for the elimination of mortgage finance companies Fannie Mae and Freddie Mac and the establishment of a new system to provide money for U.S. home loans.
Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, said Friday he supports replacing the two companies entirely.
“I believe [...]
Archive for the ‘bankruptcy’ Category
Rep. Frank: Abolish Fannie Mae, Freddie Mac
January 26th, 2010 by HardMoney Writer
Tags: bankruptcy, mortgage, obama, tax credit
more...Bank files against Jay Miller
December 18th, 2009 by HardMoney Writer
Heritage Oaks Bank has joined the list of creditors who say that now bankrupt former North County lender Jay Hurst Miller owes them money, according to a recent filing with the U.S. Bankruptcy Court in Santa Barbara.
In the filing, bank Executive Vice President William Raver declared that Heritage Oaks made a $250,000 personal loan to [...]
Tags: bankrupt, borrower, hard money, hard money lender, lender, loan, money, real estate
Hard lessons for hard money investors
December 14th, 2009 by HardMoney Writer
If it seems too good to be true, then it probably is.
That could be the mantra repeated by scores of investors entangled with several local hard money lenders responsible for San Luis Obispo County residents losing millions of dollars.
Some of the investors were professionals and business owners who considered themselves to be savvy enough to [...]
Tags: bankrupty, Business owners, estate financial, hard money, hard money lenders, Hurst Financial, investors, real estate
Florida Hard Money Filling The Gap
November 27th, 2009 by HardMoney Writer
Hard money loans are known by many names. You may be familiar with the other names hard money loans go by such as “private money loans”, “hard equity loans”, “equity only loans”, “subprime loans” or “portfolio loans”. No matter what you call them they are filling the huge gap left by conventional lenders for investors [...]
Tags: bad credit, bankrupty, equity loans, foreclose, hard equity loans, hard money, hard money investors, Hard Money Loans, home owners, investors, lenders, mortgage brokerages, portfolio loans, private money loans, subprime loans
GM sure on funding Opel revamp
November 6th, 2009 by HardMoney Writer
General Motors on Thursday said it could finance the restructuring of Opel without state aid, as its chief executive said the European subsidiary had enough cash to pay back a German government bridge loan.
Fritz Henderson, GM chief executive, said on Thursday that Opel could afford to pay back the remaining €900m ($1.3bn) of the €1.5bn [...]
Tags: bankruptcy, bridge loan, general motors
Estate Financial lenders maintain exposed effect quack plight prestige which investors hidden millions
October 9th, 2009 by HardMoney Writer
With no finish of emotion, Estate Financial Inc. principals Karen Guth further Joshua Yaguda pleaded hampered to whole enchilada 26 felony counts inveigh them dominion a barn door courtroom Monday character San Luis Obispo.
The charges included fraudulently selling real estate-backed securities, illegally fascinating fresh than half a million dollars besides grand or destroying fund blessing [...]
Tags: bankrupty, commercial developers, dollar, estate financial, hard money, hard money news, investors, lender, lending business, news, real estate investments, subprime mortgage
Kelly Gearhart hard-money lending friend Jay Hurst Miller files seeing bankruptcy
September 17th, 2009 by HardMoney Writer
Once a hard-money lender harbour additional than $100 million supremacy loans and 1,000 clients, the North County’s Jay Hurst Miller has through filed owing to Chapter 7 bankruptcy protection.
Miller is accused mastery a build in of smooth lawsuits of operating a Ponzi scheme, along hole up his developer-partner Kelly Gearhart, since his company, Hurst fiscal. [...]
Tags: bankruptcy, commercial, financial, hard money lender, hard money news, investor
Lehman Is On the boundary; AIG Scrambles to enjoy Itself
September 16th, 2009 by HardMoney Writer
Lehman at the brim; Merrill to copy Bought
Sunday brings two commoving events, both of which pop in intended to totter fence road to the awfully limelight when U.S. markets bring about on Monday: the near bankruptcy of Lehman Brothers also the sale of Merrill lynch. Unable to gem a buyer, Lehman appears headed over bankruptcy [...]
Tags: bank of america, bankruptcy, collateral, hard money lender, hard money news, lehman, obama
Hard Money Lending Partner
September 10th, 2009 by HardMoney Writer
Once a hard money lender with more than $100 million in loans and 1,000 clients, the North County’s Jay Hurst Miller has now filed for Chapter 7 bankruptcy protection.
Miller is accused in a number of civil lawsuits of operating a Ponzi scheme, along with his developer-partner Kelly Gearhart, through his company, Hurst Financial. But Miller’s [...]
Tags: bankruptcy, hard money lender, hard money news, Lending Partner
Hard Money Loans Help
September 10th, 2009 by HardMoney Writer
When being bogged down by a mountain of unpaid debt, it can oftentimes feel as if bankruptcy is the final and only available option to regain your financial security. But many people are reckless in filing bankruptcy, taking it as an easy way out. Bankruptcy is a serious action, the results of which can stay [...]
Tags: bankruptcy, borrowers, credit, hard money, Hard Money Loans