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Beginning this week, companies and individuals dealing in a variety of debt settlement services are now required to have a Connecticut license from the Department of Banking (DOB). But thus far, just one company has applied for the license. The DOB says the new license law, which went into effect yesterday, is required by those who deal in such services as short sale consultancy, loan modification, foreclosure rescue and "providers of similar types of services." The new law came about, according to Banking Commissioner Howard F. Pitkin, "because ... we're in difficult economic times, and some people have money issues that they think they need help with."
Read More...Declining home values have put a serious squeeze on one of the mortgage market's most popular and fastest-growing financing concepts: the Federal Housing Administration's reverse mortgage program for seniors 62 and older.
Read More...Commercial mortgage-backed securities, which have been maligned for providing much of the loose, easy capital that helped drive excessive commercial real estate values, should actually be held up as a model for efficiently providing commercial debt, a prominent real estate economist argued.
Read More...Nearly one in three borrowers who applied for a mortgage last year was denied as lenders kept their standards tight as the mortgage crisis accelerated, the government reported.
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