Welcome to Home Mortgage
Current Home Mortgage Interest Rates Colorado Article
This is a selection made from among articles on Current Home Mortgage Interest Rates Colorado. For a permanent link to this article, or to bookmark it for future reading, click here.
Mortgage Tips from Me to You
from: Seymore Hennigan
We have all heard the stories in the press about elderly people losing their homes due to unfair lending practices. Most reputable banks would never consider bilking their customers out of their life savings but there are many small, private lenders that would only be too happy at the opportunity to do it. The act of lending money under conditions unfair to the borrower is referred to predatory lending. Let’s examine the finer points of predatory mortgage lending.
Predatory mortgage lending has become a major policy issue for financial institutions throughout the nation. Nearly every federal financial services regulatory agency has denounced the practice, and has attempted to address the problem by pressuring legislators to enact laws that protect consumers from these fraudulent practices. Many states have enacted laws to protect their citizens from unfair banking practices, in part due to the policy papers issued by the major financial institutions
Predatory mortgage lending is characterized by the following: excessively high interest rates or fees, abusive or unnecessary provisions with no benefit to the borrower, large prepayment penalties, and underwriting that ignores the borrower’s ability to repay the loan in question. As the details and conditions of each financial transaction differ, high interest rates alone do not constitute predatory lending. To qualify as predatory lending, the transaction must contain three of the above stated conditions.
Many predatory lenders use fraudulent target marketing to identify their potential customers. These unscrupulous financial institutions tend to concentrate on people that are lacking a sound understanding of finance. Predatory lenders almost exclusively look for people with limited education that are unable to grasp the finer details of their loan conditions. They also regularly prey on the elderly, as they have limited incomes and significant equity in their homes.
If you or someone you know is considering borrowing for a mortgage, please take some time to educate yourselves about the potential pitfalls. Always deal with reputable financial institutions. If you have any concerns about the business practices of a particular financial institution, you can always try investigating them at the "Better Business Bureau". If you are not comfortable doing business with them, be sure that you do not sign anything. Take some time to speak with friends or family, and try to do business with companies that they trust and have put their faith in. In this day and age, it pays to be an educated consumer.
About The Author
Seymore Hennigan has worked in finance for many years. When he is not crunching numbers or advising his family and friends on investments, he writes freelance articles for mortgageguide101.com – an independent mortgage guide filled with extensive information about Countrywide Mortgage - http://www.mortgageguide101.com/countrywide-mortgage.aspx, GMAC Mortgage - http://www.mortgageguide101.com/gmac-mortgage.aspx, Wells Fargo Home Mortgage - http://www.mortgageguide101.com/wells-fargo-home-mortgage.aspx and more.
Current Home Mortgage Interest Rates Colorado News
Standard Pacific Corp. Reports 2011 Fourth Quarter and Full Year Results
IRVINE, Calif., Feb. 6, 2012 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) announced results for the fourth quarter and year ended December 31, 2011. 2011 Fourth Quarter Highlights and Comparisons to the 2010 Fourth Quarter Net income of $15.3 million, or $0.04 per diluted share, vs....
Read more...Glacier Bancorp, Inc. Announces Results for Quarter Ended December 31, 2011
KALISPELL, Mont., Jan. 26, 2012 /PRNewswire/ -- HIGHLIGHTS: Net earnings for the quarter increased 50 percent to $14.3 million and diluted earnings per share increased 54 percent to $0.20 from the prior year fourth quarter.Excluding a goodwill impairment charge (net of tax) of $32.6...
Read more...Guaranty Bancorp Announces 2011 Annual and Fourth Quarter Financial Results
DENVER, CO-- - Guaranty Bancorp Net income rose for the fourth consecutive quarter Net loans grew in the fourth quarter despite continued reductions in nonperforming loans Adversely classified assets declined ...
Read more...Vail Valley property values take hit from bank sales
NWS real estate KA 2-2-12 While this home in Eagle-Vail isn't being sold by a bank, sales of bank-owned property has affected property values on other homes. Sales of bank-owned property accounted for more than 21 percent of all Eagle County real estate transactions in 2011.
Read more...BOK Financial Reports Earnings of $286 Million for 2011
TULSA, Okla.--(BUSINESS WIRE)--BOK Financial Corporation reported net income for 2011 of $285.9 million or $4.17 per diluted share, up $39.1 million or 16% over 2010. Net income for the fourth quarter of 2011 totaled $67.0 million or $0.98 per diluted share, up $8.2 million or 14% over the fourth quarter of 2010. Net income for the third quarter of 2011 totaled $85.1 million or $1.24 per diluted ...
Read more...Commerce Bancshares, Inc. Announces Record Earnings Per Share of $2.82 for 2011
Commerce Bancshares, Inc. announced record earnings of $2.82 per share for the year ended December 31, 2011, an increase of 17.5% compared to $2.40 in 2010. Net income amounted to $256.3 million in 2011 compared to $221.7 million in 2010, or an increase of 15.6%.
Read more...