Category Archives: Banking and finance
As many as 4.5 million homeowners, including thousands in the Rock River Valley, will be receiving letters from their mortgage servicers that likely will help them delay foreclosure cases against them.
Whether it’ll help any of these families ultimately keep their homes is anyone’s guess.
As part of enforcement actions taken in April by the Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision, 14 of the nation’s largest mortgage servicers had to send letters to homeowners who had foreclosures filed against them in 2009 and 2010. The letters explain how they can …
On Sunday, the Register Star ran the story announcing that Alpine Bank passed BMO Harris Bank for the No. 1 spot in bank deposits in Boone, Ogle, Stephenson and Winnebago counties.
We unfortunately did not run a graphic with the entire list. Here it is:
Moline-based QCR Holdings, the bank holding company for Rockford Bank & Trust, reported a profit increase, while Beloit, Wis.-based Blackhawk Bancorp reported lower earnings.
Blackhawk released its earnings today. The parent of Blackhawk Bank earned $617,000 in its third quarter, a 25-percent decline from third quarter 2010.
The bank’s revenues fell from $7.4 million in third quarter 2010 to $6.9 million this third quarter.
Rick Bastian, Blackhawk president and CEO, said in an email that “a tightening net interest margin and lower revenue from the sale and servicing of mortgage loans contributed to the decrease.”
President Obama’s announcement yesterday of steps to make it easier for home owners “underwater” on their mortgages to refinance has the potential to help millions.
It’ll likely add to the frustrations of others.
The new rules for the Federal Housing Finance Authority will allow home owners to take advantage of mortgage rates at record lows as long as:
* The mortgage is owned or guaranteed by Freddie Mac or Fannie Mae.
* The current loan-to-value ratio must be greater than 80 percent.
Alpine Bank, which aggressively markets itself as Rockford’s ‘local bank,’ now has the largest share of deposits of that local market.
The FDIC released its annual market share report and Alpine passed Chicago’s Harris Bank for the top spot in Boone, Ogle, Stephenson and Winnebago counties.
Alpine Bank had $881.7 million at its 17 local offices on June 30, a 2.9 percent increase from 2010. Harris, which bought the ailing but long time market-share leader AMCORE Bank in April 2010, saw its deposits tumble 10.9 percent to $809.4 million at 14 local branches.