What if a mortgage lender could help the unemployed/underemployed customer find a job and avoid the roughly $50,000 it can cost the institution to foreclose? Cincinnati-based Fifth Third Bank began trying that very approach in central Indiana a few months ago, in the form of a re-employment assistance program.
In its first quarter as a public company, the Indianapolis-based residential mortgage firm reported a big year-over-year dip as rising interest rates made the market more volatile.
Reeling from the recession, Bharat Patel hopes to protect the hotels from foreclosure. Their lender is owed as much as $120 million, according to court filings.
Lawyers for the Federal Home Loan Banks of Boston, Chicago and Indianapolis on Wednesday told a New York Supreme Court judge they are withdrawing from the case against Bank of America Corp.
Shares of the Indianapolis-based bank took a nosedive during trading Friday morning after it reported its third-quarter earnings.
HGCC Lender LLC this month filed a $4.8 million foreclosure suit and asked a court to appoint a receiver for Hamilton Proper’s 279-acre Hawthorns Golf & Country Club.
The Indianapolis firm debuted Thursday on the New York Stock Exchange at $16 per share, well below the anticipated range of $20 to $22. In total, Stonegate’s 7.1 million shares garnered $114 million.
The Indianapolis mortgage originator will debut Thursday on the New York Stock Exchange, the first local firm to go public since ExactTarget in 2012.
Stonegate Mortgage—potentially the first company in Indianapolis to go public since ExactTarget in 2012—plans to entice investors with a nationwide expansion, a diversified income stream, and the prospect that federal reforms will benefit such loan aggregators.
August sales reflect contracts signed in June and July, when mortgage rates were rising steadily. A Realtors group cautioned that buyer traffic dropped off significantly in August. That points to fewer sales in the fall.
The 24,400-square-foot building was owned by CFS Inc., a Carmel company accused by the Indiana Secretary of State’s securities division of misappropriating the funds of elderly clients who bought ownership interests in rental properties.
The dispute started in October when the lender tried to take possession of the building at the southwest corner of 49th Street and College Avenue. Now the owner has filed Chapter 11 to delay foreclosure proceedings.
Financial terms of the agreements, announced in a written statement, were not disclosed, but the mortgages involve tens of millions of dollars in debt on retail properties spread throughout the area.
Cindy Konich is the new CEO of Federal Home Loan Bank of Indianapolis. She succeeds Milton J. Miller, 57, who retired July 1.
The Madison Park Church of God bought a 200-acre site near Interstate 69 in 2007 and built a church there using three bridge loans. One $6 million loan matured on July 12 and couldn't be repaid.
Stonegate ranked No. 1 on IBJ’s May list of fastest-growing Indianapolis-area private companies. The eight-year-old company saw revenue rocket from $15.5 million in 2010 to $95.5 million in 2012.
The settlement results from a complaint that alleged Wells Fargo's properties in white neighborhoods were much better maintained and marketed than properties in minority areas.
Indiana Attorney General Greg Zoeller says checks totaling more than $26 million will be mailed to more than 18,000 Indiana consumers this month containing shares of the National Mortgage Settlement.
The fast-growing Indianapolis-based firm will use the funds to fuel originations of loans not intended for government-backed programs, as well as to build its portfolio of servicing contracts, CEO Jim Cutillo said.
State officials estimate that about 10,000 Indiana homeowners will get help in making their mortgage payments under an expansion of a federally funded foreclosure prevention program.
