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Fremont General Corporation
Fremont General Corporation was a Santa Monica, California based holding company for Fremont Investment & Loan, an industrial bank that was one of the largest subprime mortgage lenders in the country during the early and mid 2000s. Background The company was founded in 1963 and incorporated in 1972 under the name Lemac Corporation. It changed its name in March 1973 to Fremont General Corporation and served as a holding company. It went public in 1977. The company primarily owned insurance businesses during its early years, including property, casualty and life insurance. Their workers' compensation insurance business was the seventh largest in the United States. The insurance operations were gradually disposed of, with the last, Fremont Indemnity, discontinued in 2001. The state of California took over supervision of the worker's compensation business in 2000, and the company agreed to cease its insurance operations, with the state assuming conservatorship in 2003. The comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Loan Company
An industrial loan company (ILC) or industrial bank is a financial institution in the United States that lends money, and may be owned by non-financial institutions. They provide niche financial services nationwide. ILCs offer FDIC-insured deposits and are subject to FDIC and state regulator oversight. All "FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act, which limits bank transactions with affiliates, including the non-bank parent company." ILCs are permitted to have branches in multiple states (which is permitted by many states on a reciprocal basis). They are regulated and supervised by state-charters and insured by the Federal Deposit Insurance Corporation. They are authorized to make consumer and commercial loans and accept federally insured deposits. Banks may not accept demand deposits if the bank has total assets greater than $100 million. ILCs are exempted from the Bank Holding Company Act. ILCs assist numerous charities and provid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11, Title 11, United States Code
Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Lenders Of The United States
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subprime Mortgage Crisis
The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. It was triggered by a large decline in US home prices after the collapse of a housing bubble, leading to mortgage delinquencies, foreclosures, and the devaluation of housing-related securities. Declines in residential investment preceded the Great Recession and were followed by reductions in household spending and then business investment. Spending reductions were more significant in areas with a combination of high household debt and larger housing price declines. The housing bubble preceding the crisis was financed with mortgage-backed securities (MBSes) and collateralized debt obligations (CDOs), which initially offered higher interest rates (i.e. better returns) than government securities, along with attractive risk ratings from rating agencies. While elements of the crisis first became more vis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subprime Mortgage Lenders
In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) is the provision of loans to people in the United States who may have difficulty maintaining the repayment schedule. Historically, subprime borrowers were defined as having FICO score#FICO score, FICO scores below 600, although this threshold has varied over time. These loans are characterized by higher interest rates, poor quality collateral, and less favorable terms in order to compensate for higher credit risk. Many subprime loans were packaged into Mortgage-backed security, mortgage-backed securities (MBS) and ultimately default (finance), defaulted, contributing to the financial crisis of 2007–2008.Lemke, Lins and Picard, ''Mortgage-Backed Securities'', Chapter 3 (Thomson West, 2013 ed.). Defining subprime risk The term ''subprime'' refers to the credit quality of particular borrowers, who have weakened credit histories and a greater risk of loan default than prime ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sam Zell
Samuel Zell (born Shmuel Zielonka, September 28, 1941) is an American billionaire businessman and philanthropist. A former lawyer, Zell is the founder and chairman of Equity Group Investments, a private investment firm, founded in 1968. He has interests in and is the chairman of several public companies listed on the New York Stock Exchange: Equity Residential (EQR), Equity LifeStyle Properties (ELS), Equity Commonwealth (EQC), and Covanta Holding Corp. (CVA), and Anixter. In October 2021, Zell had an estimated net worth of US $6.0 billion, according to ''Forbes''. Biography Early life and education Zell was born on September 28, 1941, in Chicago. His parents, Ruchla and Berek Zielonka, were Jewish immigrants from Poland, where his father had been a successful grain trader.Johnson, by Ben EMoney Talks, Bullsh*t Walks: Inside the Contrarian Mind of Billionaire Mogul Sam ZellDec 31, 2009 They emigrated to the United States with their young daughter, Leah, via Tokyo. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjustable-rate Mortgage
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.Wiedemer, John P, ''Real Estate Finance, 8th Edition'', pp 99–105 The loan may be offered at the lender's standard variable rate/ base rate. There may be a direct and legally defined link to the underlying index, but where the lender offers no specific link to the underlying market or index, the rate can be changed at the lender's discretion. The term "variable-rate mortgage" is most common outside the United States, whilst in the United States, "adjustable-rate mortgage" is most common, and implies a mortgage regulated by the Federal government, with caps on charges. In many countries, adjustable rate mortgages are the norm, and in such places, may simply be referred to as mortgages. Among the most common indices are the rates on 1-year c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Of Massachusetts
Massachusetts (Massachusett: ''Muhsachuweesut məhswatʃəwiːsət">Massachusett writing systems">məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous state in the New England region of the Northeastern United States. It borders on the Atlantic Ocean and Gulf of Maine to the east, Connecticut and Rhode Island to the south, New Hampshire and Vermont to the north, and New York to the west. The state's capital and most populous city, as well as its cultural and financial center, is Boston. Massachusetts is also home to the urban core of Greater Boston, the largest metropolitan area in New England and a region profoundly influential upon American history, academia, and the research economy. Originally dependent on agriculture, fishing, and trade. Massachusetts was transformed into a manufacturing center during the Industrial Revolution. During the 20th century, Massachusetts's economy shifted from manufacturing to services. Mod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ocwen
Ocwen Financial Corporation is a provider of residential and commercial mortgage loan servicing, special servicing, and asset management services, which has been described as " debt collectors, collecting monthly principal and interest from homeowners". Ocwen was founded in 1988 by William Erbey and is headquartered in West Palm Beach, Florida, with additional offices in Mount Laurel, NJ, Rancho Cordova, California, and St. Croix, U.S. Virgin Islands. It also has support operations in the Philippines and India. Ocwen's Slogan is "Helping Homeowners Is What We Do." Corporate affairs Ocwen is licensed to service mortgage loans in all 50 states, the District of Columbia and two U.S. territories. Ocwen has been servicing residential mortgage loans since 1988 and subprime mortgage loans since 1994. As of 2010, Ocwen's subprime servicing volume was $56 billion, ranking it fourth in subprime servicing behind American Home Servicing ($78 billion), Bank of America/Countrywide ($82 billion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Hong Kong, Tokyo, Dallas and Salt Lake City, and additional offices in other international financial centers. Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 57th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important financial institution by the Financial Stability Board. The company has been criticized for a lack of ethical standards, working with dictatorial regimes, close relationships with the U.S. federal government via a " revolving door" of former employees, and driving up prices of commodities through futures speculation. While the company has appeared on the 100 Best Companies to Work For list compiled by '' Fortune'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Servicer
A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender. The duties of a mortgage servicer vary, but typically include the acceptance and recording of mortgage payments; calculating variable interest rates on adjustable rate loans; payment of taxes and insurance from borrower escrow accounts; negotiations of workouts and modifications of mortgage upon default; and conducting or supervising the foreclosure process when necessary. Many borrowers confuse their mortgage servicer with their lender. A mortgage servicer may be a borrower's lender, but often the beneficial rights to the payment of principal and interest on mortgages are sold to investors such as Fannie Mae, Freddie Mac, Ginnie Mae ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chevy Chase, Maryland
Chevy Chase () is the name of both a town and an unincorporated census-designated place ( Chevy Chase (CDP), Maryland) that straddle the northwest border of Washington, D.C. and Montgomery County, Maryland, United States. Several settlements in the same area of Montgomery County and one neighborhood of Washington include ''Chevy Chase'' in their names. These villages, the town, and the CDP share a common history and together form a larger community colloquially referred to as Chevy Chase. Primarily a residential suburb, Chevy Chase adjoins Friendship Heights, a popular shopping district. It is the home of the Chevy Chase Club and Columbia Country Club, private clubs whose members include many prominent politicians and Washingtonians. Chevy Chase was noted as "the most educated town in America" in a study conducted by the Stanford Graduate School of Education, with 93.5 percent of adult residents having at least a bachelor's degree. The name ''Chevy Chase'' is derived from ''Ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
