WASHINGTON - (06/01/06) -- Housing and Urban DevelopmentSecretary Alphonso Jackson traveled to New Orleans' French Quarterthis week to announce a bailout plan that will allow the state touse Community Development Block Grant funds to provide up to$150,000 to uninsured homeowners to repair homes badly damaged ordestroyed by hurricanes Katrina and Rita. The 'Road Home Program'will be as much of a bailout for credit unions, banks and othermortgage lenders, which hold the mortgages on all of the damagedproperties. So far, Congress has appropriated $4.2 billion of theestimated $8.8 billion required to fund the program, meaninglawmakers will be asked as part of an emergency funding bill toprovide the remaining $4.6 billion needed. Under the program, thefunds, minus insurance settlements and other grants, will go tohomeowners whose primary residences were destroyed or severallydamaged, or to relocate out of state. The borrower can sell thehome to the state for 60% of its pre-storm value, minus insuranceproceeds and other federal disaster repair funds. If the borrowerdecides to sell, the lender may be asked to write-off a portion ofthe debt. To participate in the program, homeowners must have atleast $5,300 of uninsured damages from hurricanes Katrina orRita.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
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In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
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To build their executive presence in meetings and on video calls, junior employees should embrace flexible schedules — and possibly media training, Michelle Young of Worldpay and Anna Greenwald of MoneyGram International said at American Banker's Payments Forum.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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