Mississippi Business Journal » mortgages

Fitch upgrades rating on Old Republic, subsidiaries to ‘positive’

MBJ Staff — Mon, 28 May 2012 16:13:24 +0000

MADISON — Fitch Ratings has placed the ratings of Old Republic International Corporation’s (ORI) and its insurance company subsidiaries on rating watch positive. The ratings were previously on rating watch negative, where they had been placed Jan. 25, 2012. The rating includes Mississippi Valley Title Insurance Company of Madison, an ORI subsidiary. Fitch wrote in [...]

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FNC index shows U.S. home prices up for first time since last July

MBJ Staff — Wed, 23 May 2012 17:04:56 +0000

OXFORD — FNC’s latest Residential Price Index (RPI) indicates that U.S. residential property values are up for the first time since July 2011, providing more evidence that the housing market is rebounding as the spring home-buying season is underway. Despite modest declines in March home sales, home prices — based on recorded sales transactions in [...]

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Tennessee mortgage company opens office in Tupelo

MBJ Staff — Thu, 05 Apr 2012 21:10:18 +0000

TUPELO — Churchill Mortgage of Brentwood, Tenn., is opening its first physical branch in Mississippi, located on East Main Street in Tupelo. The new Mississippi team brings 30 years of mortgage and banking experience to Churchill Mortgage. Brandy Schulz will serve as branch manager, bringing more than 12 years of industry expertise. Prior to joining [...]

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FNC index finds U.S. home prices declined in last half of 2011

MBJ Staff — Wed, 04 Apr 2012 20:10:53 +0000

OXFORD — The latest FNC Residential Price Index (RPI) indicates that U.S. home prices declined steadily in the last half of 2011. Since July 2011, prices on non-distressed properties (excluding foreclosure sales, REO sales, and short sales) have fallen 4.5 percent — averaging nearly 1.0 percent per month. The persistent downtrends in home prices are [...]

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FNC index shows U.S. home prices fell in January

MBJ Staff — Fri, 30 Mar 2012 20:11:41 +0000

OXFORD — FNC’s latest Residential Price Index (RPI) indicates that U.S. residential property values declined in January, in spite of continued economic expansion and an improving job market in recent months. The latest persistent downtrends are driven primarily by conditions in the distressed market, which remains overwhelmed by the disposal of foreclosed and REO properties. [...]

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Investigation: Mayor Davis arranged city payments to developer after condo deal

Associated Press — Mon, 30 Jan 2012 14:22:07 +0000

SOUTHAVEN — Southaven Mayor Greg Davis co-owns an oceanfront Florida condominium with a developer who’s received more than $3.4 million through real estate deals with the city since 2008. The developer, Chuck Roberts, more popularly known as the public address announcer at the University of Memphis Tigers basketball games, bought the $500,000 luxury condo with [...]

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Fitch puts Mississippi Valley Title on ‘Rating Watch Negative’

Associated Press — Thu, 26 Jan 2012 19:17:53 +0000

MADISON — Fitch Ratings has placed the ratings of Old Republic International Corporation’s (ORI) and its insurance company subsidiaries, including Mississippi Valley Title Insurance Company, on “Rating Watch Negative.” Fitch reports: “The Rating Watch reflects uncertainty as to ORI’s ability to continue to avoid a covenant breach under its debt obligations in light of ongoing [...]

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Report: Mississippi has lowest average home loan

MBJ Staff — Fri, 13 Jan 2012 14:07:52 +0000

ACROSS MISSISSIPPI — LendingTree.com has released data highlighting the average loan amount on residential real estate purchases for all 50 states and Washington D.C. for the year. Hawaii, by far, leads the nation with an average home loan amount of $677,299, followed by Washington, D.C., at $393,453, New Jersey at $344,240 and New York at [...]

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Two sentenced for role in mortgage fraud scheme

Associated Press — Thu, 10 Nov 2011 14:38:11 +0000

JACKSON — Former mortgage brokers Jason Ellis and Michael Persac will forfeit more than $3 million and pay more than $781,000 in restitution for their part in a mortgage fraud scheme. Ellis and Persac, out on bond since they were charged in 2005 in a mortgage fraud case, also are going to prison after their [...]

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Four sentenced for their role in mortgage scheme

Associated Press — Fri, 04 Nov 2011 12:55:51 +0000

JACKSON — Four people who pleaded guilty almost five years ago in a mortgage fraud schemes have been sentenced. Prosecutors said the scheme began in September 1999 and ended in 2005, when charges were filed. It involved two related cases totaling about $5.8 million in fraudulent mortgage loans. The Clarion-Ledger reports three people were sentenced [...]

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