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Banking & Finance

‘Know Before You Owe’ mortgage disclosure rules in effect


By TED CARTER  A new regulation designed to make home mortgages less complicated for borrowers and give them more time to study closing documents went into effect Oct 3. The tradeoff, however, is that home purchases that typically closed in 30 to 45 days can now take up to 60 days, real estate professionals say. What’s more, the “Know Before ...

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Hancock opening Nashville office as part of beefed up medical lending

GULFPORT — Hancock Holding Co., parent of Hancock and Whitney banks, is increasing its healthcare lending along the Gulf coast and opening a loan office in Nashville to meet the capital needs of a booming medical sector in the Tennessee capital. The $21 billion Hancock Bank said in a press release Tuesday that the new lending focus is a response ...

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CFPB to lift curbs on small banks’ non-conventional mortgage lending


By TED CARTER The U.S. Consumer Financial Protection Bureau has backed off enacting new mortgage rules that would make nonstandard home loans, including balloons, legally risky for small lenders in rural and under-served areas. The action comes as a relief for credit unions and small community banks in rural and small-town markets that had worried they would lose legal protections for ...

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COMMERCIAL FINANCE 701 — Doing business with the Government

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  The Founding Fathers would be dumbfounded if they could see our gigantesque government structure. This behemoth annually spends in excess of $6 trillion protecting, regulating, arbitrating, purchasing, managing, lending, insuring, competing, and, more recently, joining public–private partnerships. One of every six full-time U.S. workers is a local, state or federal governmental employee.  Inevitably, doing business will involve contact with ...

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MARK BLACKWELL — Business succession planning cannot wait


According to a Wells Fargo/Gallup survey of small-business owners, they work an average of 52 hours each week, over 30 percent more than a full-time employee.  More than half of these entrepreneurs have gone without a paycheck at some point to keep their company’s doors open.  They make these sacrifices because they know that a great idea, a strong business ...

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ITS A DEAL — Small business lending in the state is on the rise, including Mississippi’s first SBA microlender


By BECKY GILLETTE While the recovery from the recession has taken longer than hoped, increases in U.S. Small Business Administration loans in the state are a sign the economy of Mississippi is on the upswing. Through the third quarter of the federal fiscal year, the SBA Mississippi District saw loans surpass $100 million, representing an increase in lending to small ...

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BANKERS READY TO BUILD — 200 volunteers from 9 financial institutions to work together at Habitat house


By LISA MONTI  Nine Jackson area financial institutions will join together for the first time as a team to build a Habitat for Humanity Mississippi Capital Area home in a south Jackson neighborhood. The banks all have supported Habitat by building houses, sponsoring events and serving on boards and committees, but this year’s build will be the first time employees ...

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Proposed new federal rules would extend fiduciary laws to 401(k) rollovers


By BECKY GILLETTE Should consumer protection fiduciary laws in place for 401(k) and pension plans be extended to rollovers and IRAs? A proposed new Department of Labor regulations would require all investment advisers to put the financial interests of their clients first when providing 401(k) rollover or IRA investment advice. Supporters say the new rules would save retirement investors about ...

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Butler Snow handles portion of bonds issued for Braves’ new Cobb stadium

Rendering: The Atlanta Braves' new home in Cobb County north of Atlanta will include a mixed-use development.

Ridgeland’s Butler Snow served as bond counsel in Wednesday’s closing on $376.6 million in bonds for construction of the new Atlanta Braves stadium scheduled to open in Cobb County for the 2017 season. Cobb-Marietta Coliseum and Exhibit Hall Authority issued Wednesday’s portion of the bonds. Butler Snow attorneys Lesly Gaynor Murray, Blake C. Sharpton and Ryan L. Pratt handled the transaction.. ...

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COMMERCIAL FINANCE 701 — Construction contracts and risk mitigation

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  A commercial construction project is a multifaceted venture.  The numerous parties, erratic pricing of materials, potential for defects, unpredictable local governments, tight profit margins, and vital financing all contribute to a challenging project.  The parties need a well-drafted construction contract. THE PROCESS Reaching the point of actually needing a construction contract can be exhausting.  Necessary steps include site selection, ...

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