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Banking & Finance

Regions must pay $7.5 million in fines over illegal overdraft fees

The U.S. Consumer Financial Protection Bureau has hit Regions Bank, tops in market share among Mississippi banks, with a $7.5 million fine for “illegal actions” on over-draft fees. The CFPB has already forced the Alabama-based multi-state bank to refund customers $49 million in wrongfully collected overdraft charges. The enforcement action announced this week charges the $122-billion Regions assessed overdraft fees ...

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Distressed mortgage borrowers get 6 extra months under new HUD rules

Stack Of Cash

By TED CARTER Homeowners who have fallen significantly behind on their mortgages are getting six additional months to stave off foreclosure, thanks to a new mandate from the U.S. Department of Housing and Urban Development. HUD, in rule changes announced last Friday, is requiring servicers of Federal Housing Administration-backed loans to delay foreclosure for a full year and to evaluate ...

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MARK BLACKWELL — Retirement planning: It isn’t just financial

Quality of life in retirement is about more than how much money you have saved or how much income you generate.  Those are certainly important factors, but AgeLab, a research program within Massachusetts Institute of Technology to study ageing, has identified additional risks that can also diminish the quality of life for the elderly.  AgeLab asserts that these risks must ...

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COMMERCIAL FINANCE 701: Permanent loans & other oxymora

  A n oxymoron – a clever figure of speech that seemingly contradicts itself – can be pretty amusing.  Jumbo shrimp.  Postal Service. Justice Ginsburg.  Devout atheist.  Unbiased opinion. One of our favorite finance-related oxymora is PERMANENT LOANS.  Our partner Roger Williams leads an active practice group specializing in permanent loans for multifamily properties.  But don’t be duped.  Permanent loans ...

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Metropolitan Banks first women’s forum a huge success

Cascading parasols in Duling Hall set the “high tea” theme for the event

Metropolitan Bank recently hosted the inaugural Metropolitan Women’s Forum.  The breakfast, held on April 21st at Duling Hall in Jackson, attracted over 100 influential women leaders from the Jackson area.  Metropolitan is a seven year old bank which recently reached $1 billion in assets, and boasts a very strong core of women leaders.  With this in mind, a few of ...

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PHIL HARDWICK: Which should a business value most: employees, stockholders, customers or products/services?

If  you, a business owner, had to choose, which of the following would you place more emphasis on: Employees, stockholders/investors, customers or products/services? It’s tempting to say that all are equally important. But what if I told you that those companies that value employees more are more successful? At least, that is what the evidence suggests. From 1997 – 2013 ...

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Sen. Wicker to keynote Delta Council’s 80th annual meeting

STONEVILLE — U.S. Sen. Roger Wicker, chair of the Armed Services Committee, will be the keynote speaker for the 80th Annual Meeting of Delta Council on the campus at 10:30 am, Friday, May 29. The gathering will be at the Bologna Performing Arts Center in Cleveland. Wicker, who has represented Mississippi in the Senate since 2007, has championed issues such ...

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Bay St. Louis councilmen question utility account shortfall

BAY ST. LOUIS — An approximately $140,000 shortfall in a utility debt services account has prompted the Bay St. Louis City Council to hold a specially called meeting Tuesday. Councilmen Lonnie Falgout tells The Sun Herald money collected from surcharges on residents’ utility bills since October has not been deposited into the account, and the city has a bond payment ...

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New HUD rules delay some foreclosures for a year

WASHINGTON – The U.S. Department of Housing and Urban Development has made significant changes to its Distressed Asset Stabilization Program (DASP) that will require loan servicers to take additional steps before initiating residential mortgage foreclosures. HUD said that in an effort to better serve homeowners looking to avoid foreclosure, loan servicers will now be required to delay foreclosure for a ...

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