Home » MBJ FEATURE (page 620)

MBJ FEATURE

Refinance activity strong in state as people take advantage of record low rates

The flip side of the housing bubble burst is that interest rates are as low as people are likely to see in their lifetimes. That combined with the government’s HARP II program to help distressed homeowners stay in their homes are reducing mortgage amounts, and contributing to increased revenues at banks. Regions Bank chief financial officer David Turner said the ...

Read More »

Realtors, bankers, builders concerned that new regulations will dampen housing recovery

A provision of the Dodd-Frank banking reform law has non-profit housing provider Habitat for Humanity worried it could get into legal hot water making loans to high-risk borrowers. The Consumer Financial Protection Bureau, or CFPB, created by the banking reform legislation is setting rules for implementing qualified mortgage and ability-to-pay regulations. The measures are designed to protect lenders and borrowers ...

Read More »

Realtors’ CEO highlights reasons for Washington rally

  Jackson Association of Realtors CEO Jo Usry and dozens of other REALTORS from Jackson and around the state took part last month in a rally in Washington to urge effective measures to address the nation’s housing crisis. Here is her account of the rally and her reasons for participating: 13, 800 Realtors from across the United States participated in ...

Read More »

Nation’s banks gain on income in 1Q but loan levels drop

Commercial banks and savings institutions in the United States are on track to complete three years consecutive quarterly earnings increases, but their lending has dipped for the time in nearly a year. The financial institutions made a total profit of $35.3 billion in the first quarter, a $6.6 billion improvement from the $28.8 billion in net income the industry reported ...

Read More »

State grabs $7.7M of foreclosure settlement

The mortgage foreclosure fiasco has turned out to be a bonanza of sorts for Mississippi state government. Mississippi’s general fund will receive a $7.7 cash infusion from the national legal settlement state Attorney General Jim Hood and 48 other attorneys general negotiated with giant mortgage servicers Bank of America, Citi, Chase, GMAC and Wells Fargo. The financial companies were forced ...

Read More »

New MDA chief enters arena in competitive fashion

The background of Brent Christensen, the new executive director of the Mississippi Development Authority, stacks up well against his rivals around the South, a review of the professional biographies of the chief executives of several nearby states shows. One of those rivals, Florida’s Gray Swoope, is well known in Mississippi, having led the Mississippi Development Authority from 2007 through spring ...

Read More »

Mississippi ties helped put Brent Christensen atop list for new MDA chief

Former Netscape and FedEx executive Jim Barksdale took over leadership of the Mississippi Development Authority with one over-riding goal — find his replacement. He wanted a pro with a track record of success but he also sought to follow the wishes of state business leaders to hire someone with ties to Mississippi who would “understand our state,” Barksdale said in ...

Read More »

Crooked Letter sets sights on fall opening

During the last legislative session, supporters of Mississippi’s beer law reform bills listed as one of their benefits the possibility of new breweries opening. Raising the maximum alcohol content in beer from 5 percent alcohol by weight to 10 percent by weight, and letting breweries brew beer that would be illegal here for sale out-of-state, would encourage growth, they said. ...

Read More »