Items Tagged with 'New York Mortgage'

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  • NYDFS investigating whether rent-to-own is actually predatory lending

    Issues warning on risks of rent-to-own contracts
    The New York Department of Financial Services revealed Monday that it is currently investigating whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, currently being offered in New York are actually “unlicensed, predatory mortgage lending.”
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  • New York proposes new rules for reverse mortgages

    Legislation would add protections for state’s senior citizens
    In addition to unveiling new legislation that would grant the New York Department of Financial Services the authority to ban individuals from working in the financial services industry, New York Gov. Andrew Cuomo also announced on Monday a series of new laws that would add financial protections for the state’s senior citizens. Included among those proposals are new rules for reverse mortgages.
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  • New York now allows shared appreciation mortgage modifications

    New regulation announced without fanfare in state register
    Per the new rules, each shared appreciation agreement must contain "a conspicuous legend at the top of the agreement printed in at least fourteen-point type, consisting of substantially the following language: 'IN THIS AGREEMENT, YOU ARE GIVING AWAY SOME OF ANY FUTURE APPRECIATION IN THE VALUE OF YOUR HOME. PLEASE READ CAREFULLY.'"
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  • Franklin Credit Posts Second Quarter Loss; Sees Brighter Future Ahead

    Franklin Credit Management Corp. said this morning that it recorded a net loss for the second quarter of $3.58 million, compared to a loss of $1.39 million in the year-ago period and a loss of $1.95 million during the first quarter. The net loss came in spite of a strong 17 percent increase in revenue from year-ago levels, with the company reporting quarterly revenues of $47.1 million.
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