Interesting Housing News Links (February 28, 2009)

* FDIC raises fees on banks to make up for failure loss

WASHINGTON Facing a cascade of bank failures depleting the deposit insurance fund, federal regulators on Friday raised the fees paid by U.S. financial institutions and levied an emergency premium in a bid to collect $27 billion this year.

* Judge reduces bond for state worker accused of raping two girls (Paul Glasser, State Journal)

Franklin Circuit Judge Thomas Wingate has reduced the bond for a state employee accused of raping two young girls.

* Two draw sentences in fraud (Gary L.. Wright, Charlotte Observer)

(04/10/08) Jules A. Springs (CQ, tall young black man tan/white shirt, dark tie, no jacket on left) arrived at the Federal Courthouse with his attorney (No ID on attorney on right. he wasn’t talking) Thursday. Springs and five other defendants were arraigned and charged in U.S. District Court Thursday. Federal prosecutors are mulling racketeering charges against a Charlotte real estate attorn…

* Jobless Americans top 5 million mark (Christopher S. Rugaber)

WASHINGTON — As bad as it is already, the economy keeps getting worse — and government figures Thursday provided more evidence that the downward spiral won’t end anytime soon.

* Realtors: Home resales hit 12-year low (Business First Buffalo)

The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent from December to January, reflecting an annual rate of 4.49 million. Thats the weakest showing since July 1997.

* Suspect’s accomplice sought in robbery of Greenville couple (News Journal)

A masked intruder, who broke into a Greenville home earlier this week while the residents were asleep, was dropped off at the house by another person before the robbery, police said Friday.

* Canadian housing market suffering (Bloomberg News)

Canadian housing starts fell to the lowest level since 2001 as work on urban single-family dwellings plunged to the lowest level since 1996.

* FDIC expects bank failures to cost more, hikes bank fees (Marcy Gordon)

WASHINGTON Facing a cascade of bank failures depleting the deposit insurance fund, federal regulators on Friday raised the fees paid by U.S. financial institutions and levied an additional premium in a bid to collect $27 billion this year.

* First-time buyers suffer as lenders fight shy of passing on rate cuts (The Independent Online)

First-time buyers are continuing to feel the heat of the credit crunch, with lenders offering little in the way of competitive mortgage deals. Despite the Bank of England base rate dropping to its lowest level, lenders are reluctant to pass on the cuts to first-time buyers, who are deemed to pose a higher risk of defaulting on payments.

* Executives of bankrupt company sued for $1B

TUCSON – A trustee appointed by a federal judge to advocate for First Magnus Financial Corp. creditors has filed a $1 billion lawsuit against the bankrupt mortgage company’s executives, accusing them of excessive spending.

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