A South Dakota-based payday lender and its California partner are to pay about $2 million under the terms of a settlement designed to address "abusive" lending and collection activities, the Department of Labor Licensing and Regulation said Monday.
Operations at NBRS Financial Bank have been fairly normal since the Federal Reserve Board of Governors issued an Prompt Corrective Action Directive to the community bank serving Harford and Cecil counties on April 7, NBRS President Hugh J. Garchinsky said Tuesday.
The city-owned Hilton Baltimore spent nearly all of the $2.8 million in hotel occupancy taxes the city set aside last year to help the struggling convention center hotel make its debt payments, officials said.
The 2013 State of Housing in Black America report found that African-American homeownership dropped from 48 percent in 2007 to 43 percent today and foreclosure rates were higher among African Americans and Latinos. NAREB President Donnell Spivey said he is concerned that the recession has made many people in the African American community wary of homeownership, traditionally a safe investment and a route to the middle class.
Maryland will receive about $86 million for principal reduction, the sixth-highest amount, or 4.3 percent of the relief available, according to Maryland Attorney General Douglas Gansler. There are also 2,461 loans eligible for cash payments, with disbursements expected to be more than $1,000 each.
The president's proposal to unwind Fannie May and Freddie Mac, similar to a bipartisan bill in the Senate, points the way toward meaningful reform in housing policy that doesn't eliminate the government's role in making homeownership possible for the middle class.
Financial aid directors at Maryland colleges are hoping that members of Congress will return from their July 4th recess and reverse the doubling of the interest rate on new loans for financially needy students.
Baltimore water officials have been dogged in the last year by a series of extremely public problems. But behind the scenes, they have also been making progress on the city's aged and long-deteriorating water system.
A Baltimore County police union is suing the county retirement system's board of trustees over a $25 million loan the county took from the employee retirement system to upgrade recycling facilities, alleging a breach of duty.
The Laurel City Council is proposing to revise the tax break given to the developers of the Laurel Mall, Greenberg Gibbons Company, to be used for improving public infrastructure around the new development.