Pennsylvania Mortgage News
Pennsylvania Mortgage news is updated daily.
Fed Receives 25 Apps to Acquire Banks
In recent Federal Register notices, the Federal Reserve Board reported that it received 25 applications for proposed mergers and acquisitions. Some of the applications involved the acquisition of 100 percent of voting shares. Others involved only a portion of ownership.
Monthly BK Filings Down
During June, 116,365 consumer bankruptcies were filed, the American Bankruptcy Institute reported. Filings fell from 124,838 in May, the report indicated. More than 12,000 attorneys, judges, lenders and other bankruptcy professionals reportedly are members of ABI.
7 Banks Seized
The Illinois Department of Financial and Professional Regulation, Division of Banking seized five small financial institutions. Another Illinois institution was closed by the Office of the Comptroller of the Currency. The Texas Banking Commissioner closed down a Dallas bank. The Federal Deposit Insurance Corporation, which announced the failures, was named receiver of all the failed banks.
Millions Released for Displaced CA Mortgage Workers
In February 2008, the U.S. Department of Labor announced a $5.6 million grant for the California Employment Development Department. The funds were targeted for career counseling, skills training and other employment and training assistance. The second of two installments has been released, according to a new announcement.
GMAC Restructured, Renamed
GMAC LLC converted from a limited liability company to a corporation, according to a filing with the Securities and Exchange Commission. As part of the transition, the firm was renamed GMAC Inc. "The conversion will facilitate implementation of the registration rights that GMAC has provided to its common and certain of its preferred shareholders," the filing said.
