FirstCity Financial Corporation Announces Debt Refinancing; Expects to Recognize Related Pre-Tax Gain in Excess of $25 Million

WACO, Texas, Dec 20, 2011 (GlobeNewswire via COMTEX) -- FirstCity Financial Corporation FCFC +5.07% today announced that it has refinanced its existing senior credit facility with Bank of Scotland and BoS(USA) (collectively, "Bank of Scotland"). As a result, FirstCity's debt obligation under its existing credit facility was reduced and divided into two separate loan facilities with Bank of Scotland. In connection with the Company's debt refinancing, FirstCity also closed on a new credit facility with Bank of America. The significant terms and conditions of these amended and new credit facilities are summarized below.

As a result of this debt refinancing, FirstCity expects to recognize a one-time, non-cash gain in excess of $25 million (or $2.43 per share diluted) during the fourth quarter of 2011. This transaction is also expected to increase the Company's stockholders' equity by at least $25 million, net of applicable income taxes, as FirstCity is effectively reducing the carrying amount of debt on its balance sheet.

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House probe claims 4 members received discounted loans

WASHINGTON – Congressional investigators said Monday that four House members received VIP discounted loans from former Countrywide Financial, a lender whose subprime mortgages were at the forefront of the nation's foreclosure crisis.

Rep. Darrell Issa, R-Calif., chairman of the House Oversight and Government Reform Committee, declined to name the four but wrote the House Ethics Committee, requesting that it investigate the lawmakers.

Issa, in a letter dated Friday and released Monday, said there could be additional lawmakers who received discounted loans.

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Ways To Use The Internet To Help Save On Car Financing

So you want to purchase a car. Every year, many consumers sign up for loans to finance their car purchase. A car can be considered as an expensive investment, close to a property. How can you be certain that will see an affordable car loan deal in order to save money? Consider these pointers:

Search on the internet. The internet is a great tool for comparing deals - whether you are in need of a personal unsecured loan, a car loan, or mortgage. You can simply compare auto loan lenders online by visiting a broker’s website or checking out an auto loan company’s website. Most lenders offer free loan quotes in order to have a better idea as to how much car financing can cost you.

Look at the loan provider’s background. Take note that not all lending businesses that offer auto loans are legitimate. In your search, you might actually discover fraudulent lenders that provide attractive car financing especially to people with low credit. If you can’t get approved to get a regular auto loan as a consequence of poor credit, quick car loan advertisements can be enticing.


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Hotel Lenders Avoid Foreclosures as $17.5 Billion in Loans Loom

Dec. 7 (Bloomberg) -- As $17.5 billion in securitized loans backed by U.S. hotels come due in the next two years, lenders are doing more to avoid foreclosure on lodging properties than on any other type of commercial real estate.

Workout agreements have been reached on 53 percent of distressed hotel loans since the start of 2008, the highest among six commercial-property categories, according to data from Real Capital Analytics Inc. in New York.

Special servicers, who negotiate with landlords on behalf of investors in commercial mortgage-backed securities, typically install a receiver or hire a broker to sell an office, apartment or industrial building with multiyear leases. Hotel rooms, on the other hand, rent by the night, and contracts with such operators as Marriott International Inc. may be terminated if a property is repossessed, making it harder to run or market.

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U.S. Growth Decoupling From Treasuries Means Record Low Yields to JPMorgan

The strengthening U.S. economy is proving no deterrent to the biggest rally in Treasuries since 2008, and America’s largest bank says it may get even better for bond investors.

U.S. government debt has returned 8.9 percent this year, including reinvested interest, Bank of America Merrill Lynch indexes show. That compares with the 1.8 percent gain in the Standard & Poor’s 500 index of stocks when dividends are included. The rally in Treasuries accelerated since October even as reports showed improvements in everything from consumer confidence to jobless claims to manufacturing.


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Tips To Get A Auto Loan With Bad Credit

Having a bad credit score history is usually a real obstacle especially when applying for financing. Such as, if you’re thinking about buying a car soon, finding a reasonable car loan deal may be more difficult when you've got an inadequate credit history. Does this imply you might never get approved for a car loan for those who have bad credit?

The great thing is that it's possible to get yourself a auto loan despite having bad credit. The fact is, many lending companies and a few reputable car dealerships offer financing particularly for individuals who are credit challenged. Indeed, through research and preparation, you need to be able to find the financing you will need. Consider the following tips:

Check your report and correct the errors. Errors with your credit report will pull down your score however, you can have these corrected by sending instructions into the bureau that issued your report. Upon receiving your letter, the bureau will conduct an investigation which can take up to 30 days.


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BofA's Clash With Fannie Escalates Over Loan Buyback Stance

Nov. 21 (Bloomberg) -- Bank of America Corp. told Fannie Mae it won't cooperate with the U.S. mortgage firm's new stance on loan buybacks, setting up the lender for a potential surge in claims and penalties.

The bank is disputing Fannie Mae's demand that lenders repurchase mortgages or cover any losses themselves if an insurer drops coverage, Bank of America said this month in a regulatory filing. The lender, ranked second by assets among U.S. banks, said it “does not intend to repurchase loans” under what it deems to be new rules, and the refusal may trigger penalties or other sanctions, according to Fannie Mae.

At stake is Bank of America's ability to contain costs from faulty mortgages, which have reached about $40 billion for refunds, lawsuits and foreclosures. The company set aside $278 million for loan buybacks in the third quarter, the least since Chief Executive Officer Brian T. Moynihan took over almost two years ago. Those expenses may rebound if Fannie Mae's rules stand, the bank said.

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What You Must Learn About Low Credit Mortgage Loans

Compared with other types of financing, it is generally much harder to acquire mortgage loans. This is because home loans or mortgages involve a lot of financing and many lending companies have very strict requirements when evaluating applications.

Actually, most financiers prefer customers with impressive credit history and credit ranking. An excellent credit score is a good evidence of the customer’s capacity to pay off the loan terms and experience in managing credit. If you have an excellent credit ranking, you might be in a far better position to see a mortgage loan with affordable apr and flexible terms of repayment.

However, borrowers with low credit history might find it more challenging to acquire approved for mortgage loans. First, only a few lending companies offer adverse credit mortgage loans therefore, you may need to look for lenders that provide special home loan programs. Remember that submitting the application towards the wrong lender can cause your loan to get rejected and a rejection can make more problems on your rating.


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U.S. House votes to raise FHA loan limits

WASHINGTON, Nov 17 (Reuters) - The U.S. House of Representatives on Thursday approved a bill to raise the maximum size of mortgages the Federal Housing Administration can insure, sending it to the Senate for final approval.

The measure would push the so-called FHA conforming loan limit in the highest-priced real estate markets back up to $729,750 through 2013, from $625,500, a sign of lawmaker concern over the still-depressed state of the housing sector.

The limits, which vary from market to market, were temporarily raised for FHA and Fannie Mae and Freddie Mac during the financial crisis when banks became reluctant to lend. They automatically dropped back on Oct. 1.

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Understanding Poor Credit Cash Advance Loans

Adverse credit payday loans are quick unsecured loans that are required to be repaid from the borrower’s pay day. These loans can be called cash advance loans or quick loans because they are fast, easy, and convenient.

The borrowed funds process is easy. The borrower can visit the lender’s location, write a post dated check, and leave with instant cash with you. Many payday lending companies provide loans from the web where application may be filled-out and submitted online. Once approved, the fund will be sent to the borrower’s checking account via electronic transfer.

Nevertheless, payday advances typically carry high interest rates in case the borrower fails to pay off the financing on time, it may easily can lead to a pile of debt which can be tough to pay. Payday loan lenders allow the method to rollover the loan for the following cycle, though the borrower will continue to incur extra fees assuming that your debt will not be paid completely. As a result, borrowers can fall in the trap of bad debt.


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Rate on 30-year loan drops to 3.99 percent, just above record low hit 5 weeks ago

WASHINGTON — The average rate on the 30-year fixed mortgage fell below 4 percent for just the second time in history.

Freddie Mac said Thursday the rate on the 30-year fixed loan fell to 3.99 percent, down from 4 percent last week. Five weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.

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The Truth About Payday Cash Loans

Payday cash loans are getting popular nowadays. Have you tried getting a payday advance or are you currently planning to get one? If yes, this article presents the basic facts that you need to find out about such type of financing.

Cash advance loans are short terms loans that are payable within 30 days. For people who need immediate cash, a payday loan may be a viable solution. This is the reason payday advances are also referred to as cash advance loans. Others call it as a quick loan obviously since it involves easy and quick process.

One good reason why it is much better to acquire a cash advance is simply because no credit assessment is necessary. Lenders usually do not conduct credit assessment to determine regardless if the applicant deserves an approval or not. In fact, anyone, regardless of credit history or credit score could get approved to get a payday advance loan. Does this mean no other prerequisite is necessary?


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