South Carolina and North Carolina among Five Least Safe Banking Markets

- BestCashFlow.com

Builders who specialize in home remodeling are seeing a better market than they have in years according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) released on Friday. The index rose to 46.5 in the first quarter of the year from 41.5 in the fourth quarter of 2010.

The current RMI is the highest the index has been since the fourth quarter of 2006.

The RMI is based on builders' perceptions of current remodeling activity and on indicators of future activity such as calls for bids. In addition to the RMI there is an index reflecting each of its two components. Any score of less than 50 indicates more respondents view the market activity as lower (compared to the prior quarter) than report that it is higher.

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Former Chief Credit Officer of a Failed Bank Banned From Working in the Banking Industry

- Atlanta Business Chronicle

The former chief credit officer of a failed north Georgia community bank who faces criminal charges has been banned by federal regulators from working in the banking industry.

Robert R. “Randy” Jones, a former executive vice president of Community Bank & Trust of Cornelia, agreed to the Federal Deposit Insurance Corp.’s prohibition order on Feb. 24, and the agency released the order on March 25.

Jones faces federal criminal fraud charges for his involvement in making real estate loans.

Community Bank & Trust also made loans, under Jones’ watch, to an outdoors-retail store that was developed by the daughter and son-in-law of Ga. Gov. Nathan Deal.

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Short Sales...A Breeding Ground for Fraud?

- DS News

With defaults continuing to mount and declining property values still widespread, the industry is seeing an increase in short sales. Such transactions are expected to burgeon even further now that the federal government has implemented its Home Affordable Foreclosure Alternatives (HAFA) program.

Under HAFA, servicers participating in the administration’s foreclosure prevention effort are required to consider a short sale for all homeowners that don’t qualify for a modification, and incentives are paid out to borrowers, servicers, and lien holders for successful short sales.

With the new policies and still-precarious market conditions, short sales are gaining in popularity among lenders and distressed homeowners alike, but as with any modus operandi that rapidly picks up steam, this proliferation can open the gate for fraudulent activity.

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