| A Quick Guide To Bad Credit Mortgages
Editor's Note: There has been a lot of news about subprime lenders having financial troubles recently, but there are still options available to the borrower with less than perfect credit. Here is an article: Trying to buy your own home but can't get a mortgage because of your bad credit rating? Stop applying for regular mortgages now and start looking at the bad credit mortgage market. Traditional mortgage providers rarely offer their mortgage products to people with bad credit. Why? Because if you've had trouble paying your bills, credit cards or loans in the past, you're a bad risk. Lending you tens or hundreds of thousands of pounds could be a bad idea. .
FVNB Corp. reports record net income of $10.7 million
FVNB Corp., the parent company of First Victoria, recently reported a record net income of $10.7 million for the year that ended Dec. 31, which represents a 22.2 percent increase from the $8.7 million in 2005. Earnings per share increased 21.9 percent from $4.94 in 2005 to $6.02 in 2006. The company's return on average assets was 0.96 percent and return on average equity was 14.70 percent for the 12 months ended Dec. 31. "Our strategy is focused on creating long term shareholder value through market expansion and consistent earnings growth," said M. Russell Marshall, president and chief executive officer of FVNB Corp. "Our performance in 2006 is the result of our successful execution of that strategy. We are proud of our earnings and our surpassing of the $1 billion milestone in total deposits during 2006." "During 2006, we achieved strong organic growth while continuing our expansion into markets with attractive demographic trends.
GMAC Mortgage Unit Chief Financial Officer Resigns (Update2)
March 23 (Bloomberg) -- GMAC LLC said James Giertz, chief financial officer of the Residential Capital division, will resign, the second executive this week to leave the money-losing home mortgage unit partly owned by General Motors Corp. Giertz's resignation takes effect April 13, seven months after he took the post. GMAC CFO Sanjiv Khattri, 42, will replace Giertz, 50, until a successor is named, spokeswoman Gina Proia said. ``His resignation is a personal decision,'' said Proia in an interview, without offering specifics. ``It is not related to any issues at ResCap.'' The home-lending unit last week reported a $651 million operating loss because of losses on subprime loans extended to borrowers with poor or limited credit histories. The ResCap losses contributed to a lower-than-expected fourth-quarter profit at GM, the Detroit automaker that owns 49 percent of GMAC.
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