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It took several offers for First Busey to seal a deal to buy First Community Financial Partners, and the details in a recent public filing of the back and forth between the two Illinois banks show how patience in merger negotiations is a must.

Read More from: BankThink

4 days 13 hours ago

Implementation of the second phase of the common securitization platform had been projected for next year, but the anticipated time frame was delayed following "lessons learned" from the first phase.

Read More from: BankThink

4 days 13 hours ago

Citigroup plans to close three of its four London branches as the company seeks to cut costs and focus on digital services.

Read More from: BankThink

4 days 13 hours ago

One of the oddities of Wynn at Law, LLC’s flow of phone calls is this:  A potential client will call within seconds of getting a $180 speeding ticket, but will wait to call until well into buying a $300,000 home. The stakes are so much higher in the latter, and in fact, a real estate attorney on the front end can end up saving you money. Here are four ways how:

1. Wynn at Law, LLC reviews the title.

It’s a history project that reveals covenants on the property, environmental concerns (like our Geneva Lake Watershed), and liens. Any one of these can be costly to the buyer well after the closing.

2. Home Owner Associations

When there’s a Home Owner Association (HOA) it can have a lasting impact on your happiness with your investment. One area of completely subjective info a seller has to his advantage is his opinion of the HOA. “They’re great.” “They’re harmless.” If the HOA was terrible, would they really tell you and possibly scuttle the sale? I look at the more objective – and legally binding – HOA rules before any contract ties you to them. A sale contract most definitely will.

Read More from: Wynn at Law, LLC

4 days 14 hours ago

Good news: structured dismissals have survived Supreme Court scrutiny. Bad news: dismissals may be harder to structure, given yesterday’s 6-2 decision overruling the Third Circuit in Jevic narrowing the context in which they can be approved. We now have guidance on whether or not structured dismissals must follow the Bankruptcy Code’s priority scheme. The short answer is that they must. In issuing a decision that requires absolute adherence to the absolute priority rule outside the context of a chapter 11 plan, the Supreme Court shifted leverage back to hold-out creditors, whose position in the priority scheme must be respected in any structured dismissal approved by a Bankruptcy Court.

4 days 14 hours ago

attorney Heather BanksI tend to be a nostalgic person.  I recall stories in my childhood told by my parents and grandparents about going downtown to the big department stores to shop at Christmas.  Everyone’s stories always included a visit to the candy counter.  I am not old enough to remember any of the downtown establishments they reminisce about except I remember Sears.  I remember it because of one thing, the candy counter.  The downtown location closed when I was still in elementary school and moved to the new local mall that opened.  What a great place!  The mall was “the” place to shop in my childhood.  I have seen my local mall go from awesome to embarrassing.  Sears is one of three anchor stores still in it.  JCPenney, one of the three stores, announced this past week it was leaving my mall.  I’m guessing Sears will not be far behind them.

Demise of Retail

I’ll be the first to admit I’m guilty of contributing to the demise of these retail establishments.  I would much rather shop on-line now.  With kids, work, and life in general, who has time to walk around and shop in one store at a time.  The internet has made it so easy to see goods from many places, compare prices and most businesses offer perks like free shipping and free returns.

Read More from: Bonds & Botes, P.C.

4 days 17 hours ago

Attorney Suzanne ShinnNot too many would be shocked to hear that topping the nation’s list of consumer complaints during the year 2016 would be.

And the Winner IS……….

Illegal Debt Collection Practices

Debt collection efforts by creditors and collection agencies. I’m not sure about the general public, but I can tell you from experience in representing consumers as well as receiving calls made to me for someone else’s debt…..These collectors are relentless! It has been our experience over the years that the greatest relief clients seem to experience when they come in for a consultation is hearing the words: “You may tell your creditors and the collectors to contact our office for any information they need.” In other words, you can now have a reprieve from creditors and collection agencies calling all during the day and night. Most people don’t even answer their phones if they do not know the number, but it’s the interruptions all during the day that can unnerve even the most placid of personalities. According to ABC News, there were 859,090 complaints registered just for debt collection efforts.

Read More from: Bonds & Botes, P.C.

4 days 17 hours ago

Lifebuoy and BusinessmanThe question whether restructuring profits are taxable or not has been answered differently in Germany in the past. However, on 7 February 2017, a decision of the Grand Senate of the Federal Fiscal Court (the “FFC Decision”) was published, in which the highest German tax court declared the Restructuring Decree as unlawful. The FFC found that the administration had acted as legislator violating its obligation to apply the existing law.

Read More from: eSQUIRE Global Crossings

4 days 19 hours ago

 

mortgage debt

Figuring out what you owe on your home loan can be harder than a calculus exam.

For most people, their mortgage is their biggest debt.  And their home is their most important asset.

Yet, the people accounting for your payments are increasingly incapable of the very basics of their job.

Things have changed since the local bank made you a loan to buy a house and collected the payments you made on that loan.

Now, home loans get sold to someone else the moment the deal closes.  The right to collect the loan payments is bought and sold separately from the right to the payment amount.

And increasingly, the servicers make mistakes as they cut  corners to make a buck.

What do you need to know to assess whether your loan servicer has got the numbers right?

4 days 19 hours ago

If chosen as Comptroller of the Currency, Joseph Otting's appointment would be a crucial step in the new administration’s deregulatory efforts.

Read More from: BankThink

5 days 1 hour ago

Community banks, which could be the hardest hit if economic tensions between the U.S. and Mexico escalate into a tariff battle, are urging policymakers to refrain from rash action, and big banks are already trimming exposures.

Read More from: BankThink

5 days 1 hour ago

Student Loan Costs

1.3 trillion dollar issues do not just go away, and

student loan costs - money!!!
student loan costs

that is the amount of student loans owed to the

federal government.

A prospective client called me today, he and his wife were graduated about a year ago.

Both have private and public student loans, though she has a government job and is on income based repayment plans for the government loans, with the prospect of forgiveness of any balance if she keeps her job for ten years, per the Public Service Loan Forgiveness provisions.

“I wish they had told us how much it would really cost.”  he said.

$1,400 per month.  Enough for a nice house payment, but, like tens of thousands, if not more, they cannot afford both.

Read More from: Discharge Student Loan

5 days 4 hours ago

Regulators want to make rules easier for small banks; auto loan defaults rise while used-car prices fall.

Read More from: BankThink

5 days 13 hours ago

While there are inherent differences between student loan and mortgage servicing, recent claims against the largest student loan servicer echo the mortgage debacle.

Read More from: BankThink

5 days 13 hours ago

Amer Sajed, a 56-year-old Pakistan-born immigrant to the U.S., will step down from his role leading the bank’s credit card business in July after being spurred into activism by President Trump's stances on social and other issues.

Read More from: BankThink

5 days 13 hours ago

Jay Clayton, the Wall Street lawyer tapped to lead the Securities and Exchange Commission, faces what could be an uncomfortable reunion this week with Senator Elizabeth Warren.

Read More from: BankThink

5 days 13 hours ago

Bankers, directors and other large investors are unloading millions of shares as bank stocks stay close to all-time highs.

Read More from: BankThink

5 days 13 hours ago

Sen. Mike Rounds, R-S.D., told a meeting of bankers not to focus on credit unions' tax exemption in talks with lawmakers, saying the two industries should unite over regulatory reform.

Read More from: BankThink

5 days 13 hours ago

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