Quantcast wmbb.com - Florida Economy

--- Advertisement ---

Florida Economy
10/09/08 - 02:44 PM
Associated Press
 RSS Feed
click for larger image Tallahassee, Fla:

Floridians can still get home loans despite the national credit crunch. That’s the word from banking officials who met with Governor Charlie Crist.

After meeting with bank officials Thursday, Crist encouraged people to see their bankers and buy homes.

He says they should be able to get great bargains due to the glut of residential property on the real estate market.

The Tallahassee area president of Bank of America says, quote--"Florida banks are open for business.”

The group of bankers met with the governor Thursday at the governor’s mansion.

The president of the Florida Bankers Association president assures depositors their accounts are safe if in banks protected by the Federal Deposit Insurance Corporation. Congress recently raised the maximum FDIC coverage from $100,000 to $250,000 per account.

Fields told Crist his bank is prepared to restructure about 80,000 subprime and other troubled mortgages in Florida to avoid foreclosing on those properties.

Facing a lawsuit over deceptive mortgage practices, the Charlotte, North Carolina-based bank Monday agreed to pay up to $8.4 billion to modify nearly 400,000 mortgages across the nation. Those loans were made by Countrywide Financial Corporation, which Bank of America recently

The bank also has agreed to pay Florida other states $220 million to help people who have been or soon will be foreclosed on, Fields said. He estimated Florida’s share at between $20 million and $40 million.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)

This entry has been viewed 652 times.

User Comments
WMBB.com requires that you be a registered site member to post comments and content.
Why Register?
First, we are not being sneaky and gathering your email or other information to sell to telemarketers or e-mail spam companies.

Registration on this site is required simply to allow us to keep people who would post discriminatory, threatening and harassing messages and comments from doing it again.

By having user registration, we hope to provide you with a better user experience. Please view WMBB.com's full Terms & Conditions