Financial and Mortgage Industry News
Home123® Back in Business with the Help of 400 Credit Unions.
PBG Financial Services Ltd (PBG) in partnership with Central States Mortgage Inc. announces the relaunch of Home123 Mortgage®. Home123® is the first of the national mortgage brands to reemerge after falling into bankruptcy related to the subprime credit crisis. PBG purchased the rights to Home123 Mortgage and related brands from Home123’s former parent company, New Century Financial Corporation. Central States Mortgage, the nation’s third largest credit union service organization, will provide all financial services including fixed and adjustable rate mortgages, refinancing, FHA loans, VA loans, interest only loans, reverse mortgages and other borrower specific programs. The partnership instantly gives Central States’ network of over 400 credit unions a national footprint, while borrowers gain access to hundreds of stable lending institutions less affected by the current credit downturn.
President Bush signed a housing bill intended to prop up embattled federal mortgage corporations, Fannie Mae and Freddie Mac, while also offering limited relief to home owners. The bill will provide up to $300 Billion in federal funding for home loans along with oversight of Fannie Mae and Freddie Mac. Whitehouse spokesman, Tony Fratto, stated that the FHA will begin implementing the bill which is intended to improve market stability and provide additional oversight of the national mortgage guarantors.