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Issue of June 5, 2006 |     |
15-Year Mortgages See Sharp DeclineBy Andrea Gregory Some lenders are expressing astonishment at a sharp decline in the popularity of 15-year mortgages while others point to the trend as yet another example of how rapidly the lending marketplace is changing. Local Banks Doing Their Part to Assist Victims of Flooding By Andrea Gregory Most bank presidents don’t go to work expecting to perform physical labor. But when Charlie Cullen, president and chief executive officer of The Provident Bank in Amesbury, saw his community suffering at the hands of the recent Mother’s Day storm that lasted for days and flooded many North Shore areas, he rolled up his sleeves and was prepared to lend a hand in the middle of it all. DOB Issues Cease-Activity Orders to 48 Out-of-State Lenders By Andrea Gregory The Massachusetts Division of Banks has issued cease-activity orders to 48 out-of-state payday lenders for advertising loans with alleged illegal terms to local consumers. The letters went out at the end of May following an investigation that was prompted after a report about payday lenders marketing their services to Bay State consumers on the Boston craigslist Web site (www.boston.craigslist.org) that first ran in Banker & Tradesman on May 8. |
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