Bad Credit Mortgage Loan Chicago

Irish outlook: Michael Casey: Consumers need a champion

MARKETS help economies allocate resources and produce goods efficiently. This is invariably to the benefit of consumers. Hence America’s strong belief in markets and in the sovereignty of the consumer. But we should also be aware that some markets do not work very well. When that becomes apparent, there is a strong argument for government intervention and that is why we have industry regulators.

For markets to work well, there must be perfect information, large numbers of traders, similar products, and so forth. There should be no opportunity for collusion or price-fixing.

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REAL ESTATE: Paying all cash? Skip appraisal

Q. Does every home sale require an appraisal? I plan to pay cash.

If you are paying all cash for a home and no new mortgage will be obtained, there is no need for a professional appraisal. However, if you will be obtaining a new mortgage to help pay for your home, the mortgage lender will arrange for a professional appraisal.

Deadbeat condo owner

Q. I own a condo in a small, six-unit homeowner's association. We all get along very well, except for one owner. She is kind of a hippie who is often gone for weeks and even months. Her monthly condo assessment fee is $423 per month, and it is now delinquent for 11 months. This is a big drain on our association's budget. As the treasurer, I am wondering what we can do to collect this money? You and your fellow condo owners have been patient far too long with that owner who doesn't pay her monthly fees.

National City Profit Tumbles

Regional bank National City (NCC - commentary - Cramer's Take) posted a sharp decline in second-quarter profits as the company took a hit from hedging mortgage losses.

Profits at National City fell 24% in the second quarter, although they still topped Wall Street forecasts. Excluding the mortgage losses, the bank's profits rose from the previous year's quarter.

The company earned $473 million, or 77 cents a share, down from $625 million, or 97 cents a share, a year ago. Analysts expected the company to earn 73 cents a share, according to Thomson Financial. The company's results had a $115-million loss from mortgage servicing rights, compared to a $157-million gain in the second quarter last year.

The company also set aside $60 million for bad loans, more than doubling the $26 million set aside in the same period last year.

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