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Nov. 13 (Bloomberg) -- Downey Financial Corp. was told by U.S. regulators to raise capital by year-end or face seizure. GMAC Bank can't install an ATM on property controlled by its biggest owner without getting federal permission. Community National Bank was forced to fire its two top executives.
- Court: Payday lending law violated constitution (The Charlotte Observer)
(By ANDREW DeMILLO, Associated Press Writer) A 1999 state law allowing so-called payday lenders to charge high fees for short-term loans violates the state constitution, the Arkansas Supreme Court ruled Thursday. In a 6-0 decision, the court said the fees permitted under the 1999 Check Cashers Act were really triple-digit interest rates. The state constitution limits interest rates on loans to ...
- Ranieri's Franklin Bank files Chapter 7 bankruptcy - MSN MoneyCentral
IndyMac Bancorp Inc ( IDMCQ ) Stock Quote , Chart , News , Add to Watchlist NEW YORK (Reuters) - Franklin Bank Corp , the lender founded by mortgage securities pioneer Lewis Ranieri, filed for bankruptcy protection and plans to liquidate, after ...
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