| Liquor store owner files lawsuit against village
Fearing bankruptcy, the owner of Hazel Crest Food and Liquor has filed a lawsuit against the village and a handful of elected officials. The suit, filed last week by store owner Ed Tadros, is against the village, Mayor Robert Donaldson and four trustees. It alleges the recent ordinance banning package liquor sales in a tax increment financing district unfairly harms and singles out his store located at 2014 W. 170th St. The suit also alleges that political favoritism served as a major factor behind the ordinance. "My client made the mistake of supporting people who the mayor didn't like," said Dennis Both, Tadros' attorney. He said "it's no coincidence" that the ordinance came about months after the April election, when the store posted campaign materials for candidates opposing the mayor.
JP Morgan threatens to foreclose on HomeBanc
Failed mortgage lender HomeBanc Corp., which filed for Chapter 11 bankruptcy last week, is being threatened with foreclosure by JP Morgan Chase Bank, the lead lender on $68 million worth of operating loans. [ Submit your comments below. ] .
Lenders cut back on zero-down mortgages
In the latest sign that the nationwide credit crunch is worsening, lenders are saying no to borrowers who want no-money-down mortgages. The popular financing option which requires no down payment and finances 100 percent of a home loan is being scrapped or strictly curtailed by lenders across the United States. .
Towns OK deal to buy cable system
Towns in north Mecklenburg and south Iredell counties approved the purchase of their cable system for $39 million by a single vote Monday evening. During a joint meeting between the town boards of Mooresville, Davidson and Cornelius, Mooresville Mayor Bill Thunberg cast the deciding vote, breaking a 3-3 tie among his own town board. .
JP Morgan Chase threatens HomeBanc Corp. foreclosure
Failed mortgage lender HomeBanc Corp., which filed for Chapter 11 bankruptcy last week, is being threatened with foreclosure by JP Morgan Chase Bank, the lead lender on $68 million worth of operating loans. Court papers filed Sunday in a Delaware bankruptcy court say JP Morgan Chase, as agent for the syndicate of banks that funded HomeBanc's operations, is demanding assurances it won't get stuck for the money. JP Morgan Chase wants an emergency hearing Tuesday on its bid for guarantees that Atlanta-based HomeBanc will be able to cover its secured debt. The bank wants to be able to foreclose on its collateral if no assurances are forthcoming. HomeBanc said in court papers that it will fight the pressure from JP Morgan Chase, and that it still has a valuable loan-servicing business that continues to generate cash.
Credit Conditions Worse In August
So this is what they mean by a credit crunch.
For months, there has been lots of talk about what a global debt squeeze could look like, but plenty of market commentators and economists said we weren't there yet. Don't worry, they said, you'll know when you see it.
Then came August. As liquidity has severely dried up credit markets, the trouble has flowed over to stocks, with investors getting jittery over fears that a full-blown crisis is here.
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JP Morgan threatens HomeBanc with foreclosure
Failed mortgage lender Home-Banc Corp., which filed for Chapter 11 bankruptcy last week, is being threatened with foreclosure by JP Morgan Chase Bank, the lead lender on $68 million worth of operating loans. Court papers filed Sunday in a Delaware bankruptcy court say JP Morgan Chase, as agent for the syndicate of banks that funded Home-Banc's operations, is demanding assurances it won't get stuck for the money. JP Morgan Chase wants an emergency hearing today on its bid for guarantees that Atlanta-based Home-Banc will be able to cover its secured debt. The bank wants to be able to foreclose on its collateral if no assurances are forthcoming. Home-Banc said in court papers that it will fight the pressure from JP Morgan Chase, and that it still has a valuable loan-servicing business that continues to generate cash.
Delta Financial gets $60M loan
Delta Financial Corp., the troubled subprime lender, said Tuesday it has negotiated a $60 million loan from a hedge fund manager, a move its chief executive said will help the company to "weather the storm" of the crises in the mortgage industry.
Woodbury-based Delta disclosed the loan deal in formally issuing its second-quarter earnings, which it had skipped last week.
Delta said in a filing with the Securities and Exchange Commission last week that its earnings in the quarter fell to $777,000, compared with $7.2 million in the same period a year ago.
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