After mortgage banker Alex Stenback of Alerus Mortgage helps people buy a new home, he sells off the mortgage. “We sell everything that we do here,” Stenback said. “When we sell them, it’s one by one.” About 80 percent of home loans are eligible to be sold. Stenback says it can happen for a couple of reasons. “One is there is $10 trillion in outstanding mortgages right now in the country and there’s simply not enough deposits in all the banks to make that many mortgages,” he said.
Minnesota is preparing to sell nearly $500 million in bonds to cover the state’s share of the Vikings stadium facility. It’s looking for financial institutions to buy the bonds for the stadium construction, which is scheduled to start in November. The $498 million in loans will cover the State’s and the Minneapolis’ share of stadium construction. The Vikings are putting up the rest of the $477 million for the project, which will total $975 million.
Secretary of Education Arne Duncan visited the Twin Cities. He joined Chad to discuss the reason for his visit.
Like many Americans, lawmakers will have this week off for the 4th of July, but that break has Minnesota college students and their parents wondering what’s next for their student loan rates.
For struggling families living paycheck to paycheck, internet deals offering a short-term payday loan can appear appealing. But for many customers, what was intended to help them out when they are short of cash, can quickly grow into long-term headaches.
A 52-year-old Eagan man pleaded guilty Tuesday in federal court for participating in a scheme to defraud real estate investors that, when totaled, cost victims more than $1 million.
U.S. Bancorp said Tuesday its first-quarter profit jumped 28 percent, as the bank set aside less money for bad loans and got a boost from jumps in income from both loans and fees.
With diesel fuel prices climbing to $4 per gallon, Minnesota is offering long-haul truckers low-interest loans to help them save money, stay cool this summer and reduce pollution on overnight rest stops.
The U.S. Department of Agriculture is providing nearly $900,000 in loans and grants to help three rural Minnesota communities improve their facilities and emergency-response capabilities.
ith the shutdown coming to an end and the budget moving into special session, many organizations, especially schools, are realizing there will be less money available from the state.
Victims of the tornado that roared through north Minneapolis in May will be able to apply for low-interest loans through a new Disaster Loan Outreach Center opening on the north side on Tuesday.
Students at Minnetonka Middle School are helping people, thousands of miles away, live a better life.
The Small Business Administration is going to offer low interest loans in 16 Minnesota counties to help replace private property damaged in September floods. The SBA’s disaster declaration will help homeowners, renters, businesses and non-profits […]