Virginia Second Mortgage
Mortgage firm suspends mailings in Wisconsin
A West Virginia mortgage company has suspended mailings in Wisconsin because of potential legal issues, which negatively impacted the firm's second quarter net income.
Summit Financial Group Inc.'s mortgage banking group suspended mailings to Wisconsin, Indiana and Illinois during the second quarter so the firm could assess the impact of recent federal court rulings on the Fair Credit Reporting Act. The act addresses requirements the firm's prescreened credit offers must meet.
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In June, I traveled with a group from my church to the Waveland Bay-St. Louis-Mississippi area. I was overwhelmed by what I saw there. The 30-plus foot storm surge from Katrina had traveled 11 or 12 miles inland. Some areas 20 feet above sea level were flooded. Almost every home and business in this area was flooded or destroyed. The first four or five blocks in from the Gulf of Mexico was almost wiped away.
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