Bank of ND works on rebuilders loan regulations
At least $50 million will be available for people whose homes were damaged in floods to borrow through the Bank of North Dakota. Though the law authorizing those loans went into effect on Monday, it will be a couple of weeks before people can sign the paperwork to get any of the money.
A bill passed last week during the North Dakota Legislature's special session set aside $50 million to loan to people whose homes were damaged by floodwaters. Each person in Barnes, Benson, Burleigh, McHenry, Morton, Ramsey, Renville, Richland and Ward counties with documented flood damage can get a 1 percent, 20-year loan for $30,000. Loan amounts are limited to actual damage minus other types of aid already received, such as payments from flood insurance or grants from the Federal Emergency Management Agency. Payments are deferred for two years.
Janel Schmitz, communications and marketing manager at the Bank of North Dakota, said officials at the state-run bank will meet with the state Industrial Commission on Monday to work out regulations for giving out the loans, then will work with financial institutions to prepare applications and processes for giving out the money.
"Dec. 1 is our goal" for people to be able to apply for the loans, Schmitz said. People can apply through their local banks and credit unions, and the Bank of North Dakota will purchase the loans, which will be unsecured.
Schmitz said people interested in taking out the loans should watch the Bank of North Dakota's website, www.banknd.nd.gov , or call 328-5636, a hotline set up about the program, for updates on what they need to do.
The program was part of a massive bill passed by the Legislature last week, addressing flood relief and assistance for communities dealing with rapid development due to oil and gas production. The original bill called for a provision allowing cities and counties to forgive up to half of each loan if a recipient stays in the community, but lawmakers took it out of the bill rather than make it look like the state was advocating giving something to residents for nothing. Communities still are able to pay back part of the loans, but it isn't in the law.
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Around $400 billion of commercial real-estate loans made by all lenders mature in 2012, up from $375 billion this year and $250 billion in 2010, according to Deutsche Bank. Heightened interest among investment banks in securitizing distressed
Dalrymple said people struggling to recover from flood damage could use FEMA grants, SBA loans, which carry a 2.5 percent interest rate and place a second mortgage onto property, and the state's rebuilders loans to get back on their feet.
CEO of Capital Financial Global, Inc. "This will enable us to create more interest rate spread revenues and help us hold and aggregate pools of loans, which will give us better execution and pricing on the secondary loan sales markets.
This is despite consistent increase of the Central Bank Rate (CBR) by Bank of Uganda from 13% in June to 23% currently, and interest rate increases by most commercial banks. This gives the bank perhaps the cheapest loans in the market.
Do you recommend Parent Plus loans, bank loans or something else? And should I borrow annually or lump sum? — Lisa The federal Parent PLUS loan has a fixed interest rate of 7.9 percent with 4 percent fees. It allows parents to defer repayment while
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