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Rotellini leaving for private sector, interim replacement named
Gov. Jan Brewer has named Thomas Wood as interim director of the Arizona Department of Financial Institutions. He replaces Felecia Rotellini, who will step down at the end of the month for a position in the private sector.
Fraudulent flipping: State agency gets extended power to battle mortgage scams
The housing bubble in Arizona became a cash cow for the unscrupulous. Up until the bubble burst in late 2008, crooked investors and people involved in writing up loan documents bilked banks and homeowners out of millions.
Are struggling community banks prepared for a new threat?
Most community banks in Arizona are losing money, lending is down, and a veteran banker concedes that every day is a challenge. It was a little too challenging for two Arizona banks, which were closed by state and federal regulators Aug. 14. A third bank is operating under federal orders to improve what were found to be “unsafe and unsound banking practices.”
Reverse mortgages: Look before you leap
As seniors see their 401K savings shrink and the value of their homes plummet, the prospect of taking out a reverse mortgage seems like an option that’s almost too good to be true.
