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Keyword: loans

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  • New Texas 130 owners to make $60 million in repairs to bumpy road

    10/10/2017 5:46:43 AM PDT · by Tolerance Sucks Rocks · 18 replies
    The Austin American-Statesman ^ | September 20, 2017 | Ben Wear
    The southern, privately built section of Texas 130, which has been an obstacle course of bumps and cracks since shortly after its October 2012 opening, will see $60 million of pavement repairs over the next year in 35 spots between Mustang Ridge and Seguin. Crews in many cases will be removing five feet or more of the road’s “sub-base,” the treated and compacted soil layers that underlie the highway’s asphalt driving surface, replacing it with soil with different, stronger properties, and then repaving those rehabilitated sections. Some repairs will also include installation of impermeable layers of soil alongside the road...
  • Finally, a crackdown on predatory payday loans

    10/07/2017 11:33:46 AM PDT · by EveningStar · 87 replies
    Los Angeles Times ^ | October 9, 2017 | Editorial Board
    The Consumer Financial Protection Bureau’s new rules for payday loans and car title loans have drawn the predictable cries of outrage from lenders, particularly small storefront operators who say the restrictions will put them out of business. And it’s an understandable complaint — after spending five years researching the market for high-cost credit, the bureau has fired a shot right at the heart of these lenders’ business model. But the outrage here isn’t what the regulators are doing. It’s the way these lenders have profited from the financial troubles of their customers. As the bureau’s research shows, payday lenders rely...
  • Bangladesh bank offers loans to US poor (you just can't make this stuff up!)

    02/18/2008 3:12:44 PM PST · by 2banana · 12 replies · 94+ views
    Financial Times ^ | February 15 2008 | Daniel Pimlott
    Bangladesh bank offers loans to US poor By Daniel Pimlott in New York Published: February 15 2008 Bangladesh’s Grameen Bank has made its first loans in New York in an attempt to bring its pioneering microfinance techniques to the tens of millions of people in the world’s richest country who have no bank account. The bank’s entry into the US, its first in a developed market, comes as mainstream banks’ credibility has been hit by the mortgage meltdown and many people are turning to fringe financial institutions offering loans at exorbitant interest rates.
  • MoPac delays push government agency to dip into savings for debt payments

    04/16/2017 10:13:25 AM PDT · by Tolerance Sucks Rocks · 29 replies
    The Austin Business Journal ^ | March 30, 2017 | Staff Report
    More than a year behind schedule, the massive project to add toll lanes to 11 miles of MoPac Expressway is now costing the government agency overseeing construction some of its savings. The Central Texas Regional Mobility Authority is dipping into its cash reserves to repay some of the $230 million it owes to the Capital Area Metropolitan Planning Organization, the Austin American-Statesman reports. The agency said once the rest of the toll lanes open — which is now projected to happen June 15, per the Statesman — the revenue collected will solve such cash flow problems. The tolls are expected...
  • Student Loan Forgiveness Program Approval Letters May Be Invalid, Education Dept. Says

    04/01/2017 4:42:26 PM PDT · by ameribbean expat · 29 replies
    More than 550,000 people have signed up for a federal program that promises to repay their remaining student loans after they work 10 years in a public service job. But now, some of those workers are left to wonder if the government will hold up its end of the bargain - or leave them stuck with thousands of dollars in debt that they thought would be eliminated. In a legal filing submitted last week, the Education Department suggested that borrowers could not rely on the program's administrator to say accurately whether they qualify for debt forgiveness. The thousands of approval...
  • Should the United States Abandon the Federal Reserve System?

    03/09/2017 8:07:43 PM PST · by Tolerance Sucks Rocks · 54 replies
    Economics Wire ^ | March 9, 2017 | Viliyana Filipova / Mr. Conrad
    The Federal Reserve gives us the freedom to buy things now that we would otherwise have to wait for.In looking at the Federal Reserve, it is important to note that this is a money system, not just a group of people sitting in a conference room controlling everything having to do with the US dollar. The Fed is a system just like the government of the US is a system. What that means is that no one controls it, and that it is much bigger than any one person or group of people could ever control. They can guide it,...
  • Obama's Legacy: Half Of College Students Now Expect Taxpayers To Bail Them Out

    03/03/2017 9:39:20 PM PST · by 198ml · 35 replies
    When President Obama came into the White House eight years ago, he promised a "New Era of Responsibility." It didn't work out that way, particularly for student loans, leaving President Trump with a huge mess to clean up. In fact, when it comes to borrowing for college, students are being utterly irresponsible. A recent survey by LendEDU of 500 current college students found that 49.8% of them think that the federal government will forgive their loans after they graduate.
  • Norwegian Bank Tests 'Islamic Loan' Concept

    01/26/2017 1:30:44 AM PST · by nickcarraway · 20 replies
    Norwegian bank Storebrand is offering new ‘halal loans’ based on Islamic principles. The bank recently created a website promoting ‘ethical loans’ for home financing without interest. The bank writes that it is testing the idea of interest-free loans in part to appeal to Muslim home buyers who may not want to accept a traditional loan because of their faith. Islam prohibits charging interest or fees on financial loans. “We wanted to find out if there could be another way to enter a housing market with rising prices. The product could appeal to young people, new graduates or people who can...
  • U.S. to forgive some $108B in student loan debt, report says

    12/02/2016 12:18:12 PM PST · by SeekAndFind · 57 replies
    UPI ^ | 12/01/2016 | Amy Connolly
    WASHINGTON, Dec. 1 (UPI) -- An estimated $108 billion in student loans will be forgiven in the next two decades as a growing number of borrowers seek income-driven payment assistance programs, the Government Accountability Office said Wednesday. The GAO, in a report to Congress that analyzed the cost of income-driven repayment plans, found some $29 billion more in student loans will be discharged due to borrower death or disability. Overall, the sum is double the amount estimated by the U.S. Department of Education, the report found. The GAO criticized the department for underestimating the cost of the repayment plans and...
  • 6 million Americans have stopped paying their car loans, and it's becoming a 'significant concern'

    11/30/2016 10:18:58 AM PST · by SeekAndFind · 86 replies
    Business Insider ^ | 11/30/2016 | Matt Turner
    There is a lot of talk out there about the auto-loan market right now. Hedge fund manager Jim Chanos has said the auto-lending market should "scare the heck out of everybody," while the auto-lending practices of some used-car dealerships has been given the John Oliver treatment on TV. It's a topic we've been paying attention to as well. In a presentation in September at the Barclays Financial Services Conference, Gordon Smith, the chief executive for consumer and community banking at JPMorgan, set out some eye-opening statistics on the market. Now the New York Federal Reserve is taking a closer look...
  • What China’s ‘Highway Robbery’-Style Toll Roads Say About its Economy

    11/20/2016 11:02:14 PM PST · by Tolerance Sucks Rocks · 19 replies
    Epoch Times ^ | October 30, 2016 | Cai Shenkun
    Why is China’s huge toll road system running massive losses despite billions of income from toll fees? It’s another strategy devised by the communist regime to siphon wealth from the public, says Cai Shenkun, a well-known Chinese economist and blogger.The Chinese state operates the largest toll road system in the world. Toll roads across the country collect more than 400 billion yuan (US$60 billion) each year. But strangely, this profitable monopoly industry reports huge losses year after year. According to recently released data by China’s Ministry of Transportation, revenue from toll roads was 409.78 billion yuan in 2015 while operating...
  • US DoJ hits Deutsche Bank with record $14bn fine

    09/17/2016 6:43:40 AM PDT · by Olog-hai · 14 replies
    TheLocal.de ^ | 17 Sep 2016 08:55 GMT+02:00 | AFP
    US authorities are targeting Deutsche Bank for a record $14 billion fine, mark(ing) the latest blow to Germany’s biggest lender, which since the 2008 financial crisis has run a gauntlet of setbacks. The weighty demand from the Department of Justice (DoJ) comes after Deutsche has already paid out billions in fines over interest-rate fixing and sanctions violations, and as it battles through some 8,000 ongoing legal cases and a painful restructuring. […] Deutsche Bank is among several major financial institutions accused by US authorities of misleading investors about the values and quality of complex mortgage-backed securities sold before the 2008...
  • U.S.: Wells Fargo illegally repossessed 413 service members' cars

    09/29/2016 11:07:10 PM PDT · by Enterprise · 29 replies
    http://money.cnn.com/ ^ | September 29, 2016 | Jackie Wattles
    Wells Fargo will pay $24 million to settle allegations that it mistreated members of the military -- including illegally repossessing their cars. The bank, already reeling from a scandal over fake accounts, will pay $4.1 million to settle Justice Department charges that it seized 413 cars owned by service members without a court order, a violation of federal law. The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army National Guardsman in North Carolina who said the bank seized his car while he was preparing to deploy to Afghanistan. Wells...
  • ITT Tech shuts down all its schools; students might get loans forgiven

    09/06/2016 10:13:43 AM PDT · by rightwingintelligentsia · 45 replies
    LA Times ^ | September 6, 2016 | Jim Puzzanghera
    The company that operates ITT Technical Institutes said Tuesday that it was permanently closing all its campuses nationwide, blaming the recent move by the U.S. Education Department to ban the for-profit college operator from enrolling new students who use federal financial aid. ITT Educational Services Inc. said that the shutdown will affect “tens of thousands” of students who were preparing for the start of classes this month and cost more than 8,000 employees their jobs. “We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution,” ITT said...
  • Administration Expands Student Loan Default Options [semi-satire]

    06/18/2016 11:01:07 AM PDT · by John Semmens
    Semi-News/Semi-Satire ^ | 19 June 2016 | John Semmens
    The Department of Education expanded the grounds under which students may be freed from their obligation to repay college loans. Under the new rules, students may be absolved from the obligation to repay loans if the education they received was inadequate. Secretary John King, Jr. explained that “much of what passes as education in our major universities is just crap. Universities know that majoring in ‘women’s studies,’ ‘gender studies,’ philosophy, and the like, won’t prepare graduates for high-paying jobs. Why should naive and ignorant young people have to bear the consequences that could have been avoided if they had received...
  • To Learn About Hypocrisy, Google ‘Oregon Florist’

    05/14/2016 6:05:42 AM PDT · by Kaslin · 25 replies
    Townhall.com ^ | May 14, 2016 | Brian McNicoll
    So, a customer goes to a business to purchase a product. The business refuses to sell. The customer asks why. The business says, however politely, “Because we don’t approve of you.”And the business gets in trouble, right florists, wedding hall operators and cake-bakers of America? Actually, we’ll see about that. Google announced Wednesday it no longer would allow online or payday lenders to advertise on its websites. Online loans join firearms, explosives and illicit drugs as products the search engine giant refuses to tout. Facebook also bans selling ads to online lenders, but Yahoo and other providers still do. It’s...
  • Why The Auto Loan Bubble Is As Important As The Student Loan Bubble

    04/18/2016 6:47:42 PM PDT · by george76 · 42 replies
    The Federalist ^ | April 4, 2016 | Edward Niedermeyer
    New car loans have become the new hot product and Wall Street, not car-loving Americans, is the real market. The growth of student loan debt has received no shortage of attention from politicians and the media in recent years, making it one of the top economic anxieties in post-mortgage-meltdown America. Behind the front-page investigations and populist political platforms, the numbers are indisputably chilling: student loan balances have surged from less than $18,000 per person to $25,000 per person in the ten years since 2005. But another class of debt is also growing at troubling rates without attracting anywhere near the...
  • Why Obama is forgiving the student loans of nearly 400,000 people

    04/13/2016 7:02:40 PM PDT · by doldrumsforgop · 70 replies
    marketwatch ^ | 4/13/16 | j berman
    Hundreds of thousands of student loan borrowers will now have an easier path to getting their loans discharged, the Obama administration announced Tuesday. The Department of Education will send letters to 387,000 people they’ve identified as being eligible for a total and permanent disability discharge, a designation that allows federal student loan borrowers who can’t work because of a disability to have their loans forgiven. The borrowers identified by the Department won’t have to go through the typical application process for receiving a disability discharge, which requires sending in documented proof of their disability. Instead, the borrower will simply have...
  • Nearly 400,000 Disabled Borrowers May Have Student Loans Forgiven

    04/13/2016 10:12:40 AM PDT · by C19fan · 33 replies
    NBC News ^ | April 13, 2016 | Halimah Abdullah
    Hundreds of thousands of borrowers who are permanently disabled could have an estimated $7.7 billion in student loans forgiven, the Department of Education announced Tuesday. Starting next week, the Department of Education will send letters to 387,000 people who have been identified as eligible for what is called a "Total and Permanent Disability" loan discharge because they are disabled and cannot work. The Department of Education and Social Security Administration worked together to identify borrowers who have been receiving disability payments and are eligible to have their loans discharged.
  • What Consequences? Judge Rules Student Loans Of Broke Lawyers Can Be Cancelled

    03/28/2016 4:48:17 PM PDT · by SeekAndFind · 21 replies
    Zero Hedge ^ | 03/28/2016 | Tyler Durden
    Following SCOTUS' decision not to hear a case making it easier to get rid of student debt, and The White House's push to ease student loan 'burdens', WSJ reports a federal judge ruled law-school graduates who file for bankruptcy protection can cancel the debt they racked up while studying for the bar exam. In an opinion filed Thursday, Judge Carla Craig of the U.S. Bankruptcy Court in Brooklyn, N.Y., said bar-exam loan debt is “a product of an arm’s-length agreement on commercial terms” and doesn’t fall into the category of student loans that stick with a borrower who files...