Keyword: loans

Brevity: Headers | « Text »
  • 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...
  • Hillary!s Student Loan Hypocrisy

    03/10/2016 11:05:21 AM PST · by originalbuckeye · 14 replies
    3/10/16 | Originalbuckeye
    I heard an excerpt of Hillary! last night where she was decrying the fact that the Government profits, from the interest, off students who have loans. Wasn't it Obama, early in his first term, that confiscated the Student Loan Program from the banks?
  • The Subprime Auto Loan Meltdown Is Here

    02/24/2016 5:36:40 PM PST · by SkyPilot · 29 replies
    The Economic Collapse ^ | 24 Feb 16 | Michael Snyder
    Uh oh - here we go again. Do you remember the subprime mortgage meltdown during the last financial crisis? Well, now a similar thing is happening with auto loans. The auto industry has been doing better than many other areas of the economy in recent years, but this "mini-boom" was fueled in large part by customers with subprime credit. According to Equifax, an astounding 23.5 percent of all new auto loans were made to subprime borrowers in 2015. At this point, there is a total of somewhere around $200 billion in subprime auto loans floating around out there, and...
  • First Obama Phones, Now Obama Loans

    02/16/2016 3:26:47 PM PST · by Kaslin · 30 replies
    Townhall.com ^ | February 16, 2016 | Brian McNicoll
    Remember Obama phones? Now it's Obama loans. The Obama administration is trying to muscle in on the small-dollar loan market, in part by muscling out the online lending industry. It is ordering banks to go against the advice of their regulators and step up small-dollar lending to economically disadvantaged customers. It's toying with the idea of offering banking services, including consumer loans, through the Postal Service. And this week we learned the Treasury Department is asking for $10 million to provide small loans to people with questionable credit through community development organizations. It's ACORN going into the payday loan business....
  • VANITY-Have to Buy A New Car-Any Recommendations?

    01/13/2016 4:44:36 AM PST · by AbolishCSEU · 101 replies
    Bought a 2007 Subaru Forester 5K cash, 150K miles earlier this year against my better judgement--hubs was insistent it was reliable. They USED to be reliable. I had an 88 Justy that you couldn't kill. BTW I live in upstate NY with its harsh winters. Seems they now have major engine problems. Something I've found out the hard way. Any recommendations on a new car?
  • Freddie Mac sells off $305 million in seriously delinquent mortgages

    10/12/2015 7:22:01 AM PDT · by george76 · 17 replies
    Housing Wire ^ | October 9, 2015 | Ben Lane
    Completes seventh non-performing loan sale. Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio. The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers. According to Freddie Mac, these loans have been delinquent for approximately two years, on average. In its announcement, Freddie Mac said that given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or...
  • Brace Yourself: Our Latest Look at Student Debt

    09/26/2015 10:13:18 PM PDT · by entropy12 · 12 replies
    advisorperspectives ^ | 09-23-2015 | Doug Short
    College Tuition and Fees constitute one of the biggest threats to our economic outlook. Here is a chart of data from the relevant Consumer Price Index sub-component reaching back to 1978, the earliest year Uncle Sam provides a breakout for College Tuition and Fees. As an interesting sidebar, we've thrown in the increase in the cost of purchasing a new car as well as the more substantial increase for the broader category of medical care, both of which pale in comparison.
  • Green energy company fights for life after getting billions from feds (Abengoa)

    09/02/2015 7:43:16 PM PDT · by Olog-hai · 22 replies
    Watchdog.org ^ | September 2, 2015 | Rob Nikolewski
    Abengoa, a renewable energy multinational company headquartered in Spain, has been a favorite of the Obama administration in getting federal tax money for clean energy projects. Since 2009, Abengoa and its subsidiaries, according to estimates, have received $2.9 billion in grants and loan guarantees through the Department of Energy to undertake solar projects in California and Arizona—as well as the construction of a cellulosic ethanol plant in Kansas. But in the space of less than a year, Abengoa’s financial health has become critical, leading investors to worry whether the company can survive. The company’s stock price on NASDAQ has swooned—from...
  • At Purdue, Mitch Daniels attempts to disrupt college loan system with private investing

    09/01/2015 7:05:11 PM PDT · by SeekAndFind · 10 replies
    Hotair ^ | 09/01/2015 | Mary Katherine Ham
    Former Indiana Gov. Mitch Daniels, upon passing on a run for the Republican nomination in 2012, took an interesting career turn. The famously fiscally conservative executive, who devised savings for the Hoosier state on everything from ??? to paper clips, became the head of Purdue University. Since then, Daniels has endured the predictable run-ins with his liberal faculty—over criticism of Howard Zinn’s American history— but also made real progress in the fight against rising college costs by harnessing some free-market incentives for academia.The university is now in its fourth year of a tuition freeze after more than 30 yearly...
  • Seattle officials join push for Sharia-compliant mortgages, loans

    07/22/2015 3:55:25 PM PDT · by Enlightened1 · 38 replies
    Fox News ^ | 07/22/15 | Barnini Chakraborty
    A proposal in Seattle meant to increase homeownership among Muslims by offering financing compliant with strict Islamic law -- known as Sharia -- is gaining ground in the latest test for local leaders trying to accommodate diverse religious beliefs. "We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs," Seattle Mayor Ed Murray said during a press conference July 13. "Sharia," which comes from the Koran and means "the right path," prohibits the payment of interest -- the primary way lenders earn. Many of Seattle's 30,000 practicing Muslims,...
  • Sharia Law Loans in Seattle

    07/22/2015 4:17:23 AM PDT · by econjack · 28 replies
    Christian News ^ | July 22, 2015 | Heather Clark
    SEATTLE, Wash. — The mayor of Seattle and his housing committee have unveiled a plan to increase housing in the city, with a portion of the plan proposing the offering of Sharia law-compliant loans for Muslim residents. Among the number of ideas offered to make housing more affordable for Seattle residents is a segment that addresses Muslim beliefs, as Sharia law forbids usury for its adherents. “For our low—and moderate—income Muslim neighbors who follow Sharia law—which prohibits the payment of interest or fees for loans of money—there are limited options for financing a home,” the proposed plan reads. “Some Muslims...
  • Lessons Not Learned: The Push For Easier Home Lending Standards Is Reckless

    06/12/2015 7:06:41 AM PDT · by SeekAndFind · 12 replies
    IBD ^ | 06/12/2015 | Paul Sperry
    In a dangerous deja vu, politicians and lobbyists are pressuring banks to throw open their lending windows for credit-poor people who want to buy homes but may not be able to afford them. Worried about sagging homeownership rates, especially among minorities, the Obama administration seeks to boost homebuying by easing mortgage lending standards — and affordable-housing zealots are egging it on. So are Realtors and brokers hungry for profits. They're all cheering recent moves by Obama regulators to slash down-payment and mortgage insurance requirements for first-time homebuyers at federal agencies that back such mortgages. They also support a plan to...
  • The Export-Import Bank Is Overdrawn

    06/11/2015 5:18:42 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | June 10, 2015 | Allen West
    The Export-Import Bank charter will expire in a few days, on June 30, unless Congress acts to reauthorize it. The Export-Import Bank was created more than 80 years ago by President Franklin D. Roosevelt to help foreign customers buy goods from the United States. Some companies benefit from the Export-Import Bank and they are the first ones to defend its reauthorization. But let’s be clear: Companies benefit from Export-Import Bank loans at the expense of taxpayers and other businesses. Taxpayers—not the companies themselves—assume the risk of a foreign loan, made through a private bank (like Goldman Sachs), to purchase a...
  • More auto title lenders are snagging unwary borrowers in cycle of debt (california)

    06/08/2015 5:50:27 PM PDT · by dynachrome · 38 replies
    LA Times ^ | 6-7-15 | JIM PUZZANGHERA
    Cash-strapped consumers are being shown a new place to find money: their driveways. Short-term lenders, seeking a detour around newly toughened restrictions on payday and other small loans, are pushing Americans to borrow more money than they often need by using their debt-free autos as collateral. So-called auto title loans — the motor vehicle version of a home equity loan — are growing rapidly in California and 24 other states where lax regulations have allowed them to flourish in recent years. Their hefty principal and high interest rates are creating another avenue that traps unwary consumers in a cycle of...
  • Carter's Arab Financiers

    12/21/2006 8:52:59 AM PST · by venizelos · 25 replies · 1,781+ views
    The Washington Times ^ | December 21, 2006 | Rachel Ehrenfeld
    To understand what feeds former president Jimmy Carter's anti-Israeli frenzy, look at his early links to Arab business. Between 1976-1977, the Carter family peanut business received a bailout in the form of a $4.6 million, "poorly managed" and highly irregular loan from the National Bank of Georgia (NBG). According to a July 29, 1980 Jack Anderson expose in The Washington Post, the bank's biggest borrower was Mr. Carter, and its chairman at that time was Mr. Carter's confidant, and later his director of the Office of Management and Budget, Bert Lance.
  • Billionaires Secretly Met in Aspen to Defeat Bush

    10/19/2004 2:07:29 PM PDT · by jstolarczyk · 52 replies · 1,871+ views
    NewsMax.com ^ | 19 October 2004 | Carl Limbacher and NewsMax.com Staff
    Tuesday, Oct. 19, 2004 1:09 p.m. EDT Billionaires Secretly Met in Aspen to Defeat Bush In the days following the Democratic National Convention in Boston this past August, several billionaire Democratic activists secretly met at the famed Aspen Institute in Colorado. The purpose of their clandestine meeting was "to use their fortunes to engineer the defeat of President George W. Bush," The New Yorker magazine reports in its most recent edition. Details of the meeting remain sketchy, but the magazine described the Aspen conference this way: "Five billionaires joined half a dozen liberal leaders in a lengthy conversation about the...
  • Repeal, Don't Reform the IMF!

    03/30/2015 4:38:19 PM PDT · by Kaslin · 4 replies
    Townhall.com ^ | March 30, 2015 | Ron Paul
    A responsible financial institution would not extend a new loan of between $17 and $40 billion to a borrower already struggling to pay back an existing multi-billion dollar loan. Yet that is just what the International Monetary Fund (IMF) did last month when it extended a new loan to the government of Ukraine. This new loan may not make much economic sense, but propping up the existing Ukrainian government serves the foreign policy agenda of the U.S. government. ?? Since the IMF receives most of its funding from the United States, it is hardly surprising that it would tailor...
  • SBA loans support luxurious lifestyles, burden taxpayers

    03/16/2015 6:06:22 AM PDT · by huldah1776 · 20 replies
    Vermont Watchdog ^ | March 16, 2015 | Bruce Parker
    snip...According to a 2014 federal oversight report from public research group American Transparency, taxpayer-backed SBA loans are popular with businesses serving “wealthy lifestyles.” The report, which analyzed SBA loans between 2007 and 2013, found that billions of dollars flowed to businesses that, in many cases, could obtain standard loans with standard interest rates. SBA loans offer advantageous low rates. snip Many of the loans, which ranged from $1 million to $5 million, went to luxury goods retailers, exclusive clubs, Fortune 100 companies, plastic surgery clinics and even private equity firms. Found among the list of borrowers were Rolex and Lamborghini...
  • 27% of Loans for Autos Traded In Last Year Were ‘Underwater’

    02/11/2015 9:03:36 AM PST · by george76 · 48 replies
    CNS News ^ | February 9, 2015 | Barbara Hollingsworth
    More than a quarter of car buyers still owed an average of $4,257 more than their vehicles were worth. Unlike a home, which can increase in value, a new car loses 11 percent of its value on average the minute it’s driven off the dealership’s lot. After five years of depreciation, the same car has lost two-thirds of its value and is typically worth just 37 percent of its original purchase price. The problem is that many car loans now exceed five years. Although the longer loans mean lower monthly payments, they leave many owners with negative equity in a...
  • 5 Things you need to know about student loan debt

    02/04/2015 2:01:44 PM PST · by Jan_Sobieski · 33 replies
    PBS ^ | 10/19/2011 | Brianna Lee
    It’s hard not to notice one of the prevailing narratives coming out of the Occupy Wall Street protests: the weight of student debt. As one scholar summed up the grievances at the “We are the 99 percent” blog through a computer-scripted textual analysis: “Free us from the bondage of our debts and give us a basic ability to survive.” The current amount of borrowing and student debt has prompted a national conversation over whether these burdened students brought their misfortunes among themselves through poor decision-making or whether they are victims of a system that has failed to deliver on the...
  • Miss a Payment? Good Luck Moving That Car

    09/24/2014 7:15:32 PM PDT · by blam · 79 replies
    DealBook/NYT ^ | 9-24-2014 | Michael Corkery and Jessica Silver-Greenberg
    Michael Corkery and Jessica Silver-Greenberg September 24, 2014 The thermometer showed a 103.5-degree fever, and her 10-year-old’s asthma was flaring up. Mary Bolender, who lives in Las Vegas, needed to get her daughter to an emergency room, but her 2005 Chrysler van would not start. The cause was not a mechanical problem — it was her lender. Ms. Bolender was three days behind on her monthly car payment. Her lender, C.A.G. Acceptance of Mesa, Ariz., remotely activated a device in her car’s dashboard that prevented her car from starting. Before she could get back on the road, she had to...
  • California couple struggling after being forced to pay deceased daughter’s student loans

    08/06/2014 6:47:14 AM PDT · by Innovative · 90 replies
    FoxNews ^ | Agu 6, 2014 | Fox News
    Lisa Mason had taken out close to $100,000 in student loans in order to pay for nursing school, and was making payments on the debt when she died. Steve Mason said he and his wife, who had co-signed the loans, were contacted immediately after his daughter’s death and were told they must start making payments. “We knew if she didn’t pay her debt we would be responsible by co-signing, but we didn’t know that if she died the debt would fall to us,” he said. Mason said his daughter’s debt has ballooned to $200,000 and the payments exceed $2,000 a...
  • Subprime woes are back: This time in used cars

    07/20/2014 7:19:57 PM PDT · by 2ndDivisionVet · 49 replies
    CNBC / The New York Times ^ | July 20, 2014 | Jessica Silver-Greenberg and Michael Corkery
    Rodney Durham stopped working in 1991, declared bankruptcy and lives on Social Security. Nonetheless, Wells Fargo lent him $15,197 to buy a used Mitsubishi sedan. ''I am not sure how I got the loan,'' Mr. Durham, age 60, said. Mr. Durham's application said that he made $35,000 as a technician at Lourdes Hospital in Binghamton, N.Y., according to a copy of the loan document. But he says he told the dealer he hadn't worked at the hospital for more than three decades. Now, after months of Wells Fargo pressing him over missed payments, the bank has repossessed his car. This...
  • Obama Calls Out ‘Millionaires’ to Pay for Student Loans

    06/10/2014 6:08:08 AM PDT · by LucianOfSamasota · 55 replies
    The Heritage Foundation The Daily Signal ^ | June 09, 2014 | Kelsey Harkness
    Using his pen again in “this year of action,” President Obama today signed an executive order to ease the burden of student debt at the expense of “millionaires.” The program, “Pay as You Earn,” expands an existing federal loan option available to undergrad and graduate students. It issues caps on monthly loan payments at 10 percent of the borrower’s discretionary income and forgives their remaining balance after 20 years. For those working in public service or the government, any remaining debt is forgiven after 10 years. An estimated 5 million more borrowers will become eligible under the new plan. Before...
  • Sallie Mae pays $100 million fine for overcharging military (Student loans)

    05/13/2014 4:30:36 PM PDT · by Libloather · 6 replies
    WTVR ^ | 5/13/14 | DeeVa Payne
    WASHINGTON (CNNMoney) — Some 60,000 active-duty service members could their get money back from lender Sallie Mae Bank for overpaying on their student loans, the Department of Justice said Tuesday. Sallie Mae agreed to pay nearly $100 million in fines to federal regulators for overcharging military members as far back as 2005 on government student loans. Federal law discounts interest rates on all student loans for active duty military service members, capping them at 6%. Sallie Mae not only failed to discount the rates, but also made it tough for some service members to prove they qualified for the lower...
  • Lawsuit Demands Bank Loans for ‘Building the Third Temple’ (Israel)

    05/08/2014 11:06:25 PM PDT · by Olog-hai · 5 replies
    INN ^ | 5/8/2014, 9:44 AM | Moshe Cohen
    An Ethiopian immigrant is suing Israel’s major banks—because they are denying him loans that he is seeking to build the Third Holy Temple (Beit Hamikdash). The Temple was the spiritual center of the Jewish people for millennia; the destruction of the first two temples marked the exile of the Jewish people twice, first to Babylonia and then to Rome. The destruction of the Second Temple rendered the Temple Mount a ruin, and was later taken over by first the Christians, and then the Muslims, who built two mosques on the site of the Temple. […] However, the immigrant does not...
  • Student Loans Entice Borrowers More for Cash Than a Degree

    03/03/2014 10:14:42 AM PST · by reaganaut1 · 33 replies
    Wall Street Journal ^ | March 2, 2014 | JOSH MITCHELL
    Some Americans caught in the weak job market are lining up for federal student aid, not for education that boosts their employment prospects but for the chance to take out low-cost loans, sometimes with little intention of getting a degree. ... A number of factors are behind the growth in student debt. The soft jobs recovery and the emphasis on education have driven people to attain more schooling. But borrowing thousands in low-rate student loans—which cover tuition, textbooks and a vague category known as living expenses, a figure determined by each individual school—also can be easier than getting a bank...
  • Demand For High-Interest Payday Loans Soars In Minnesota

    02/23/2014 8:22:16 AM PST · by Son House · 24 replies
    MinnPost ^ | 01/28/13 | Jeff Hargarten, Kevin Burbach, Calvin Swanson, Cali Owings and Shayna Chapel
    Call it predatory lending. Or call it financial service for the neediest. Either way, more Minnesotans are turning to high-interest payday loans and other services outside the mainstream banking system, controversial enterprises that operate through a loophole to dodge state restrictions. On a typical morning throughout Minnesota, customers stream into any one of some 100 storefronts where they can borrow hundreds of dollars in minutes with no credit check – at Super Cash on the north side of Bloomington, for example, at Ace Minnesota Corp. on Nicollet Avenue in Richfield and across the metro on Roseville’s Rice Street at PayDay...
  • Pay for College Like a Car

    02/06/2014 7:32:35 AM PST · by SeekAndFind · 29 replies
    Yahoo News via Daily Beast ^ | 02/06/2014 | Ben Jacobs
    Elizabeth Warren wants paying for college to be like paying for a car. No, she doesn’t want mandatory airbags in colleges or Presidents’ Day sales on tuition. Instead, the senator from Massachusetts wants students to be able to refinance federal student loans. Unlike a loan to pay for a house, a vehicle, or just about anything else your heart desires, you can’t refinance a student loan. The result is that student loans have become a rare way for the federal government to generate revenue, making $66 billion in profits off them between 2007-2012. Warren told The Daily Beast that she...
  • Obamaloans

    01/15/2014 2:30:47 PM PST · by grimalkin · 7 replies
    NATIONAL REVIEW ONLINE ^ | 1/15/2014 | Iain Murray
    We know the pattern by now. A crisis arises. As my Competitive Enterprise Institute colleague Chris Horner puts it, this administration says, “There’s no time to waste, we must do something now, sign here, details to follow.” And every time, we discover that we have signed up for more than we bargained for. That was the case with the Dodd-Frank Act, passed in 2010 supposedly to solve the problems that caused the financial crisis. Only now are we seeing the details to follow. They amount to a government takeover of the financial industry and increased government control over our behavior,...
  • Duke Energy Fine for Bird Kills is All Show, No Substance

    12/02/2013 12:32:10 PM PST · by jazusamo · 11 replies
    NLPC ^ | December 2, 2013 | Paul Chesser
    Last week’s punishment/settlement between the Department of Justice andDuke Energy over bird deaths caused by itswindturbines gives evidence that the Obama administration needed a scapegoat, to defuse accusations that it applies a double-standard in enforcement of wildlife laws. The Friday before Thanksgiving both parties announced that Duke would pay $1 million for the deaths of more than 160 birds that are protected by the Migratory Bird Treaty Act. The incidents occurred over the last four years at two Wyoming sites operated by the utility’s Duke Energy Renewables subsidiary. “This case represents the first criminal conviction under the Migratory Bird Treaty...
  • Good News! Mortgage Credit Expands In Q3 While Serious Delinquencies Fall (Student Loans Rise)

    11/14/2013 11:34:22 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 11/14/2013 | Anthony B. Sanders
    According to the Federal Reserve of New York’s Quarterly Report on Household Debt and Credit, mortgages, the largest component of household debt, increased by 0.7 percent in the third quarter of 2013. Mortgage balances shown on consumer credit reports stand at $7.90 trillion, up by $56 billion from the level in the second quarter. Balances on home equity lines of credit (HELOC) dropped by $5 billion (0.9 percent) and now stand at $535 billion. Household non-housing debt balances increased by 2.7 percent, with gains of $31 billion in auto loan balances, $33 billion in student loan balances and $4 billion...
  • Student Loan Bubble – Bursting Or Not? Delinquencies Falling in 2013

    09/10/2013 4:13:23 PM PDT · by whitedog57 · 6 replies
    Confounded Interest ^ | 09/10/2013 | Anthony B. Sanders
    The student loan bubble is starting to burst. The largest bank in the United States will stop making student loans in a few weeks. JPMorgan Chase has sent a memorandum to colleges notifying them that the bank will stop making new student loans in October. “We just don’t see this as a market that we can significantly grow,” Thasunda Duckett tells Reuters. Duckett is the chief executive for auto and student loans at Chase, which means she’s basically delivering the news that a large part of her business is getting closed down. And if you read Zero Hedge or AgainstCronyCapitalism,...
  • It's Official: Affordable-Housing Zealots Hijack Mortgage Reform

    08/30/2013 5:04:45 PM PDT · by jazusamo · 17 replies
    Investots.com ^ | August 30, 2013 | Editorial
    Housing: Under pressure from civil-rights activists, federal bank regulators have killed tougher mortgage rules requiring minimum down payments and credit scores for loans bundled into securities. Here we go again. The Fed, FDIC, SEC and three other agencies regulating Wall Street have adopted the same weak underwriting standards the Consumer Financial Protection Bureau set earlier this year for loans. The Dodd-Frank Act was supposed to require banks and other issuers of mortgage-backed securities to retain 5% of the credit risk of the bonds on their books to avoid the moral hazard that led to the financial crisis, when lenders quickly...
  • New Energy Secretary Wants to Waste More Money on EV Loans

    08/29/2013 1:21:28 PM PDT · by jazusamo · 4 replies
    NLPC ^ | August 29, 2013 | Paul Chesser
    Just when you thought the Loan Program Office in President Obama’s Department of Energy might put its unused electric auto loan money back in the Treasury coffers, the government investor-crats are going to try to find some takers for the dollars of disrepute that have been tainted by the likes of inoperative, nearly bankrupt Fisker Automotive and Vehicle Production Group. You might remember when we last heard about the condition of this program, it had trouble finding takers for the remaining $16.5 billion or so it had been allocated. According to a March report produced by the Government Accountability Office...
  • Calif. city looks to seize loans to ease mortgages (Richmond)

    08/25/2013 9:53:31 AM PDT · by Olog-hai · 29 replies
    Associated Press ^ | Aug 25, 2013 9:39 AM EDT | Paul Elias
    When the mayor of Richmond, Calif., and a gaggle of activists and homeowners showed up at the Wells Fargo Bank headquarters in downtown San Francisco this month, they were on a mission to speak with the bank’s chief executive. They wanted the bank to drop a lawsuit aimed at stopping Richmond’s first-in-the-nation plan to use the government’s constitutional power of eminent domain to “seize” hundreds of mortgages from Wells Fargo and other financial institutions. … Wells Fargo, three other banks and even the Federal Housing Finance Agency think otherwise. The banks have filed two lawsuits alleging that the plan is...
  • Will the Common Core Standards Help Our Troubled Economy?

    07/12/2013 12:17:40 PM PDT · by William Tell 2 · 17 replies
    MainStreet.com ^ | 7-12-13 | Michael P. Tremoglie
    NEW YORK (MainStreet)—Secretary of Education Arne Duncan defended his Common Core standards during an address at the annual convention of the American Society of News Editors at the end of June. He admonished his critics. Secretary Duncan noted ...
  • Student Loan Interest Hike Fears Allayed by Education Dept.

    07/12/2013 12:16:06 PM PDT · by William Tell 2 · 3 replies
    MainStreet.com ^ | 7-12-13 | Michael P. Tremoglie
    NEW YORK (MainStreet)—Congressional inaction resulted in an increase, as of July 1, in the interest rates of new subsidized Stafford Loans. The rate went from 3.4% to 6.8%. This resulted in a hue and cry from the Beltway. The Obama administration is intent...
  • Washington & Wall Street: Rising Rates Won't Hurt Home Loan Market(Only uneducated can believe this)

    07/01/2013 1:57:51 PM PDT · by bestintxas · 12 replies
    breitbart ^ | 7/1/13 | c whalen
    Are rising interest rates, care of the Federal Reserve, really bad for the home mortgage market? Reading the headlines, you would think the world has ended with a one point move up in the annual percentage rate or APR on a typical mortgage. But don’t accept the simple answer when pondering the world of mortgage finance. Today, getting a mortgage is more a function of politics than of interest rates and only the best borrowers need apply. In fact, during the 2000s, let us recall that there was an inverse correlation between mortgage production trends and interest rates. Even as...
  • Student debt flunking many first-time home buyers

    06/30/2013 2:35:12 PM PDT · by qwerty1234 · 37 replies
    ... Debt loads for recent graduates average just under $27,000 ... The institute’s study found that the average payoff time is 21 years, ranging from 17 years for those who attended college but did not get a degree to 23 years for those with graduate degrees
  • The U.S. Export-Import Bank: Playing With Your Money Overseas

    06/21/2013 1:44:40 PM PDT · by thetallguy24 · 1 replies
    Hardhatters ^ | 06/21/2013 | Hal Hawkins
    We have covered several areas concerning corporate welfare or cronyism; however, our areas of research were limited to the State of Texas. Unfortunately, Texas is not the only government that suffers systematically from this problem. The Federal government does as well, and there is little question as to whether or not it exists. The real question is, “How much of it exists?”Our Founding Fathers feared corruption caused by foreign interests. Being a relatively new nation, they believed we were vulnerable to countries like Great Britain who would try to usurp power. One of the reasons our first national bank, the...
  • House Passes Student Loan Bill, So What's Next?

    06/11/2013 11:17:17 AM PDT · by William Tell 2 · 4 replies
    MainStreet.com ^ | 6-11-13 | Michael P. Tremoglie
    (Claire) Law acknowledged that while the federal government furnishes assistance with getting an education beyond high school via the loan program much of the tuition for colleges via the loan program – and profits from it as well – she says parents have paid the largest share of costs to send their kids to college. "They have used up their personal savings, home equity, sold assets to fund college, paid out of current income and taken on debt," she emphasized. "This debt is not always a federally-guaranteed loan. They are private or alternative loans – such as refinancing a house....
  • 20 Completely Ridiculous College Courses Being Offered At U.S. Universities

    06/08/2013 8:48:59 PM PDT · by SeekAndFind · 49 replies
    TEC ^ | 06/08/2013 | Michael Snyder
    Would you like to know what America's young people are actually learning while they are away at college? It isn't pretty. Yes, there are some very highly technical fields where students are being taught some very important skills, but for the most part U.S. college students are learning very little that they will actually use out in the real world when they graduate. Some of the college courses listed below are funny, others are truly bizarre, others are just plain outrageous, but all of them are a waste of money. If we are going to continue to have a system...
  • Overdue student college loans hit an all-time high as Obama prepares to hype low rates

    05/30/2013 7:53:04 AM PDT · by SeekAndFind · 18 replies
    Hotair ^ | 05/30/2013 | Erika Johnsen
    On Friday, President Obama will once more revive one of his ol’ campaign-favorite memes and remind college-age and younger voters of what it is exactly the Democrats can do for them — besides, you know, engendering a sluggish economy with a youth unemployment rate of sixteen percent, but I digress. On the campaign trail last summer, the president spoke to younger crowds about preventing the interest rate on federally subsidized Stafford loans from doubling to 6.8 percent as a way of boosting the economy, and Congress sent up a one-year extension of of the 3.4 percent rate for him to...
  • Student Loans subsidize ObamaCare

    05/28/2013 8:00:20 PM PDT · by Frankusa · 16 replies
    The Hill ^ | 5/28/13
    According to the Congressional Budget Office, $8.7 billion of the money collected in student loan interest payments actually goes to pay for ObamaCare. The CBO estimates that the interest rate on these loans could be reduced from 6.8 percent to only 5.3 percent were the funds not used to subsidize the healthcare reform law and other federal programs. The profits from student loans are divided as follows: $8.7 billion goes to pay for ObamaCare; $10.3 billion goes to pay down the federal debt; and $36 billion goes to Pell Scholarship grants. The 16 million American students who now have student...