Keyword: loans

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  • Another Energy-backed firm folds

    10/31/2011 1:52:22 PM PDT · by ColdOne · 3 replies
    Politico44 ^ | 10/31/11 | MATT NEGRIN
    POLITICO Pro’s early-morning energy newsletter reports on the closing of another environmental company that was backed by the Energy Department, shortly after the White House announced that it would review the loan process that awarded money to Solyndra: This time, it’s Massachusetts-based energy storage firm Beacon Power Corp., which filed for bankruptcy this weekend despite receiving a federal $43 million loan guarantee in August of last year. In the filing, company CEO William Capp cited the current economic and political climate and DOE’s financing terms as reasons for Beacon’s failure, Bloomberg reports. KEY DIFFERENCE FROM SOLYNDRA: Taxpayers appear positioned to...
  • Gingrich calls Obama student loan proposal a 'Ponzi scheme'

    10/28/2011 7:10:29 AM PDT · by Libloather · 6 replies · 1+ views
    The Hill ^ | 10/28/11 | Justin Sink
    Gingrich calls Obama student loan proposal a 'Ponzi scheme'By Justin Sink - 10/28/11 08:15 AM ET Newt Gingrich said that President Obama's recently announced student loan proposal was a "Ponzi scheme." Obama's plan would allow for easier consolidation of outstanding student loans, and would forgive outstanding balances on federal loans after 20 years of payments, rather than 25. Federal loan repayments would also be capped at 10 percent of a borrower's income, lowering payments, down from 15 percent now. The president would also begin implementing the changes next year, rather than 2014 as was currently planned. But Gingrich says that...
  • Boehner: 'Great concerns' Obama is exceeding Constitution

    10/28/2011 8:16:30 AM PDT · by Libloather · 48 replies
    The Hill ^ | 10/27/11 | Justin Sink
    Boehner: 'Great concerns' Obama is exceeding ConstitutionBy Justin Sink - 10/27/11 12:28 PM ET House Speaker John Boehner (R-Ohio) said that he has "great concerns" that President Obama might be exceeding his constitutional authority in ordering his administration to adjust regulations surrounding "underwater" mortgages and student loans, saying, "this idea that you are just going to go around the Congress is ... almost laughable." "I thought we were a nation of laws and that our country was governed by our Constitution," Boehner said Thursday on the "Laura Ingraham Show." The Speaker went on to caution that Republicans in Congress were...
  • Is Student-Loan Forgiveness Obama's Next Crisis?

    10/26/2011 6:09:05 PM PDT · by Kaslin · 51 replies
    IBD Editorials ^ | October 26, 2011 | Editor
    Government: President Obama wants student loans to be more like student handouts. Too bad he hasn't learned one of the lessons of the 2008 mortgage crisis: Free money costs plenty. The global financial crisis has its roots in the U.S. government's politicization of mortgages. Washington decided that all those real-life versions of mean old bank president Mr. Potter from "It's a Wonderful Life" shouldn't just turn into big-hearted Jimmy Stewarts. No, they should practically become welfare officers, doling out money to people with bad credit ratings to buy homes, without requiring a down payment. And when this pyramid scheme collapsed,...
  • White House Student Loan Measures Will Barely Dent Soaring Costs [ Costs soar under Obama ]

    10/26/2011 1:02:22 PM PDT · by NoLibZone · 27 replies
    cnbc ^ | Oct 26 2011 | By: Scott Cohn
    [snip] Tuition and fees at public four-year colleges and universities jumped 8.3 percent nationwide for the 2011-2012 school year, the organization said. The numbers were skewed by California, which raised in-state tuition and fees by a whopping 21 percent this year. But even without California, costs rose seven percent, according to the College Board’s annual “Trends in College Pricing” report released on Wednesday. [snip] Private, non-profit colleges raised prices as well according to the report, but not nearly as much as their budget-strapped public counterparts. Tuition and fees rose 4.5 percent, which is still more than twice the core rate...
  • Obama unveils student debt-relief plan

    10/26/2011 11:50:48 AM PDT · by jazusamo · 34 replies
    The Washington Times ^ | October 26, 2011 | Ben Wolfgang
    Continuing his recent tack of bypassing Congress and enacting reforms “without them,” President Obama on Wednesday announced a package of student loan reforms designed to lower college graduates’ monthly payments, arguing his plan will redirect some of that borrowed money into the economy to promote job growth. Speaking to a friendly audience of college students in Denver, Mr. Obama said the changes “won’t cost taxpayers a dime but will save you money and will save you time,” and tied the ever-rising cost of education to the nation’s lagging economy. “Living with that kind of debt means making some pretty tough...
  • Recent Grads Struggling to Pay Student Loans (Over 2/3 graduate with debt)

    10/26/2011 8:29:47 AM PDT · by SeekAndFind · 81 replies
    ABC News ^ | 10/26/2011 | Maggy Patrick
    Two-thirds of all college students now graduate with debt, and owe an average of $24,000, as student loans are quickly becoming the only way many Americans can afford a college education. As a result, thousands of young people -- who are also facing high unemployment -- are forced to tackle mountains of debt immediately after graduating, and many are uncertain about their futures. Shannon Johnson, who has been a lawyer at a small, family-owned firm in North Dakota for two years, said she owes more than $150,000 from her undergraduate degree and law school. "Because of my choice to attend...
  • Obama to offer student loan relief

    10/25/2011 3:14:56 PM PDT · by reaganaut1 · 150 replies · 1+ views
    Associated Press ^ | October 25, 2011 | KIMBERLY HEFLING
    The White House says President Barack Obama plans to offer millions of student loan borrowers the ability to lower their payments and consolidate their loans. Obama on Wednesday will use his executive authority to accelerate a measure passed by Congress that reduces the repayment cap on student loans from 15 percent of discretionary income to 10 percent. The White House wants it to go into effect in 2012, instead of 2014. About 1.6 million borrowers could be affected. Also, the 5.8 million borrowers who have loans from both the Family Education Loan Program and a direct loan from the government...
  • Obama to help students with loan repayments: White House

    10/25/2011 1:56:30 PM PDT · by Free ThinkerNY · 48 replies · 1+ views
    Reuters ^ | Oct. 25, 2011
    (Reuters) - President Barack Obama will use his executive power to ease the burden of student's loans by helping them to "consolidate" their debts, White House press secretary Jay Carney said on Tuesday, but he gave no details. Obama will announce the measures in Denver on Wednesday, as he wraps up a swing through electorally important western states to convince voters he is using the power of his office to bypass congressional Republicans who oppose his jobs plans. U.S. Education Secretary Arne Duncan was due to brief reporters later on Tuesday on the initiatives.
  • Obama Plan Would Cut Student-Loan Interest Rates

    10/25/2011 9:54:51 AM PDT · by freespirited · 26 replies
    WSJ ^ | 10/25/11 | LAURA MECKLER & MAYA JACKSON RANDALL
    President Barack Obama will announce a new plan to allow students holding both private and government student loans to consolidate their debts into a government loan, thereby reducing their interest rates, officials inside and outside the Obama administration said Tuesday. Mr. Obama is to announce the move in Denver on Wednesday, part of a White House push to emphasize actions the administration can take to boost the economy without congressional approval. The change could affect an estimated 5.8 million people who hold two types of student loans—those issued by private banks and "direct loans" issued by the government, an administration...
  • If You Can’t Beat Them, Ignore Them…

    10/24/2011 6:52:56 AM PDT · by Lexluthor69 · 6 replies
    The Silent Majority ^ | 10-24-11 | Southernman
    President Obama has decided that if he cannot co-opt Congress he will simply ignore it. From Reuters : President Barack Obama this week will announce a series of actions to help the economy that will not require congressional approval, including an initiative to make it easier for homeowners to refinance their mortgages, according to a White House official. The president seems steadfast in his desire to paint the Republicans as the party of opposition despite the fact that he has not yet brought rebellious Democrats into the fold. Reuters seems content to let stand the assertion that Republicans are responsible...
  • Mercury News editorial: Let's not politicize Solyndra collapse

    10/18/2011 10:44:03 AM PDT · by NormsRevenge · 27 replies
    Mercury News ^ | 10/18/11 | Editorial
    Americans need to know why the Energy Department approved a loan guarantee for Solyndra when the company was so clearly troubled. But politicizing this mess to smear the entire renewable energy industry won't help the country or the jobless. This industry is estimated to have doubled its number of American jobs in the past two years. Demonizing it could cripple its job-creating potential. San Jose's SunPower is the latest victim. Fox News has made a series of outrageous claims about it, calling its $1.2 billion federal loan guarantee a scandal "bigger than Solyndra." This is utterly baseless. Fox, without a...
  • Green Jobs Are a National Scandal - More bankruptcies are to come.

    10/11/2011 9:08:35 AM PDT · by neverdem · 13 replies
    NATIONAL REVIEW ONLINE ^ | October 7, 2011 | Deroy Murdock
    Green Jobs Are a National ScandalMore bankruptcies are to come. Solargate is just the tip of the iceberg.This cliché within a mixed metaphor reflects the madness of President Obama’s obsession with “green jobs.” It would be bad enough if this disaster were limited to possible criminality at Solyndra — the solar-panel maker that Obama stimulated with loan guarantees, despite repeated warnings about its rickety finances.“The true engine of economic growth will always be companies like Solyndra,” Obama proclaimed at its Fremont, Calif., headquarters on May 26, 2010. Not quite. Solyndra’s August 31 bankruptcy transformed 1,100 green jobs into pink slips...
  • Forgive Student Loans? (93% of Wall Street Protesters Surveyed Want Student Load Forgiveness)

    10/11/2011 8:18:53 AM PDT · by SeekAndFind · 103 replies
    National Review ^ | 10/11/2011 | Richard Vedder
    As the Wall Street protests grow and expand beyond New York, growing scrutiny of the nascent movement is warranted. What do these folks want? Alongside their ranting about the inequality of incomes, the alleged inordinate power of Wall Street and large corporations, the high level of unemployment, and the like, one policy goal ranks high with most protesters: the forgiveness of student-loan debt. In an informal survey of over 50 protesters in New York last Tuesday, blogger and equity research analyst David Maris found 93 percent of them advocated student-loan forgiveness. An online petition drive advocating student-loan forgiveness has gathered...
  • Issa deepens probe into solar loans

    10/10/2011 8:54:49 AM PDT · by maggief · 6 replies
    The Hill ^ | October 10, 2011 | Ben Geman
    House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.) is demanding Energy Department documents relating to more than $4.7 billion in loan guarantees for solar projects approved Sept. 30, the deadline for financing under the stimulus law. Issa’s quest for documents — spelled out in an Oct. 7 letter to Energy Secretary Steven Chu obtained by The Hill on Monday — signals a deepening of his loan guarantee probe, which joins a separate House Energy and Commerce Committee investigation of the failed solar panel manufacturing company Solyndra. Issa’s letter, noting “concerns” that the $535 million guarantee for Solyndra in...
  • $737 million in green-tech loan to company connected to Pelosi family?

    09/29/2011 6:27:55 AM PDT · by Shery · 12 replies
    Hot Air ^ | 9/28/2011 | Ed Morrisey
    As Tina wrote yesterday, Americans still favor government subsidies to companies unable to otherwise compete in the green-tech industry. That may be especially true of Nancy Pelosi and her family, but not exactly for reasons of environmental improvement. Let’s start with this report from The Hill, via Gateway Pundit and Instapundit, on the latest approved green-tech loan from the Department of Energy: DOE announced a $737 million loan guarantee to help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve....
  • The Secret Government Bank That's Financing More Solyndras

    09/28/2011 12:33:34 PM PDT · by jazusamo · 32 replies
    Fox Business ^ | September 28, 2011 | Elizabeth MacDonald
    Sitting at the center of the Solyndra scandal is an off-balance-sheet bank at the Treasury Department that dates back to 1973. This little-known government bank, the Federal Financing Bank [FFB], had a zero balance in 2008 for green energy projects, but now, with little Congressional oversight, it is giving out billions of dollars in loans to White House pet projects often at dirt-cheap interest rates below 1%. In July alone, the government bank, which had $61 billion in assets, lent nearly three quarters of a billion dollars in taxpayer funds with no Congressional checks and balances. Plus the bank is...
  • Energy Department approves $737 million solar loan guarantee

    09/28/2011 9:40:09 AM PDT · by maggief · 33 replies · 2+ views
    The Hill ^ | September 28, 2011 | Andrew Restuccia
    The Energy Department announced Wednesday that is has finalized a $737 million loan guarantee for a Nevada solar project. The decision comes several weeks after a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009 filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington. The $737 million loan guarantee will help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve. Crescent Dunes is the latest solar project to...
  • DOE Mulls Green Energy Loans At $23 Million Per Job

    09/28/2011 7:45:18 AM PDT · by Slyscribe · 11 replies
    Investor's Business Daily ^ | 9/28/2011 | Sean Higgins
    The Department of Energy is set on Thursday to announce whether nine federal loan guarantees amounting to $6.5 billion for green energy projects will get final approval. The number of full-time, permanent jobs they would create? According to the DOE's own figures, a grand total of 283. That is nearly $23 million per job. It's also a drop in the bucket toward the five million green jobs President Obama promised as a candidate in 2008.
  • Solyndra saga is here to stay for House GOP

    09/25/2011 2:08:26 PM PDT · by jazusamo · 27 replies
    The Hill ^ | September 25, 2011 | Andrew Restuccia
    House Republicans made it crystal clear this week that they’re not going to let the ongoing saga surrounding the bankruptcy of an Obama administration-backed solar firm fade away. The company, California-based Solyndra, declared bankruptcy and laid off 1,100 workers this month just two years after receiving a $535 million stimulus-law loan guarantee from the Obama administration. The incident has ignited a firestorm in Washington, leaving the White House scrambling to defend itself against Republican allegations that the administration missed a series of red flags that hinted at Solyndra’s pending financial collapse. The debacle is a messaging nightmare for the...
  • Fraud case targets grants awarded by President Obama’s friend

    09/21/2011 1:58:28 PM PDT · by NoLibZone · 15 replies
    Chicago Sun Times ^ | Sept 21 2011 | By CHRIS FUSCO & DAVE McKINNEYStaff Reporters
    The indictment of a Chicago nurse accused of diverting hundreds of thousands of dollars in taxpayer funds for her personal use has turned a spotlight on an Illinois state agency that awarded her money while it was headed by one of President Barack Obama’s closest friends, Dr. Eric E. Whitaker, records show. Under Whitaker, the Illinois Department of Public Health awarded Margaret A. Davis — the former program director of the Chicago Chapter of the National Black Nurses Association — a no-bid contract and seven AIDS- and cancer-related grants that became part of her $500,000 cash-siphoning scheme, prosecutors say. According...
  • Rep. Issa lobbied for same kinds of federal loans his committee is now investigating

    09/21/2011 11:38:49 AM PDT · by Nachum · 19 replies
    The Hill ^ | 9/21/11 | Justin Sink
    Rep. Darrell Issa (R-Calif.) announced yesterday that his committee plans to investigate government loan programs to private corporations out of a concern that politicians might exert undue influence to help those who donated to their campaigns. But Issa had sought government loans in the past for similar clean-energy products in his home state. Letters show Issa lobbying Energy Secretary Steven Chu to grant loans to a Aptera Motors, a California-based hybrid car company; a San Diego-area biofuels consortium; and Quallion, a lithium-ion battery manufacturer in Los Angeles. In one letter, Issa writes:
  • Obama Fundraiser Llnked To Loan Program That Aided Solyndra

    09/16/2011 8:00:05 PM PDT · by Steelfish · 32 replies · 1+ views
    LATimes ^ | September 16, 2011 | Matea Gold and Stuart Pfeifer
    Obama Fundraiser Llnked To Loan Program That Aided Solyndra The revelation is likely to spur new inquiries about the solar company's political influence. Separately, California lawmakers seek investigation of a state tax break the firm received. By Matea Gold and Stuart Pfeifer September 17, 2011 The White House faced mounting political complications as a second top fundraiser for President Obama was linked to a federal loan guarantee program that backed a now-bankrupt Silicon Valley solar energy company, and as two California lawmakers called for investigations of a state tax break granted to the firm. Steve Spinner, who helped monitor the...
  • Mark Steyn: Obama's magical thinking on green jobs

    09/16/2011 2:28:58 PM PDT · by passionfruit · 25 replies
    Orange County Register ^ | Sept 16, 2011 | Mark Steyn
    The president has taken to the campaign trail to promote his American Jobs Act. That’s a good name for it: an act. “Pass this bill now!” he declared 24 times at a stop in in Raleigh, North Carolina, and another 18 in Columbus, Ohio, and the act is sufficiently effective that, three years into the Vapidity of Hope, the president can still find crowds of true believers willing to chant along with him: “Pass this bill now!” Not all supporters are content merely to singalong with the prompter-in-chief. In North Carolina, a still-devoted hopeychanger cried out, “I love you!” Article...
  • Government Races to Close Billions in Renewable Energy Loan Guarantees

    09/16/2011 12:54:05 PM PDT · by New Jersey Realist · 15 replies
    National Journal ^ | September 16, 2011 | Amy Harder
    The Obama administration is in a race against the clock to close by month’s end more than a dozen renewable-energy loan guarantees totaling $9 billion. Of that, just over $3 billion would come from the federal government’s coffers. It now has to do that amid an escalating political battle over a federally backed solar company spiraling into bankruptcy and facing an FBI probe. President Obama once praised the company, California-based Solyndra, as “the true engine of economic growth.” At a House hearing Wednesday, there was bipartisan concern about risking more taxpayers’ dollars on renewable energy projects that ultimately fail. While...
  • Treasury Adds Another $20 Billion In Debt Overnight, Just $160 Billion Below Revised Ceiling

    08/08/2011 5:30:11 PM PDT · by Former Proud Canadian · 24 replies
    Zero Hedge ^ | 8/08/2011 | Tyler Durden
    Ok, someone please explain this one to us because we must be a little slow. Wasn't the whole thing with the debt ceiling hike such that no more Congressional melodramas would have to be inflicted upon the population until after Obama [won|lost] the 2012 elections? Because according to the one again exponentially increasing debt balance of the US Treasury (there is another $51 billion in debt/cash coming in next week), the total US treasury balance (subject to the ceiling) is $14.54 trillion (and $14.58 trillion for total), an increase of $20 billion overnight, the Treasury will hit its latest ceiling...
  • USAA to give some members an advance loan on paychecks if the debt ceiling negotiations disrupt pay

    07/26/2011 10:59:15 AM PDT · by library user · 24 replies · 1+ views
    WSJ ^ | July 26, 2011 | Staff
    ~ EXCERPT ~ USAA, the financial services company catering to military members, is preparing to give some members an advance loan on their paychecks if the debt ceiling negotiations disrupt their pay. USAA said it would provide the interest-free advances to military members on active duty who already have their military pay directly deposited in a USAA account. The one-time loan would be for eligible members' Aug. 15 paycheck. Several Republican lawmakers had introduced a bill into Congress looking to make military pay the top priority in the event a deal isn't reached. A spokesman for Sen. Pat Toomey (R.,...
  • Fed audit: $16 trillion in loans to banks in less than three years !!

    07/22/2011 12:20:53 PM PDT · by SeekAndFind · 13 replies
    Hotair ^ | 07/22/2011 | Ed Morrisey
    Yes, that’s sixteen trillion dollars in “emergency” loans to financial institutions from the beginning of the recession in December 2007 to just one year ago. The long-awaited GAO audit shows that the Federal Reserve loaned more than the worth of the annual US economy, and not just to American banks, although US institutions got the lion’s share. Citibank was the largest beneficiary: Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office’s (GAO) analysis shows.Additionally, asset swap arrangements were opened with banks in the U.K., Canada,...
  • Holder Launches Witch Hunt Against Biased Banks

    07/09/2011 7:11:24 AM PDT · by TimSkalaBim · 69 replies
    Investor's Business Daily ^ | 7/8/2011 | Paul Sperry
    In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD. [snip] Another Reno protege, Perez has compared bankers to Klansmen. Only difference is, he said, bankers discriminate "with a smile" and "fine print." He said this kind of racism, though more subtle, is "every bit as destructive as the cross burned in a neighborhood." Perez has put...
  • Holder's Justice Department bullying banks

    07/09/2011 11:25:11 AM PDT · by jazusamo · 26 replies
    American Thinker Blog ^ | July 9, 2011 | Thomas Lifson
    A cadre of racialists bent on achieving social justice via reparations from banks to minority communities has been installed by Eric Holder in the Department of Justice. They are using legal bullying tactics to intimidate banks into once again loaning mortgage money to people who have no ability to pay it back. Banks have even been forced to post signs in the facilities informing customers that welfare payments can count as income to apply to mortgage applications.In a stunning article from Investor's Business Daily, Paul Sperry lays out how the DoJ activists work, and how they think.Most damning of all,...
  • New sign of tough economy: More 401(k) loans

    06/09/2011 9:11:06 PM PDT · by TigerLikesRooster · 25 replies
    CBS ^ | 06/09/11
    June 9, 2011 10:49 AM New sign of tough economy: More 401(k) loans A significant increase in the number of people taking loans out on their 401(k) retirement plans is seen by analysts as fresh evidence of hard economic times. One-in-seven people took out such loans last year -- up by double digits from 2009, according to the consulting group AON Hewitt. Sheri Chaney Jones, of Columbus, Ohio, started a consulting business in October and borrowed from her 401(k) to help pay her bills. "It was extremely easy,' she told CBS News, adding that her financial planner told her "she...
  • Stopping a Financial Crisis, the Swedish Way

    06/07/2011 3:00:19 PM PDT · by WesternCulture · 4 replies
    www.thelocal.se ^ | 09/07/2010 | www.thelocal.se
    Why Sweden survived and America didn't.. A banking system in crisis after the collapse of a housing bubble. An economy hemorrhaging jobs. A market-oriented government struggling to stem the panic. Sound familiar? Skip to next paragraph. Swedish National Debt Office.. Bo Lundgren, minister for fiscal and financial affairs during the 1992 crisis. Add to Portfolio Federal National Mortgage Association (Fannie Mae) Freddie Mac American International Group Go to your Portfolio » It does to Sweden. The country was so far in the hole in 1992 — after years of imprudent regulation, short-sighted economic policy and the end of its property...
  • $40K on the credit card, $125K on the mortgage, $1K monthly bills. How do YOU survive Obamanomics?

    06/01/2011 6:57:16 PM PDT · by Libloather · 215 replies
    6/01/11 | Libloather
    You're pretty close to being toast. Nerves are frazzled, homes are being evacuated, jobs lost and families are torn apart. Oh, the rookie Hussein has performed magic, all right. Kinda nuts. But it's what Barry King planned all along. This is his vision. Wealth distribution. And it's only getting started. How do you make it? Old money, new money, food stamps, living with the folks, moving in with the neighbor? How are you doing it? Are there any really good tips to make it through the Hussein years? And don't give me any guff on that '$40k on the credit...
  • Foreclosure rate slows as repossession timeline lengthens (housing "frog" slowly being cooked)

    05/12/2011 3:09:46 AM PDT · by Cincinatus' Wife · 69 replies
    Los Angeles Times ^ | May 12, 2011 | Alejandro Lazo
    Increased scrutiny of how lenders foreclose on Americans has dragged the repossession process out to unprecedented lengths... ...economists said...delays could hold back a national housing rebound if foreclosures remain a significant part of the market for years to come. ....Nationally, foreclosures completed in the first quarter of 2011 took an average of 400 days,.... ...."[Lenders] are under increased pressure and encouragement to make every effort to do a loan modification, or a short sale, and that has been a dramatic change," [Houston] Smith said... ....In states where a court order is needed to repossess a home, foreclosures are taking even...
  • Students: You Are Exploited Debt-Serfs

    04/12/2011 9:12:42 AM PDT · by cowtowney · 8 replies
    Of Two Minds ^ | 3/12/2011 | Charles Hugh Smith
    Of all the exploitative systems in the U.S., none is more rapacious than the Education Cartel. Like the proverbial frog that is unaware that it's being boiled because the water temperature rises so gradually, college students and their parents are unable to recall what higher education was like before students were herded into debt-serfdom. Apologists for the Education Cartel like to blame Corporate America or the banks, but the reality is that the Federal and State governments and the employees of the Cartel are willing partners in the exploitation and fraud. How did we get to the boiling-water point where...
  • Why is the Fed Bailing Out Qaddafi?

    04/06/2011 2:50:15 PM PDT · by Tailgunner Joe · 8 replies
    rollingstone.com ^ | April 1, 2011
    Barack Obama recently issued an executive order imposing a wave of sanctions against Libya, not only freezing Libyan assets, but barring Americans from having business dealings with Libyan banks. So raise your hand if you knew that the United States has been extending billions of dollars in aid to Qaddafi and to the Central Bank of Libya, through a Libyan-owned subsidiary bank operating out of Bahrain. And raise your hand if you knew that, just a week or so after Obama’s executive order, the U.S. Treasury Department quietly issued an order exempting this and other Libyan-owned banks to continue operating...
  • Solving the College Affordability Problem

    04/04/2011 3:10:45 PM PDT · by Kaslin · 64 replies
    Townhall.com ^ | April 4, 2011 | Dan Lips
    How much should a college education cost? According to the College Board, the average cost of earning a degree at a private, 4-year university is now more than $100,000. If tuition prices continue to rise as quickly as they did during the past decade, a college degree will cost more than $200,000 by the time today’s third-graders are applying. That price tag is enough to cause most parents to break into a sweat. Is a college degree really worth this cost? Some bright minds think Americans are paying way too much. In fact, Bill Gates--one of the country's most famous...
  • In Prison for Taking a Liar Loan

    As a young man, Mr. Engle had been a serious drug addict, but after he got clean, he became an ultra-marathoner, one of the best in the world. In the fall of 2006, he and two other ultra-marathoners took on an almost unimaginable challenge: they ran across the Sahara Desert, something that had never been done before. The run took 111 days, and was documented in a film financed by Matt Damon, who served as executive producer and narrator. Mr. Engle received $30,000 for his participation. The film, “Running the Sahara,” was released in the fall of 2008. Eventually, it...
  • Commercial real estate brought down failed banks in February

    03/02/2011 7:41:29 AM PST · by FromLori · 21 replies · 1+ views
    Housing Wire ^ | 3/1/2011 | JON PRIOR
    Of the nonperforming loans on the balance sheets of the 12 banks that failed in February, 72% were for commercial real estate, according to analytics firm Trepp. There have been 23 bank failures in 2011, but Federal Deposit Insurance Corp. Chairman Sheila Bair said closings this year will not surpass the 157 shuttered in 2010. That was an 18-year high, which Bair said will prove to be the peak coming out of the financial crisis. Analysts at Trepp estimate that there should still be more than 100 failed institutions by the end of 2011, however. Most of the February failures...
  • They're Trying To Get You To Hang Yourself (Again)

    02/16/2011 9:48:06 AM PST · by FromLori · 6 replies
    The Market Ticker ^ | 2/16/2011 | Karl Denninger
    This infuriates me: CHICAGO (MarketWatch) — Don’t be so sure that a 30-year fixed-rate mortgage is the best home loan for your needs. For some borrowers, it may make more sense to consider an adjustable-rate mortgage instead. And the usual song is.... So, for a borrower who plans on moving within five years anyway, they’d save as much as $19,283 by financing with an ARM. For the examples, Gumbinger used HSH’s four-day cumulative rate averages from Feb. 7 through 10. For such a borrower let's run a few assumptions. First, you're doing the 5/1 because you have trouble with the...
  • Bush's Policy on Argentina Signals Shift in Approach

    01/04/2002 8:05:46 PM PST · by Pokey78 · 9 replies · 1+ views
    The New York Times ^ | 01/05/2002 | JOSEPH KAHN with DAVID E. SANGER
    WASHINGTON, Jan. 4 — Seven years ago this month, President Bill Clinton's economic advisers told him Mexico was hours away from economic default and perhaps chaos on the streets. Mr. Clinton ordered an unpopular multibillion-dollar bailout, over the objections of Congress, but with the support of a prominent Republican governor, George W. Bush of Texas. When Argentina barreled toward a similar default in recent weeks, it was Mr. Bush who had to make the bailout call — and his decision was to let Argentina suffer the consequences of its own economic mismanagement. His aides argue that the circumstances were somewhat ...
  • Banks slashed small business lending by $43 billion

    02/12/2011 7:01:18 AM PST · by FromLori · 6 replies
    CNN Fortune ^ | 2/11/2011 | Catherine Clifford,
    The numbers back up what small business owners have been saying for two years: Main Street suffered a brutal credit crunch. The total value of outstanding loans to small businesses plunged by $43 billion, or 6.2%, between June 2009 and June 2010, according to a report released this week by the Small Business Administration. That's a drop of $59 billion, or 8.3%, from June 2008. Measuring lending to small businesses is like trying to nail Jell-O to a wall, because every institution and government agency has its own definition of what constitutes a small business. For this week's study, the...
  • Maturing Commercial Mortgage Loans A Big Headache For Business Owners

    02/06/2011 9:20:01 PM PST · by FromLori · 16 replies
    Thousands of commercial mortgage loans worth north of $200 billion will have to be re-financed or paid in full in the coming months, giving business and commercial property owners and the banks that hold these loans some major anxiety. Listen closely. The faint ticking in the background of the jubilant, media-fueled celebration of America's statistical economic recovery is yet another mortgage time bomb set to explode in our faces and ruin the party. Much has been written and said about the continued problems in residential real estate arena, but the destructive force of defaulting commercial mortgage loans and evaporating equity...
  • What is usury? Why is it evil?

    02/01/2011 6:05:54 AM PST · by mbeaven · 24 replies
    https://considerandhearme.wordpress.com ^ | 02/01/2011 | considerandhearme
    From a moral stand-point, money lent for things like entertainment and personal consumption are considered usury. Money lent for economic gain is not. For example, you discover you have oil under your land and need to borrow $50,000 to extract $5,000,000 worth of oil — the loan is not considered usurious so long as the lender shares in the profit or loss of the venture. Lending money to someone so they can watch a movie, go out to eat, buy a house to live in, a car to drive, or Christmas presents for their grandkids — all that is usury.
  • Regulators: Wake up and smell the loan risks

    01/18/2011 10:07:21 AM PST · by FromLori · 7 replies
    CNN Fortune ^ | 1/13/11 | Eleanor Bloxham
    Disputes related to failed mortgages are ballooning amid the fallout of loan securitizations and sales made by some of the biggest banks. But, for the time being, it doesn't look like the primary bank regulators are doing much about it. One example: The Federal Reserve Bank of New York is part of an investor group now asking Bank of America (BAC) to repurchase the mortgages it bought. The New York Fed sits in an interesting spot as both a concerned mortgage investor and as a regulator of the originators and securitizers that sell them. Despite suffering as an investor itself,...
  • Getting Schooled in Law Loans (The ABA is now persuading College Students NOT to go to law school)

    01/04/2011 10:10:03 AM PST · by SeekAndFind · 25 replies
    CNBC ^ | 01/03/2011 | Stephanie Landsman
    The American Bar Association has officially issued a warning on its website. The ABA is now making the case to persuade college students not to go to law school. According to the association, over the past 25 years law school tuition has consistently risen two times faster than inflation. The average private law student borrows about $92,500 for law school, while law students who attend public schools take out loans for $71,400. These numbers do not include any debt law students may still have from their time as undergraduates. Before the recession, the ABA cites statistics that show an average...
  • EDITORIAL: Obama's double bubble--Lax lending policy could blow up housing market again

    12/16/2010 4:27:28 PM PST · by jazusamo · 7 replies
    The Washington Times ^ | December 16, 2010 | Editorial
    Americans have lost more than $4 trillion in assets since the housing market collapsed in 2006. Risky government mortgage lending regulations helped inflate prices beyond reason, but those policies have not gone away. Instead, they've just moved into a new home, the Federal Housing Administration (FHA). Unless Congress acts to renovate eligibility requirements for borrowers, we could see an even worse financial disaster unfold.~snip~Participating lenders are caught between the Scylla of penalty for denying loans to marginal borrowers and the Charybdis of sanction for having too many defaults on their books. It will only get worse: The FHA has...
  • Mayor demands apology after Limbaugh takes shot at Bristol (city in CT, not Palin)

    12/06/2010 8:44:38 AM PST · by Tolerance Sucks Rocks · 51 replies · 2+ views
    The Bristol Press ^ | December 5, 2010 | Steve Collins
    BRISTOL — America’s most popular radio talk show host, Rush Limbaugh, blasted Bristol the other day for supposedly making off with some of the $3.3 trillion in loans given to businesses by the Federal Reserve during the recession. While the charge is false – even absurd given the city’s paltry place in the financial arena – Limbaugh didn’t stop there. He described Bristol to his millions of listeners as nothing more than ESPN. “That’s all that’s there: ESPN and a couple of cheap hotels,” Limbaugh said on his nationally syndicated show Thursday. That was more than enough to stir Bristol’s...
  • Richard Maize: Which Finance Programs are Good for Buying a Home, Real Estate?

    11/22/2010 6:58:32 AM PST · by IsraelBeach · 21 replies · 1+ views
    San Francisco Chronicle / PRWEB ^ | November 22, 2010 | Joel Leyden
    Richard Maize: Which Finance Programs are Good for Buying a Home, Real Estate? Los Angeles --- November 22, 2010 ... Responding to recent news which highlights the attractiveness of FHA real estate loans and that home ownership may now be falling out of reach for more Americans as banks toughen their restrictions for Federal Housing Administration-insured loans, Richard Maize, the former leading mortgage broker in the US, provides some solutions for home owners. "Mortgage lenders including Wells Fargo & Co. and Bank of America Corp., the two largest mortgage banks, have now raised the minimum credit score on FHA-insured loans...
  • Judge's Bombshell Ruling Exposes The Biggest Flaw In Obama's Disastrous Foreclosure Program

    11/02/2010 12:45:58 PM PDT · by FromLori · 13 replies
    The Business Insider ^ | 11/2/10 | Joe Weisenthal
    Interesting story here... CourtHouseNews (via Denninger): A La Jolla man can keep his home for now, after a federal judge granted his motion for a temporary restraining order blocking Washington Mutual and JP Morgan from foreclosing on his house because the banks misled him into defaulting on his mortgage. Kaveh Khast claimed the banks instructed him to stop making his mortgage payments so he could qualify for a loan modification. A Washington Mutual representative confirmed receipt of the documents, but did not contact Khast within two months as promised. After learning JP Morgan Chase had acquired Washington Mutual, Khast contacted...