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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
    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...