Keyword: loans

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  • 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 · 54 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...
  • NY Fed: Student And Auto Loans UP, DC And Maryland Lead In Student Debt

    05/14/2013 10:41:56 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 05/14/2013 | Anthony B. Sanders
    The Federal Reserve Bank of New York announced that households continued to improve their finances during the first three months of 2013 (for the most part). Outstanding household debt declined approximately $110 billion from the previous quarter, due in large part to a reduction in housing-related debt and credit card balances. Meanwhile, delinquency rates for each form of household debt declined, with about 8.1% of outstanding debt in some stage of delinquency, compared with 8.6% the previous quarter. Here is the report: DistrictReport_Q12013 Mortgages, the largest component of household debt, fell in the first quarter of 2013. Mortgage balances shown...
  • Eight Steps to Eliminate Fannie Mae and Freddie Mac—Permanently

    04/17/2013 2:16:54 PM PDT · by Slyfox · 13 replies
    Heritage Foundation ^ | April 10, 2013 | David C. John
    It is time to close both Fannie Mae and Freddie Mac—the government-sponsored mortgage giants. Both entities distort the country’s housing finance market by issuing mortgage-backed securities with subsidized government guarantees that the mortgages will be repaid. If guarantees are necessary, they should be priced and issued by the private sector, not by the state. Financial institutions expert David C. John details specific steps to achieve this shutdown carefully and methodically without further upsetting the delicate housing market—and without making the situation worse.
  • Baby boomers may die with college debt

    04/16/2013 3:22:15 PM PDT · by rightwingintelligentsia · 42 replies
    MSN Money ^ | April 16, 2013 | Aimee Picchi
    Baby boomers are easing into retirement, but some may find their golden years are haunted by student loan debt that could follow them until they die. It's not their children's debt, however -- it's their own. Many boomers returned to graduate school during the recession to bolster their skills, reports the Chronicle of Higher Education. Student loan debt is actually growing fastest among people over 60, the report notes. More than 2 million Americans over 60 owe student loan debt, with the average balance standing at about $19,500, up from just under $11,000 in 2005, according to the Federal Reserve...
  • Landing A Reverse Mortgage Just Got Tougher

    04/14/2013 10:37:05 AM PDT · by blam · 5 replies
    TBI - CNBC ^ | 4-14-2013 | Mark Koba
    Landing A Reverse Mortgage Just Got Tougher Mark Koba, CNBCApr. 14, 2013, 9:20 AMSeniors looking for a big cash payout from a reverse mortgage will have to look elsewhere for needed funds. A small but increasing number of defaults on the loan product has prompted a crackdown by the Federal Housing Administration (FHA) on the biggest payout loan to homeowners. The basic theory behind reverse mortgages — you must be 62 or older to apply — is that instead of making payments to a lender like in a traditional mortgage, the borrower receives non-taxable money from the lender, which does...
  • By the way: Total student loan debt now topping one trillion dollars

    04/12/2013 12:17:44 PM PDT · by SeekAndFind · 17 replies
    Hotair ^ | 04/12/2013 | Erika Johnsen
    It's a rough job market for anyone looking for work as we continue to just barely break stagnation levels in the Slowest Recovery Ever, but the picture is particularly bleak for the fresh-faced youths looking start careers. According to a new economic report, the situation is going to be “extremely difficult” for the crop of 2013 college graduates: Unemployment remains high for young college grads. For those who will find jobs, many will probably have to settle for low-level positions, the Economic Policy Institute said Wednesday.The unemployment rate for recent college grads between the ages of 21 to 24 has...
  • The New Subprime Loan: Student Loans Now WORST Performing Debt Class

    02/28/2013 4:23:09 PM PST · by whitedog57 · 12 replies
    Confounded Interest ^ | 02/28/2013 | Anthony B. Sanders
    Student Loans Now the WORST Performing Debt Class According to the NY FED’s “QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT,” student loans are now the worst performing debt class. Even though credit card performance deteriorated in Q4 2012, mortgages, auto loans and home equity loans all improved. But student loans are now the NEW subprime loan. How does the Consumer Financial Protection Bureau feel about that?
  • Study: 37 Percent of Employed College Graduates Didn’t Even Need Their Education

    01/29/2013 12:03:09 PM PST · by drewh · 28 replies
    The Daily Caller ^ | 2:55 AM 01/29/2013 | Robby Soave
    With record numbers of college graduates underemployed in jobs that don’t actually require degrees, economists are joking that even aspiring janitors may soon have to get master’s degrees to compete for jobs. A study released Monday by the Center for College Affordability and Productivity found that 37 percent of employed graduates didn’t need to attend college at all to successfully perform their current jobs. The study was co-authored by Dr. Richard Vedder, an economics professor at Ohio University and director of CCAP; Jonathan Robe, a CCAP researcher; and Christopher Denhart, an economics student at the university. “Just as a bachelor’s...
  • Banking On The Path To Fiscal Ruin

    01/09/2013 5:36:33 AM PST · by Kaslin · 2 replies
    Townhall.com ^ | January 9, 2013 | Ken Blackwell
    A trend has taken shape in Washington, and it has put our country on a devastating path towards potential fiscal ruin. The trend is characterized by an unsustainable penchant for spending money we don’t have. It became crystal clear in last year’s debt ceiling negotiations and was further highlighted by the recent debate surrounding the fiscal cliff; our country is broke, yet our government continues to spend more, risk more and accumulate more debt. Entitlements are often blamed for the vast majority of our spending issues, but our tendency to overspend is not restricted to just these. Parallels exist...
  • Shortsighted CA schools take virtual 'pay day loans' to keep operating

    12/11/2012 9:32:57 AM PST · by SeekAndFind · 7 replies
    American Thinker ^ | 12/11/2012 | Rick Moran
    Tyler Durden has this nailed: These three letters - C.A.B. - might just be the Dis-Humor story of the day. NPR reports that more than 200 schools across California are coming to the shocking realization that the upfront cash they needed so badly came at quite a price. These 'Capital Appreciation Bonds' are unlike normal bonds (requiring regular coupon payments and principal repayment); instead they provide the 'lent' money upfront and defer all interest and repayment to some magical faery land time in the future (by which time the interest accrued has grown exponentially as the interest accrues on the...
  • What student loans, college financing, and Duff Beer have in common

    11/28/2012 2:09:17 PM PST · by ExxonPatrolUs · 1 replies
    American Enterprise Institute ^ | November 28, 2012, 10:55 am | James Pethokoukis
    [Since 2000, tuition at public four-year colleges has risen by an inflation-adjusted 72%, or nearly 6% a year. At the same time, the real average earnings for workers aged 25 to 34 with only a Bachelor’s degree have declined nearly 15%, according to Citigroup.] Outstanding student loan debt now stands at $956 billion, an increase of $42 billion since last quarter.  However, of the $42 billion, $23 billion is new debt while the remaining $19 billion is attributed to previously defaulted student loans that have been updated on credit reports this quarter.1 As a result, the percent of student loan balances...
  • 5 Ways the Student Loan Bubble Mirrors the Housing Crisis

    10/26/2012 5:17:16 AM PDT · by SeekAndFind · 9 replies
    Fiscal Times ^ | 10/26/2012 | By SHERYL NANCE-NASH
    Is history about to repeat itself? There are some striking similarities between the private student loan market and subprime mortgage industry. A new report from the Consumer Financial Protection Bureau (CFPB), provides more evidence for the comparison.“Student loan borrower stories of detours and dead-ends with their servicers bear an uncanny resemblance to problematic practices uncovered in the mortgage servicing business,” said Rohit Chopra, student loan ombudsman for the CFPB who authored the report, in a prepared statement. “Consumers deserve clarity, not chaos and confusion.” RELATED: 11 Things You Didn’t Know About Student Loans The report analyzed roughly 2,900 complaints,...
  • Dem lawmaker (Cummings) slams Issa for sending US Marshals to serve subpoenas (green energy loans)

    Dem lawmaker slams Issa for sending US Marshals to serve subpoenasBy Ben Geman - 09/11/12 10:08 AM ET Rep. Elijah Cummings (D-Md.) says House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.) is conducting his probe of federal green energy project loans with bullying tactics and November’s elections in mind. Cummings, the panel’s top Democrat, sent Issa a letter Monday slamming a dozen subpoenas issued last week to current and former Energy Department employees and contractors, which included use of armed U.S. Marshals to serve subpoenas at the Energy Department (DOE). The Maryland Democrat called it “intimidation,” and said...
  • Debt Collectors Cashing In on Student Loan Roundup

    09/09/2012 6:47:49 AM PDT · by Uncle Chip · 46 replies
    The New York Times ^ | Sept 8, 2012 | Andrew Martin
    At a protest last year at New York University, students called attention to their mounting debt by wearing T-shirts with the amount they owed scribbled across the front — $90,000, $75,000, $20,000. “I couldn’t believe the accumulated wealth they represent — for our industry,” the consultant, Jerry Ashton, wrote in a column for a trade publication, InsideARM.com. “It was lip-smacking.” Though Mr. Ashton says his column was meant to be ironic, it nonetheless highlighted undeniable truths: many borrowers are struggling to pay off their student loans, and the debt collection industry is cashing in. As the number of people taking...
  • Vital Signs Chart: More Auto Loans Going to Subprime Borrowers

    09/10/2012 7:57:39 AM PDT · by KeyLargo · 4 replies
    WSJ ^ | Sep 10, 2012 | Ben Casselman
    September 10, 2012, 9:13 AM Vital Signs Chart: More Auto Loans Going to Subprime Borrowers By Ben Casselman More car loans are going to risky borrowers. Nearly 12% of new auto loans went to subprime borrowers — those with credit scores below 620 — in the second quarter, the most since the market for risky loans dried up in 2008. Somewhat safer “outside of prime” loans — those to borrowers with scores below 680 — rose to 25.4% in the second quarter, up from under 17% in 2009.
  • Solar energy company missed state payments over Iron Range plant

    09/05/2012 3:39:50 PM PDT · by TurboZamboni · 6 replies
    pioneer press ^ | 9-5-12 | Leslie Brooks Suzukamo
    The solar energy systems manufacturer has missed the first two payments of a $1.5 million state loan to build a factory on the Iron Range last year, but state and company officials say they're optimistic the business can still thrive if a state rebate program are extended. Silicon Energy failed to make $80,000 in schedule quarterly payments earlier this year, and it has reduced its workforce at its Mountain Iron, Minn., assembly plant from 15 employees to 11, Tony Sertich, commissioner of the Iron Range Resources and Rehabilitation Board, said Wednesday, Sept. 5. Silicon Energy, based in Washington State, has...
  • Five Myths about Glass-Steagall

    08/29/2012 4:39:04 PM PDT · by neverdem · 9 replies
    The American ^ | August 16, 2012 | Peter J. Wallison
    There is a remarkable degree of ignorance about the alleged role of Glass-Steagall in the financial crisis. ItÂ’s time to set the record straight. When Sandy Weill, the former chairman of Citigroup, told an interviewer that he thought it had been a mistake to repeal Glass-Steagall, it unleashed a gale of commentary that reflected a remarkable degree of ignorance about the alleged role of Glass-Steagall in the financial crisis. The five myths discussed below do not cover all the misconceptions that seem to be held by those who want to restore Glass-Steagall, but they cover some of the most widely...
  • Watchdog who exonerated Obama on energy loans now an Obama donor

    08/23/2012 8:41:06 AM PDT · by ColdOne · 4 replies
    foxnews.com ^ | 8/23/12 | ap
    WASHINGTON – A veteran Wall Street executive who performed an independent review that exonerated the Obama administration's program of loans to energy companies contributed $52,500 to re-elect President Barack Obama in the months since completing his work,
  • Mythbusting 101: Uncomfortable Truths Your College Won't Tell You

    08/20/2012 6:47:45 AM PDT · by SeekAndFind · 30 replies
    Forbes ^ | 08/17/2012 | Mark Hendrickson, Grove City College
    If you or anyone close to you is grappling with the decision of whether to commence or continue college or graduate studies, there are several important facts of life you should know about—facts that colleges themselves aren’t likely to mention. These are a few of the uncomfortable truths they won’t tell you: 1) “Far more people earn degrees in many liberal arts majors than can be employed in those fields.” Consider the following statistics: More than half of Americans under the age of 25 who have a bachelor’s degree are either unemployed or underemployed. According to The Christian Science Monitor,...
  • Second-lien holders put drag on short sales

    07/29/2012 8:14:06 AM PDT · by Cincinatus' Wife · 92 replies
    San Francisco Chronicle ^ | July 28, 2012 | Gopal and John Gittelsohn
    ........Facing an onslaught of pending foreclosures, banks increasingly are turning to short sales. They lose about 15 percent less on short sales than they do on repossessions, which can take years to complete while taxes accumulate along with legal, maintenance and other costs, according to Moody's Investors Service. To encourage short sales, banks are streamlining the closing process, forgoing their right to pursue unpaid debt, and giving some homeowners cash incentives of as much as $35,000 for relocation expenses. Roadblocks involving second liens are standing in the way of even more short sales, which reached the highest number in three...
  • Friends of Obama Allowed to Opt Out

    06/04/2012 6:56:14 AM PDT · by Kaslin · 13 replies
    Townhall.com ^ | June 4, 2012 | Lurita Doan
    Emigrant Bank was recently identified to receive a waiver that would allow the bank to opt out of rigorous Dodd-Frank requirements. These of course are the same new rules and regulations that Barack deems essential to the nation. Yet when the bank’s owner, Howard Milstein, who is a close friend and was a bundler for President Barack Obama’s 2008 campaign, protested that the new rules would seriously crimp operations of his bank, the Obama Administration worked with members of congress to grant him a waiver from the new rules. Other financial institutions and banks have consistently and vehemently argued that...
  • GREEN SCAM: 80% Of Green Energy Loans Went To Obama Donors - 19 Companies Went Bust

    07/14/2012 7:21:00 AM PDT · by TurboZamboni · 12 replies
    gateway pundit ^ | 6-2-12 | jim hoft
    For those who only hear about these failing companies one by one, the following is a list of all the clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy. The liberal media hopes you’ve forgotten about all of them except Solyndra, but we haven’t. Evergreen Solar SpectraWatt Solyndra (received $535 million) Beacon Power (received $43 million) AES’ subsidiary Eastern Energy Nevada Geothermal (received $98.5 million) SunPower (received $1.5 billion) First Solar (received $1.46 billion) Babcock & Brown (an Australian company which received $178 million) Ener1 (subsidiary EnerDel received $118.5 million) Amonix (received...
  • The Biggest Financial Scandal In History?

    07/05/2012 2:00:45 PM PDT · by blam · 6 replies
    TEC ^ | 7-5-2012 | Michael Snyder
    The Biggest Financial Scandal In History?Michael SnyderJuly 5, 2012 We always knew that the financial markets were rigged, but this is getting ridiculous. It is now being alleged that 20 major banks have been systematically fixing global interest rates for years. Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate). But Barclays says that a whole bunch of other banks were doing this too. This is shaping up to be the biggest financial scandal in history, and criminal investigations have been launched on both sides of the Atlantic. What those...
  • A Political Glossary: Part II (Thomas Sowell)

    06/25/2012 11:11:40 AM PDT · by jazusamo · 7 replies
    Creators Syndicate ^ | June 25, 2012 | Thomas Sowell
    Politicians seem to have a special fondness for words that have two very different meanings, so we are likely to hear a lot of these kinds of words this election year. "Access" is one of those words. Politicians seem to be forever coming to the rescue of people who have been denied "access" to credit, college or whatever. But what does that mean, concretely? It could mean that some external force is blocking you from whatever your goal might be. Or it could mean that you just don't have whatever it takes to reach that goal. To take a...
  • Terminate the Racket of College Loans

    06/12/2012 5:40:43 AM PDT · by Kaslin · 31 replies
    Townhall.com ^ | June 12, 2012 | Phyllis Schlafly
    One of the ways to cut the big-spending binge engaged in by the federal government is to terminate the racket of college loans. It's counterproductive, discriminatory and a bad investment for both taxpayers and students. College-loan debt has soared to nearly a trillion dollars, more than credit-card debt or auto-loan debt. Financial commentators are beginning to compare college-loan debt to the housing bubble that nearly brought down the banking system in 2008. However, it's not the banks that will be the big losers if the bubble bursts. It's the taxpayers, because the government is now on the hook for...
  • would it be good to make student loans dischargeable consumer debt?

    06/11/2012 12:25:20 PM PDT · by TurboZamboni · 59 replies
    me ^ | 6-11-12 | TurboZamboni
    IOW, why would it be good to make student loan debt dischargeable in bankruptcy like most other consumer debt?