On Avoiding Student Loan Payments
Debt is a bitch and student loans have taken center stage recently as the credit crisis threatened the ability of students to get loans ... . At a minimum, you can’t get a loan for anything. No car loan, no mortgage, no credit cards, no 0% financing… ... . Initially, I felt bad. Then I thought about it some more and realized that we all make choices and [more...]
Date: 2008-11-03 15:55:55
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Mortgage Loan Restructuring
Thomas Cooley writes, The most important role for public policy is to provide incentives for servicers to restructure and modify loans, ... at loan modifications. I do become angry and agitated every time one of these suggestions gets made. What are the standards that you are going to use to determine eligibility for loan modification? Many [more...]
Date: 2008-12-10 18:59:52
Real Loans for Real People March 10th, 2009
The Best Loans Right NOW (based upon "real people credit", not absolutely perfect credit) Conforming Rates Thirty Year Fixed Rate Loans 4.875% 30 Year fixed rate loan, with only one point (that's a total discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2117, APR 5.003 [more...]
Date: 2009-03-10 16:09:21
U.S. Financial Recovery Program Needs New Category to Reclassify Loans to Save Banks and Cut Costs, Says Career Banking Executive
ALTAMONTE SPRINGS, Fla. - Geof Longstaff has a good idea—a way to help rehabilitate America's banks without spending billions of additional tax ... with their loan portfolios. "We need a new category to classify loans that are currently viewed ... , is this: among other criteria, banking regulators gauge a loan's merit against the value [more...]
Date: 2009-03-10 18:51:17
The New York Times’s Rent-to-Own Loan [Math]
A debt-strapped New York Times has managed to mortgage its shiny new headquarters for a quick cash infusion of $225 million. But at what cost? ... serving as its transaction “partner.” (If by “partner” one means “loan shark.”) Lease payments start ... . But still, it’s a hefty rate. If it were a regular mortgage loan, we’d call it subprime. According [more...]
Date: 2009-03-09 20:28:30
How To Save Hundreds A Month On Your Mortgage
When it comes to American spending habits, the sad truth is that most people don’t put their financial assets to the best use ... such cutting unnecessary services, refinancing a car loan, paying off credit cards (to end the high cost ... with you if you have bad credit? Are you getting a new loan to refinance your rate? Or are you getting a loan [more...]
Date: 2009-03-10 10:55:59
Avoid These Three “Short-Term” Loans
Payday Loan Storefront In an ideal world, when you needed to borrow some money, you could just walk into your bank and just ask ... earned from folks who didn’t know they were getting a loan in the first place? Probably more than ... goes bad and then before you know it you’re going down the mountain with one ski and a prayer [more...]
Date: 2008-11-03 10:50:51
6 Steps to Doomsday: A Great Depression II Scenario
I have to get this out of my system. BP’s interview with historians Michael Allen and Larry Schweikart helped assuage my fears some ... , out of money, default on their mortgages, car loans, student loans, credit card loans, etc. Bond ... ; the market crashes. 5. Banks hoard money, making it nearly impossible to get credit. Want a new car [more...]
Date: 2008-10-07 18:00:29
Financial Forecast for 2009, Considering Resource Limitations
In this post, I consider some major issues contributing to our current financial problems, before making a financial forecast for 2009. These are 1 ... from the bottom: Layer 1. Household Debt (Mortgages, auto loans, credit card debt, student loans ... from ordinary citizens support the businesses and governments that have loans higher up on the "tower [more...]
Date: 2009-01-06 15:10:32
The <i>New York Times</i>'s Rent-to-Own Loan [Math]
A debt-strapped New York Times has managed to mortgage its shiny new headquarters for a quick cash infusion of $225 million. But at what cost? ... serving as its transaction "partner." (If by "partner" one means "loan shark.") Lease payments start ... . But still, it's a hefty rate. If it were a regular mortgage loan, we'd call it subprime. According [more...]
Date: 2009-03-09 20:28:30
Fed: TALF to Begin Disbursing Funds March 25th
From the Fed : In carrying out the Financial Stability Plan, ... by newly and recently originated auto loans, credit card loans, student loans, and SBA-guaranteed small business loans. Issuers and investors in the private sector are expected to begin arranging [more...]
Date: 2009-03-03 14:25:00
Mortgage Lenders Want Their Loot
The insistence by lenders to homeowners who got placed in bad loans, that they the lenders should suffer no losses, ... as the Obama administration prepares to implement its plan. Maryland was the second state to require loan servicers to report data regarding loan modification efforts. The data are startling: Many homeowners [more...]
Date: 2009-03-09 16:00:00
Sam You Are
Bad enough that the People's Insurance Company, formerly known as AIG, ... savings to keep up the payments. You've maxed out your credit cards and personal loans to the point that no sane lending institution will loan a penny more. You even took out a no interest 'loan [more...]
Date: 2009-02-24 22:45:05
Thousandaire
My home equity loan has gone through. I’m rich! I actually signed the papers last Wednesday, ... typed in some dummy numbers on her computer and showed me what would happen if a $2000 loan with $60 payments were upped to $100 payments. It shortened the life of the loan by one third [more...]
Date: 2009-03-10 09:08:28
MicroPlace Initial Review: Earn a 5% Return and Help Fight Poverty Too?
“A billion people around the world work hard every day to lift themselves out of poverty. They don’t want your charity. They want your investment ... loan with a promised interest rate of 5% per year, and a 4-year loan at 6%. What is microfinance ... is the loan listing page , and here is a link to the long 63-page prospectus for these Global Poverty [more...]
Date: 2009-03-10 12:12:15
Universal Auto Loans : Arranged Loans With Different Features
Universal auto loans can help almost anyone. They are even a great way for those, who get their first experience in the world of finances. With bad credit history, borrowers can start building their score and earning themselves a good credit report.So many different features... read more [more...]
Date: 2008-12-10 10:31:57
$25 billion in electric vehicle loans still waiting for perfect beggars
While the Big 3 seem to be visiting Washington on an all-too-regular basis trying to secure funding for future success, $25 billion in loans set aside to promote electric car usage in America has been sitting untouched for nearly two years. As the story goes, the Advanced Technology Vehicles Manufacturing Loan [more...]
Date: 2009-02-28 12:22:00
Givers Embrace Micro-Loan Programs
The Dallas Morning News: Alex Counts considers Dallas his Promised Land ... t have had a ghost of a chance with a traditional bank. Can a $50 loan really start a business? “In these Latin ... Fund makes micro-business loans of $500 to $4,000 to help the tiniest and riskiest entrepreneurs [more...]
Date: 2008-11-03 14:07:43
'You didn't have a choice but live in debt'
From the Sacramento Bee:"Welcome," says the letter dated May 20, 2005. "It is a pleasure to have you as a new loan customer of Fremont Investment & Loan." They were ... had hoped to use his home equity loan for unexpected expenses, such as maintenance on one of his two [more...]
Date: 2008-10-27 20:43:00
Tell Stories
We live in a world with information overload. Data, facts, ... know about business loans. A. Last year we made over 15,000 loans to small businesses with a total funding in excess of $1200 million. On average we arranged the loans within 27 days of initial enquiry [more...]
Date: 2009-03-09 13:00:03
Han will get that shield down...
First, let me start with an analogy. I have a good friend, also in the finance business, who bought a condo about 2 1/2 years ago ... to believe he's going to default on his loan. Still, based on a simple assets vs. liabilities calculation ... the other way and let the cash flows play out, my friend is very likely to pay off his loan. Now stepping [more...]
Date: 2009-03-09 17:36:00
Help a Reader: Debt versus House
Here's an email I recently received from a reader: Here is my personal situation: 25 years old, with bring home pay of $2775.17 a month ($4038 ... my car loan to a lower interest rate and upped my car payment by ~25%. This will be paid off Sept ... .64 gross pay). To debt: $520.23 a month auto loan, $6,000 left on loan, 6% interest $131 [more...]
Date: 2008-09-15 20:10:29
Detroit Bailout Loans On The Road To Approval, With Condition Attached - Car Makers Meet 35 MPG By 2020
Remember when the Wizard of Oz was spotted from behind his curtain, ... by these loans can't be called "green" until the wizards come out from behind their marketing curtains.The U.S. Congress moved Saturday to provide $25 billion in low-interest loans to the auto indu... [more...]
Date: 2008-09-30 12:12:55
Ford confirms it won't need any loan money
As the economy and the car industry transform to lighter, more compact versions of their previous selves, the primary agent of change is cash ... to stand on its own, without government-backed loans, however. Speaking at a meeting of the National Automobile Dealers Association in New Orleans, Louisiana, Mulally said, "We don't want to borrow any [more...]
Date: 2009-01-26 15:24:00
You'll Never Fail Like Common People
by Eric Martin Lisa Schiffren on how Bush is free to do the right thing and make sure that none but the wealthiest see a piece of the bailout ... classes, those with foreclosed homes, or late student loans or car loans — or any of the undesirable economic problems that people have already tried to incorporate into this finance-sector bailout [more...]
Date: 2008-09-25 20:51:24
A Little Help From My Friends
... lenders and borrowers for personal loans. It's an interesting business, but what is really compelling ... to search for correlations and trends that could help the lender avoid bad loans. What Bartz found [more...]
Date: 2009-03-09 02:02:50
Things must be rough in California
This one particular auto title loan outfit has “eight offices throughout California.” (Note that they serve only California, and no other state.) ... credit, bad credit, it didn’t matter. (Just like the old “Bill Gehr” commercials on 41 on a Sunday ... or an auto title loan to help us ride them out forever. It is merely a step. But hopefully [more...]
Date: 2009-03-10 10:49:27
REPORT: Toyota Financial seeking loans from Japanese gov't
Filed under: Government/Legal , Toyota , Earnings/Financials LR: Toyota Vice Chairman Katsuaki Watanabe, ... for International Cooperation. Much of these funds would presumably be used to lend money to new car buyers ... what the automaker had previously been accustomed to. That and the aforementioned loan request are actions [more...]
Date: 2009-03-03 16:40:00
MCC Closes on $75M in 2008 loans
Click Here to View Article in PDF Format Florida Real Estate Journal February 16-28, 2009 Vol. 16, No ... overall loan volume was down just slightly from 2007 levels but strong growth toward the end of the year bodes well for 2009 prospects. The firm"s largest single loan for the year - $6.1 million – [more...]
Date: 2009-03-10 15:26:38
Credit Comes from Savings
photo credit: Darren Hester Federal politicians love talking about “injecting liquidity” into the market ... to get a loan if and when you want one. Thus, in light of our economic stagnation, market interventionists ... $10 from another, this transaction would require that the lender have the money to loan [more...]
Date: 2009-03-10 19:46:57
Need A Home Improvement Loan? Try a Home Based Business Residual Income Opportunity
The mortgage broker told us that residual income was what was left over after we had paid the payments on all our personal debts and the mortgage. What was hard to believe was that we did not qualify for the home improvement loan because ... for the loan. [more...]
Date: 2009-03-10 10:24:51
Treasury: You Never Said We Had To Make Banks More Consumer Friendly!
In places, the panel appears outright angry -- understandably -- at Treasury's stonewalling on key questions: ... student loans and auto loans at reasonable rates, and whether Treasury was taking action to ensure ... into the system before it can have the desired effect. (2) Because confidence is low, banks will remain [more...]
Date: 2009-01-09 19:28:01
PSST!... Wanna End The Recession?
Leave it to the private sector to do what Obama, Geithner, and the federal government seem totally unable to figure out ... strong,” John Lawrence, the company’s head of loan servicing, told Mr. Kurland one recent morning ... even if it offers to slash interest rates or make other loan modifications to entice borrowers [more...]
Date: 2009-03-05 00:08:15
Notes on McArdle's Law
The theory that in a financial panic people demand too much risk protection is one possible explanation of what I like to call McArdle's Law, ... you. If you're a fly-by-night mortgage broker, you can dump a lot of bad loans into the system, take your profits, and by the time the loans default you could be in Tahiti. Freddie Mac can manage [more...]
Date: 2008-11-26 14:17:38
The FAFSA and Credit Card Debt
Let me first start off by saying that even if your credit is has been severely affected by credit card debt, or any other kind of debt….you can still file a FAFSA and receive a Stafford loan . Your FAFSA results are not affected ... me to have to enroll my already low interest rate student loans into this debt management account. i need [more...]
Date: 2009-03-09 16:59:57
Scammers Move in on Obama’s Homes Scheme
Scammers have been quick off the mark to start making money out of those who can least afford to pay ... pay any fees for housing counselling services or modification of a delinquent loan. No one should ... to a fixed rate loan To qualify, borrowers must not be in arrears and their mortgages must [more...]
Date: 2009-03-10 18:20:25
Leading US banks look as bad as ever
What's the plan for the US banking industry? Nationalizing and cleaning them up? Letting them collapse? ... -like bets tied to a loan or other underlying asset — surged to $587 billion as of Dec. 31 . Buried in end ... to navigate through a deepening recession in which all types of loan defaults are soaring. The banks [more...]
Date: 2009-03-10 10:14:00
Cochrane and Rogoff on the PBS News Hour
I'll try liveblogging. Here is a transcript. For what Rogoff was thinking the other day, see this op-ed. (We exchanged emails briefly on Saturday ... that. If he's right, then the taxpayers will end up owning a lot of bad assets regardless ... -fashioned way. That is, if a bank gives you a mortgage loan and keeps the loan, waiting [more...]
Date: 2008-10-03 00:36:07
A Deal
A Deal The NYT says Congress has struck an interim deal to save the auto industry until President-elect Obama is sworn into office: ... that it would include billions of dollars in short-term loans to keep the automakers afloat ... from $25 billion in federally subsidized loans intended for developing advanced fuel efficient cars [more...]
Date: 2008-12-05 18:59:55
The Mini Depression and the Maximum-Strength Remedy
This is not the Great Depression of the 1930s, but nor is it turning out to be merely a bad recession of the kind we've experienced periodically over ... now is not the supply of credit. Yes, Wall Street is paralyzed at the moment because the bursting ... loans. But even if credit were flowing, those loans wouldn't save jobs. Businesses want to borrow [more...]
Date: 2008-11-09 15:02:00
Comparing Lending Club with Prosper
The following information may help you in your peer-to-peer investing decisions ... $3,000.00 Date of first loan 28 Oct 2008 09 Jun 2008 Active loans 51 34 ... . My losses on Prosper have been aggravated by my having one loan of $200 in collections and the rest [more...]
Date: 2009-03-08 23:12:55
Calacanis Rips NY Times’ Stross Over Tesla Editorial
I’m with you on this one Jason. Randall Stross’ article (it’s really an editorial, but not marked as such) rips into Tesla as “not much more than a functioning concept car” and suggests it would be foolish of the government to grant it a loan under a 2007 Federal loan program designed specifically [more...]
Date: 2008-12-01 01:09:01
Buying a house at Christmastime is so fun
Update! On the real house! Which was originally supposed to close today (yeah, a few days before Xmas--great plan), but isn't, obviously.So lessee ... on a VA loan (at a lower rate, since rates have dropped**) from the Navy credit union--Mr. B.'s doing ... costs have risen since we originally had a loan approved on the dead cat house (for $100k more than [more...]
Date: 2008-12-22 20:49:00
What to do to Find and Buy that Dream Home
by Frank Jenner Although purchasing a home is a big step for some families, ... but one that is easier than you may think. One way to start is by meeting with a loan officer to determine ... you go through the due diligence period and loan processing and will be applied towards your costs [more...]
Date: 2009-03-08 21:16:37
US banks take stricter approach toward loan applications by PV players
US-based suppliers of photovoltaic (PV) systems and solutions that are applying for loans to fund their PV installation projects have been asked to provide detailed information about their suppliers, including PV module brands and product certifications such as TUV or UL as well as records of product performance, [more...]
Date: 2009-03-03 03:48:39
Mortgage Lenders Want Their Loot
The insistence by lenders to homeowners who got placed in bad loans, that they the lenders should suffer no losses, ... loan servicers to report data regarding loan modification efforts. The data are startling: Many [more...]
Date: 2009-03-09 15:00:17
Pat Buchanan on the Drug War
Maybe I’m reading this wrong, but it seems that in this column , weathered culture warrior Pat Buchanan nearly calls for an end to the war on drugs: ... outlawed and punished homosexuality, abortion, alcohol, loan-sharking and gambling, all as criminal ... source of government revenue. And loan-sharking is done by credit-card companies [more...]
Date: 2009-03-08 19:27:07
Some Mortgage Borrowers Immediately Default
In the past year, the number of borrowers who failed to make more than a single payment before defaulting on Federal Housing Administration-backed mortgages has nearly tripled, far outpacing the agency's overall growth in new loans, according to a Washington Post analysis of federal data. If a loan "is going into default immediately [more...]
Date: 2009-03-09 19:32:13
Hyundai Bails Out Consumers By Buying Back Their Cars
Vehicles have been in the news quite a bit these days, from bailout plans to million-dollar hybrids. Clearly, car companies are desperate ... on their car loan or lease can walk away from a financing obligation when the difference between the resale value of the car and the balance of their loan is less than $7,500. I’m sensing a new trend. Buy [more...]
Date: 2009-01-06 15:59:53
Mortgage Bailout: Answers Raise Troubling Questions
Update 2: A website for people who pay their mortgage? ... to refinance as many as 5 million loans may face legal challenges over whether the administration ... plan would temporarily allow Fannie and Freddie to refinance loans that they own or guarantee [more...]
Date: 2009-02-24 14:41:56
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