Posts Tagged ‘loan’

“The Federal Reserve Board on Tuesday alerted the public to instances of questionable solicitations directed at consumers. These solicitations promise consumers access to personal loans through a nonexistent Federal Reserve lending program.” The Fed does not make loans, folks. Press Release, November 4, 2008 | The Federal Reserve

Ohio Payday Lenders Caught Lying in Ballot Initiative Signature Drive | Consumer Law & Policy

Today Show: “So, Countrywide employees were coaching them to lie?” Insider: “Yes.” Ex Countrywide Manager Exposes Its Lies | Consumerist

While we are on the subject of keeping track of your credit score, as a result of a bunch of class action lawsuits against TransUnion, virtually anyone who has had a credit card since 1987 can select from several settlement options, including up to nine months of enhanced credit monitoring.
First, the settlement applies to “[a]ll [...]

Nathalie Martin at Credit Slips reports that many internet payday loans are illegal and therefore unenforceable. But they can be a big problem, since most automatically deduct their fee from consumers’ bank accounts and roll over without warning.
Since many of these loans are illegal under state payday lending laws, consumers can simply change bank accounts [...]

On Monday, Ohio Governor Ted Strickland signed a law capping payday loan interest rates at 28% and limiting borrowers to 4 payday loans per year.
Previously, payday lenders would charge interest rates close to 400%. Under the new law, they will be limited to 28%, which looks more like a (bad) credit card interest rate.
The payday [...]

“Securitization” is a hot word in money circles, but I don’t think many people outside of Wall Street know what securitization is or what it means. The Wikipedia entry on securitization is very good, but a bit technical. I think I can boil it down a bit more.
Any asset can be securitized. One asset we [...]