Posts tagged as:

loan

Strategic Mortgage Defaults on the Rise

September 25, 2009

Strategic default—walking away from your home and mortgage—is getting more common. The interesting part is who is doing it: according to a recent study, people with good credit. For such consumers, strategic default may be the best of a range of bad options.
The same study found that 588,000 people walked away from their mortgages in [...]

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Payday lending coincides with increased bankruptcy filings

April 2, 2009

But is payday lending a cause of increased bankruptcy filings? In a paper from last September, Professors Paige Skiba (Vanderbilt Univ. Law School) and Jeremy Tobacman (Univ. of Pennsylvania), say yes for Chapter 13 reorganizations, by about 2.5%. They also found that for payday loan customers filing Chapter 13 bankruptcies, a whopping 11% of their [...]

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House addresses foreclosure relief tomorrow

February 25, 2009

One of the problems perpetuating the foreclosure crisis is the inability of lenders and borrowers to renegotiate those loans. Lenders don’t want to take care of vacant homes, and many borrowers could stay in their home if those ridiculous adjustable rates were locked into a reasonable fixed rate. Renegotiating those loans means more money to [...]

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Foreclosed and nowhere to go? Stay put

January 30, 2009

So says Ohio congresswoman Marcy Kaptur. Stick it to the vultures until they prove they actually have the right to take your home, which is unlikely for many mortgage loans.
Embedded video from CNN Video

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Debt collector in the news: two sides to every story

January 26, 2009

Last night I posted a link to a New York Times story written by debt collector Pat Marshall. Then, this morning, I stumbled across this twitter post from blogger Bill Bauer:

I admit, reading “I feel that I’m helping people see that there are options for getting out of their situations—maybe by taking out a second [...]

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Where to get help when you can’t pay your mortgage

December 28, 2008

If you are having trouble paying your mortgage, you need to get out your financial paperwork and seek help early. If you wait until you are already missing payments, you will not have the options that are available to you while you are still paying on time.
First, get out your bills, pay stubs, and other [...]

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November 5, 2008

“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

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Ohio Payday Lenders Caught Lying in Ballot Initiative Signature Drive

August 13, 2008

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

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Ex Countrywide Manager Exposes Its Lies

June 30, 2008

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

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Sign up for your TransUnion class action settlement benefits

June 30, 2008

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 [...]

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In trouble with an internet payday loan? Change banks.

June 11, 2008

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 [...]

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Payday lending interest rates forced down in Ohio

June 3, 2008

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 [...]

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Securitization (or, why you can’t work out a lower mortgage payment)

April 10, 2008

“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 [...]

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