Posts Tagged: loans

Student debt

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Ninety-four percent of students who earn a bachelor’s degree borrow to pay for higher education. This is up from the 1993 statistics that show only 45 percent of students borrowed money to pay for a bachelor’s degree. This borrowing includes loans from the federal government, private lenders and relatives. Questions: 1. Explain why Rajeev V…. Read more »

Taken for a Ride When Trading in a Car

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Under the Dodd-Frank financial reform act, the Federal Trade Commission (FTC) is now going after auto dealers that imply to customer that they have no remaining debt obligation for trade-ins. Five dealers in four states (South Dakota, North Carolina, Connecticut and West Virginia) have already agreed to settlements that order them to stop running ads… Read more »

Look into Auto Refinancing

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In the past few years, millions of homeowners have realized huge savings by refinancing their mortgages. Now, the refinancing craze is catching on in the car loans industry. According to this article refinancing could same your car might save you big time bucks. Questions: 1. According to the article, by how much have auto refinancing… Read more »

“Gettysburg” Debt

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Ron Maxwell, the director of two acclaimed Civil War movies, has not repaid a $300,000 loan from 2002 to Washington County Maryland and county officials aren’t happy with the pace of his repayments. The loan, which came with a 4.5 percent annual interest rate, was supposed to be paid off in 2010. However, the Herald-Mail… Read more »

There’s More to Toxic Than Meets the Eye

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As a way of tracking the housing crisis, an NPR investigative team bought a toxic asset.  While it was filled with home loans from people across the country who borrowed more than they could afford, it also contained at least one mortgage that was a part of a $200 million mortgage fraud scheme. The house… Read more »

Troubles for Deloitte

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The American government has terminated its contract with an international accounting firm that was providing technical advice to the Afghan banking system here because of the firm’s failure to report signs of trouble at Kabul Bank, the nation’s largest financial institution. The United States Agency for International Development ended the banking portion of a contract… Read more »

Bank of America and Loan Modifications

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  Many Americans have applied for the federal government’s loan modification program, meant to keep them in their homes. Instead, less than a quarter of those who signed up have gotten any help. The banks are being sued by several states and consumer class action lawsuits for their failure to follow through. If you research… Read more »

Update on Lawsuit Loans

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Companies that advance money to plaintiffs involved in personal injury lawsuits are campaigning in state capitals for legislation making clear that their growing industry is not subject to usury limits on interest rates or other state laws that protect borrowers. Since February, they have persuaded legislators in at least five states, including New York, Alabama,… Read more »

Lawsuit Loans

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The business of lending to plaintiffs in court cases arose over the last decade as part of a trend in which banks, hedge funds and private investors are putting money into other people’s lawsuits. But the industry, which now lends plaintiffs more than $100 million a year, remains unregulated in most states, free to ignore… Read more »

Tax Refunds on Debit Cards

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A new pilot program for low-income Americans could allow individuals to get their tax refunds on prepaid debit cards. The government said it will offer 600,000 low- and medium-income taxpayers the chance to put their tax refunds on prepaid debit cards. Half the 600,000 offers from Treasury will carry a $4.95 monthly fee, while the rest… Read more »