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More banks have tightened lending standards on home mortgages, the Federal Reserve said Monday in the latest sign of fallout from a spreading credit crisis.
Servicemembers and their dependents could pay no more than 36 percent annual interest on payday loans, vehicle title loans and refund anticipation loans under a preliminary draft of a law intended to stop high-interest loans to the military.
The government is monitoring the distress in the subprime mortgage industry and believes the current situation is manageable, a Treasury Department official said Monday.
A coalition of consumer and civil rights groups says it plans to launch a national campaign Tuesday to highlight what they consider abusive and predatory lending practices in the banking, credit card and mortgage industries.
Soft music plays in the background of a new TV ad campaign as it urges viewers to only use payday loans for emergencies. One scene shows a broken-down car. Another depicts a young boy in a doctor's office, his arm in a sling.
Under pressure from lawmakers and consumer groups, the payday lending industry on Wednesday announced changes to educate borrowers and help customers who have trouble making payments on short-term loans.
Black and Hispanic home buyers are more likely to pay high mortgage rates than white borrowers with similar credit ratings and income levels, an advocacy group found.
The sharp jump in foreclosures in the Lower Hudson Valley, driven in large part by problems with subprime mortgages for homebuyers, was the top business story of 2007, as chosen by The Journal News business staff.
Just what the world needs...if we were back in 2004.
The Economic Impact on Wealth, Property Values and Tax Revenues, and How We Got Here Report and Recommendations by the Majority Staff of the Joint Economic Committee Senator Charles E. Schumer, Chairman Rep. Carolyn B. Maloney, Vice Chair October 2007
You list and bid for shoes, concert tickets and even cars online. Why not loans, too?
The European Central Bank extended unlimited amounts of two-week cash to the markets Tuesday, an unprecedented step aimed at easing a global credit squeeze that risks choking off the commercial bank lending on which business depends.
I've got very little time today, and I've been writing a whole book on this subject - but to answer the many questions I've been receiving about the current economic situation, let me explain really briefly what has been going on.
Britain's High Street banks have rejected plans to end age discrimination when they give credit. A clause to ban the practice was thrown out when they reviewed the Banking Code which all major banks and building societies subscribe to.
"This time, market players seem truly horrified — because they've suddenly realized that they don't understand the complex financial system they created."
While we're sorting out the big question about the subprime debacle, how to preserve the good (hard-working, bill-paying people once barred from the American dream becoming homeowners) without repeating the bad (fraud, reckless lending and fast-talking salesmen peddling mortgages …
When it comes to the world of Reverse Mortgages, Suze Orman was not the first person I thought of, but she gets 1/2 of it right. Watch this concise summary of what a Reverse Mortgage really is and listen to one of the reasons seniors need to do more research.
Quick tips to help anyone navigate the home loan process faster and simpler.
The real numbrs could be far worse than this: the estimate GS came up with is based upon rational reactions by markets, something which is extremely unlikely given a shock of this magnitude.
Payday lenders offer quick cash advances -- for a fee -- that customers are supposed to repay with their next paycheck. Borrowers who cannot repay the loan often "roll over" the loan repeatedly, leading to charges that quickly add up and a cycle of debt.
Who's to blame for the subprime lending crisis?
If you want to know why we haven't heard much about the subprime mortgage mess from Democrats, it's because there's an intraparty fight brewing in the House of Representatives over what to do. The Judiciary Committee has the votes for a good bill, but the floor is a 'crapshoot'
This past summer's subprime meltdown involved about $900 billion in now-suspect securitized debt, reckless lending, and consumers who buckled under the weight of loans they couldn't afford.
U.S. Senate Small Business and Entrepreneurship Committee Ranking Member Olympia J. Snowe [R-Maine, right] and Chairman John F.
Nick Collins, an independent London real estate broker who's had record profits every year since 2003, took a hit in September -- and that may be bad news for a U.K. economy built on a housing bubble.
A consortium of financial institutions will announce today that they have created an $80 billion fund intended to prevent a critical corner of the lending market from harming the broader economy, according to several people who have been briefed on the matter.
Yet another example of sub-prime lending practices destroying a working class neighborhood
Predatory lenders could easily tweak their loan terms to dodge new Pentagon rules released last week, say national consumer advocates.
As real estate continues to plummet outside of the Washington, DC beltway, real estate prices inside the beltway are bouncing back strong, according to July numbers.
A diverse cast of characters combined to launch the once-in-a-lifetime housing boom of the past five years.
Code of Honor
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