Consumerist
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double secret probation
Department Of Education Sends Warning Letters To 921 Colleges
The Department of Education wants you to know that they've sent warning letters to 921colleges and universities warning them not to limit students in their choice of lenders, according to the Chicago Tribune.Jeff Baker, policy liaison at the Education Department's federal student aid office, said a search of a student loan database showed that a vast majority of students at each of 921 campuses chose the same lender.
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subprime meltdown
Doomsday Coming in October For The Subprime Mortgage Industry
Many consumers who signed up for adjustable rate mortgages in 2004 and 2005 will see their mortgage payments jump this October, according to CNNMoney. With foreclosure rates already as high as one foreclosure filing for every 656 households in the US, this can't be good news. More » -
student lending fiasco
Student Aid Administrators Are Pleasantly Paranoid
The National Association of Student Financial Aid Administrators is too paranoid about the recent student loan scandal to allow Wachovia to splash its logo all over the nylon bags it ordered for its annual conference, according to the Chicago Tribune.The group, which represents about 12,000 college-aid officials across the country, didn't want to appear to be acting improperly by accepting money from Wachovia in exchange for the marketing opportunity. The association also ditched lanyards and pens from other businesses — and even cut off the bottom of notepads that featured the name of a financial-services company — forfeiting about $200,000 in sponsorship fees paid by various vendors.
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subprime lending meldown
H&R Block Continues To Hemorrhage Money
The subprime lending arm of tax giant H&R Block continues to hemorrhage money, to the extent that it's close to being unsalable, according to Bloomberg.H&R Block Inc.'s mortgage unit lost a $1.5 billion credit line, falling ``dangerously close'' to the minimum amount demanded by a hedge fund firm that has agreed to buy the money-losing home lender.
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homeowners
Watch Out For "Equity Stripping" Scams
The New York Times has an article about a growing problem, a scam called "equity stripping." Here's how it works: You answer an advertisement targeting people who are facing foreclosure, but want to stay in their homes. You think you're refinancing your loan at a lower rate, but in reality you're transferring the deed to someone else. That person then takes out as much as they can against the value of your home. From the NYT:Jessica Attie, co-director of the foreclosure prevention project at South Brooklyn Legal Services and the lawyer for the Johnsons, said her office was overwhelmed with homeowners who had handed over their deeds to people pretending to help "save" their homes.
We know times are tough and a lot of homeowners are facing difficult financial decisions, but make sure you know what you're signing. If someone offers to "temporarily" buy your home, warning bells should go off. More » -
consumer debt
12 Steps For Digging Yourself Out Of Debt
If you're in debt and you don't want to be, (and who wants to be?) you might want to take a look at Zen Habits 12-Step Get Out of Debt Program. More » -
subprime fiasco
Pending Home Resales Drop To Lowest Level Since September 2001
Pending sales of existing homes dropped for the third straight month as troubles in the mortgage industry continue to disrupt the housing market. Figures released today show a 3.5% drop in May, following April's drop of 3.2% and March's drop of 4.5%. More » -
be good
Consumerist's 10 Commandments of Credit
The Pope recently issued 10 commandments of driving, so we thought, "If the Pope can talk about driving from the back of his little popemobile, we can talk about credit." So without further ado, Consumerist's 10 Commandments of Credit. It's not everything you need to know about using credit wisely, but it's a good start. More » -
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payday lending
FDIC Launches Program Encouraging Banks To Offer Small Dollar Loans
The FDIC has announced a program designed to study and encourage small dollar lending programs designed to compete with payday lenders. Under the program banks would offer "loan amounts of up to $1,000, mandatory savings components, payment periods that extend beyond a single pay cycle, interest rates below 36 percent, low or no origination fees, no prepayment penalties, prompt loan application processing, and access to financial education to help with asset building." More » -
fico
Your Credit Score Demystified!
Bankrate has an interview with Craig Watts, public affairs manager at Fair Isaac Corp., the creator of the popular FICO credit score. Craig talks about credit myths and strategies for people who are looking to raise their credit scores. Nothing terribly ground-breaking, but we know our readers tend to obsess over their credit scores, so it's good to get some info straight from the horse's mouth. More » -
travel
American Airlines Offers 6 Month No Interest No Payments Financing
American Airlines is offering no interest no payments for 6 months on airline tickets purchased through an offer on their website. This means that, essentially, one can purchase an airline ticket in the same way that one purchases, say, furniture or a camcorder. More » -
subprime meldown
H&R Block Subprime Lending Division Loses $676.8 Million
H&R Block's subprime mortgage lending arm has reported a quarterly loss of $676.8 million, dragging down the entire company. In all, all of H&R Block lost $85.5 million in Q1. From BusinessWeek: More » -
your money
It's Time To Think About Loan Consolidation
We know you just graduated and you don't want to think about your student debt. Really. We understand. Sadly, you need to think about it, and you need to think about it before July 1st. More » -
student loan fiasco
Private Student Loans Are Potentially Evil
The New York Times has an article explaining some of the reasons that private loans are both more popular and more risky that they really ought to be. More » -
fico fun
Ask The Consumerists: What Do I Do About Credit Cards I Never Requested?
Beau has a question about what to do in response to receiving some credit cards he never asked for: More » -
student loan fiasco
Bankruptcy Protection For Students?
In 2005 congress changed the law to exclude student loans (private or public) from bankruptcy protection, meaning that it is almost impossible to discharge your student loan by filing for bankruptcy. More » -
student lending fiasco
Cuomo Goes After Student Lending Criteria, Is So Not Bored Of This Investigation Yet
What criteria do student loan companies use when determining which students to give loans to and how much to give? Don't know? Neither does New York Attorney General Andrew Cuomo, but we're pretty sure he's going to find out. From the NYT:"What criteria are they using in the underwriting of these loans?" Mr. Cuomo asked. "Parental income? Student income? Student creditworthiness? How about the school you attend? How is that weighted?"
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lending
New York, 8:16 PM
Mon Nov 23
20 posts in the last 24 hours
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