It is just a fact that the over one trillion (uh, yeah, not billion, not hundreds of billions, trillion) dollars of student debt now outstanding in our fair land will not be repaid. Because the graduates will not generate sufficient income to pay it back. The jobs they were told were out there for them [...]
loan
As banks go back to having lending standards, they turn down more borrowers. A new industry has sprouted in between traditional lender, like banks and finance companies, and traditional loan sharks like HBO’s Tony Soprano. They call themselves payday lenders. Some states, unfortunately not Michigan, have outlawed these parasites. Payday lenders charge effective annual interest [...]
If you’re filing bankruptcy, then chances are you may may have taken out a payday loan recently, according to a “Do Payday Loans Cause Bankruptcy?” by Paige Marta Skiba of Vanderbilt Law School and Jeremy Tobacman from the University of Pennsylvania. In theory, I have no problem with the concept of payday loans. It’s nice [...]
A mortgage lender which received TARP funds, or which voluntarily signed up for President Obama’s HAMP program, must suspend a foreclosure action while a borrower’s mortgage modification application is pending. That’s good news. HAMP is the modification program of the Home Affordable Plan. (HARP is the refinance program.) Lenders can sign up to participate. Banks [...]
Congress is considering changes to the Bankruptcy Code that would allow the same judicial modification of home mortgages that is currently allowed for vacation homes, business property, and other assets. Letting families keep their homes by reducing principal and interest to market value would let tens of thousands of homeowners resume making their mortgage payments, [...]
