Will FHA Mortgages be the Next Mortgage Crisis?
Nov 18th, 2009 @ 9:05 PM by Amber NelsonFederal Housing Administration-backed mortgages are now the next market crisis waiting to happen, according to home builder Robert Toll, CEO of Toll Brothers Inc, the nation’s largest luxury builder. “Yesterday’s subprime is today’s FHA,” Toll said today at a New York builders conference. “It’s a definite train wreck and the flag will go up in the next couple of months: Bail us out. Give us more money.” Toll likely based his comments on reports last week from the FHA that its reserves ratio has fallen to 0.53 percent, well below the federally-mandated 2 percent designed to protect against fund default.... Read full article »
- Posted in Federal Loans Mortgages
- Permalink
- 0 Comment »
Small Businesses Still Struggle to Obtain Loans
Nov 16th, 2009 @ 8:24 AM by Debbie DragonEven with government stimulus programs, small businesses are constantly struggling just to stay afloat. Small businesses help to create as much as 80% of new jobs, so this is dismal news for our struggling economy and especially our rising unemployment rate. Many small businesses have faced reductions in bank credit and it has been increasingly difficult for them to get a small business loan. Overall, they are struggling at record high rates. Could help be on the way? This week the Obama administration has a meeting planned that could brighten the future for the small business owner. Timothy Geither,... more »
Debbie Dragon is a full time freelance writer and the co-owner of ReliableWriters.com.
Tips for Personal Loans in Today’s Economy
Nov 9th, 2009 @ 5:42 PM by Debbie DragonIn today’s struggling economy obtaining a personal loan can be a challenge, but not entirely impossible. More important than ever before you should do your research before filing any loan application. Dotting your I’s and crossing your T’s can greatly increase your chances of obtaining the loan you desire. Review Your Credit Report Thoroughly Before applying for your loan you should first review your credit report. If you have less than stellar credit, this will be particularly important. Look closely for any discrepancies. If there are any mistakes get them corrected before seeking your loan. If there are hits... more »
Debbie Dragon is a full time freelance writer and the co-owner of ReliableWriters.com.
- Posted in Personal Borrowing
- Permalink
- No Comments »
Credit Unions May Offer Best Credit Cards Deals
Nov 4th, 2009 @ 2:05 PM by Amber NelsonAccording to a recent study released by the Pew Charitable Trust, you may be much better off applying for a credit card from your local credit union than with any of the nation’s top banks. “The observed credit unions presented a distinct alternative to credit card pricing and other practices of the observed banks,” the study entitled “STILL WAITING: ‘Unfair or Deceptive’ Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect” said. “In July 2009, median advertised interest rates on cards from the 12 largest credit unions were between 9.90 and 13.75 percent annually, depending on... more »
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.
- Posted in Credit Card Debt, Other Loans
- Permalink
- No Comments »
Is That All She Wrote for Private Student Loan Lenders?
Nov 2nd, 2009 @ 6:13 AM by Debbie DragonThe Student Aid and Fiscal Responsibility Act, currently moving through Congress, would stop the FFELP (Federal Family Education Loan Program). The FFELP has allowed third party (private) lenders to issue student loans which are backed by the government. In 1992, the Federal Direct Student Loan Program began, which allowed parents and students to borrow directly from the U.S. Department of Education without a FFELP lender or involvement from a bank. If the Student Aid and Fiscal Responsibility Act is passed by Senate vote, critics of the act argue that it will put most private student loan lenders out of business... more »
Debbie Dragon is a full time freelance writer and the co-owner of ReliableWriters.com.
Credit Card Companies Continue to Raise Rates, Lawmakers Shocked
Oct 28th, 2009 @ 12:58 PM by Amber NelsonSo, remember that new credit card law that will go into effect next February? The law is an attempt to curb credit card issuer so-called abuses and protect consumers from steep rate hikes. Well, not surprisingly credit card issuers are not happy about the upcoming restrictions on their business practices. But since the law, which will prohibit them from raising interest rates on anyone except those who are more than two months late on their payments, doesn’t go into effect until February 22, these companies are continuing with their same practices and raising rates even higher than they previously had... more »
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.
- Posted in Credit Card Debt, Other Loans
- Permalink
- 1 Comment »
Plans to Acquire a Small Business Loan May Still Need to Wait
Oct 26th, 2009 @ 4:22 PM by Debbie DragonIf you were hoping that the news of the improving recession means it is getting easier to acquire a small business loan, you likely will have to wait a bit longer. News from Reuters today says that according to PayNet Inc, the number of small business loans that have gone into default, or are behind 180 days or more, increased between August and September. According to Reuters reporter James B. Kelleher, in September, .85 percent of business loans had fallen into default, up from .81 percent in August. There is good news, however, in that the number of small businesses... more »
Debbie Dragon is a full time freelance writer and the co-owner of ReliableWriters.com.
- Posted in Small Business Loans
- Permalink
- No Comments »
New Association Aims to Combat Loan Modification Scams
Oct 26th, 2009 @ 1:00 PM by Ben MeyerNeighborWorks America, a non-profit created by Congress, has launched a national public education campaign aimed at helping homeowners, particularly those facing foreclosure, avoid mortgage modification scams. Their recently launched website, www.loanscamalert.org, provides information and resources to help spot scams, as well provides a central place to notify authorities of scams they may have encountered. In addition to the website, the campaign will draw on the support of public agencies at all levels of government as well as other financial institutions and non-profits to get the word out. According to their press release: The national foreclosure rate has reached an all-time... more »
Ben Meyer is the Editorial Director of Loan.com
- Posted in Mortgage Refinancing
- Permalink
- No Comments »
Obama Promises More Help for Small Businesses
Oct 21st, 2009 @ 11:50 AM by Amber NelsonPresident Obama is not happy with the nation’s banks. They have been too stingy in lending money to small businesses in the past year, he says. The Federal Reserve backs up his statements, reporting that total loans from banks are down $476 billion since December 2008 and commercial and industrial loans are down $204 billion. Now Obama has a new plan to jump start more lending. Why more help is needed: President Obama in a statement Wednesday - “Small businesses have always formed the backbone of the American economy. The problem is, our small businesses have been some of the... more »
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.
Ten Percent of Community College Students Do Not Have Access to Federal Student Loans
Oct 19th, 2009 @ 11:32 AM by Debbie DragonAccording to the Project on Student Debt, there are about 900,000 students at community colleges in 31 states who do not have access to federal student loans because their colleges do not participate in federal loan programs. What’s more, 362,000 community college students (2 out of 3 students) who do have access to federal loan programs took out private student loans during the 2007-2008 school year, instead of using the more affordable and safer federal student loan options. This decision to fund education with private student loans may be due to deceptive marketing practices of some private lenders, as well... more »
Debbie Dragon is a full time freelance writer and the co-owner of ReliableWriters.com.
Recession Touches the Wealthy - Lamborghini Now Offers Financing
Oct 14th, 2009 @ 8:05 PM by Amber NelsonThe recession (which is supposedly over) has made its way all the way to the top. Even luxury sports car company Lamborghini has started to offer payment plans for two of its “most exclusive” cars, the Murcielafo LP640 Coupe and the Roadster, which retail at $345,000 and $382,400 respectively. Here’s how the auto loans work, according to Kicking Tires : “The offers include 5.9% for a 12-year term. Yes, 12 years. If you have really good credit, including a credit score of more than 740, you can get 0% financing for 60 months. That comes out to $5,310 a month... more »
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.
- Posted in Auto Loans
- Permalink
- No Comments »