Archive for September, 2009
Banks to Bail Out the Government?
Sep 30th, 2009 @ 8:30 PM by Amber NelsonThe Federal Deposit Insurance Corporation, the government agency that insures consumer deposits at banks, declared yesterday that its reserves are way down and that the fund it uses to protect bank deposits is now in the red. The solution: have banks prepay their fees for the next four years, including the current one, before the […]
more »Federal Reserve’s New Mortgage Lending Rules Go Into Effect October 1st
Sep 28th, 2009 @ 4:04 PM by Debbie DragonNew rules to protect consumers from problem mortgages adopted by the Federal Reserve go into effect on October 1st. Individual states have adopted numerous laws to protect consumers, but the federal government is looking to prevent future problems like our current home foreclosure crisis by getting involved, as well. The new rules require mortgage lenders and brokers giving borrowers with weak credit to have more diligence. Home loans designed for people with weak credit are typically 1.5 percentage points higher in interest than the average prime mortgage rate.
more »- Posted in Bad Credit Home Loans, Mortgages
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Federal ARC Loans Aim to Keep Small Businesses Open
Sep 25th, 2009 @ 7:46 AM by Debbie DragonThe American Recovery and Reinvestment Act launched the ARC loan program in June to provide financial resources to small businesses operating during the recession. Its intent is to keep small businesses operating despite a weakened economy. The ARC program is funded with federal recovery dollars and operates through the U.S. Small Business Administration. The loans […]
more »- Posted in Other
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Will the First-time Home Buyer Tax Credit Really Disappear?
Sep 23rd, 2009 @ 8:33 PM by Amber NelsonThe Obama administration’s $8,000 first-time home buyer tax credit is set to expire December 1, but some legislators and real estate officials are fighting to extend it until the housing market fully recovers. Under its current form, first-time home buyers with an annual income of $75,000 or less ($150,000 for married couples) who are buying […]
more »- Posted in Mortgages
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Frank Wants to Push Up Credit Card Limit Start Date
Sep 16th, 2009 @ 3:46 PM by Amber NelsonU.S. Representative Barney Frank, D-Mass., intends to ask Congress to move up the effective start date of credit card legislation signed earlier this year by President Obama. Originally set to take effect in stages with a final date of February 2010, Frank is unimpressed with the changes card issuers are making ahead of the deadline […]
more »- Posted in Credit Card Debt, Other Loans
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Volunteer in Exchange for Student Loan Payments
Sep 14th, 2009 @ 5:50 PM by Debbie DragonA college education has been proven to open the doors to higher paying job opportunities, but as many college graduates are finding out, there are no guarantees that the college diploma will land you a job right out of college. Since a large percentage of students rely on various forms of financial aid, including student loans, the stress of repaying those loans upon graduation is downright frightening to students who don’t immediately enter the workforce with a higher-than-minimum-wage position. What can a student with loans and living expenses do to keep up with their financial responsibilities if they’re unable to enter the workforce during the recession?
more »Government Student Aid Continues in Full Force
Sep 9th, 2009 @ 4:15 PM by Amber NelsonAccording to an article on Forbes.com, the number of American students applying for financial aid increased last year, and fortunately for them, so did the number and amount of government student loans. The article says that 16.4 million students applied for government aid during the 2008/2009 school year, a 12 percent increase from the previous […]
more »Is Small Business Lending on the Mend?
Sep 2nd, 2009 @ 6:42 PM by Amber NelsonA recent article on CNN’s website claims that the small business lending sector has begun to “heal itself.” Can this be true? Lending to small businesses all but stopped last year in the wake of other financial turmoil on Wall Street. Few investors wanted to buy up small business loans on the secondary market, so […]
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