Smart Borrower Blog

Archive for October, 2010

New Grads Have More Debt, Less Opportunities

Oct 27th, 2010 @ 1:11 PM by Amber Nelson

Graduating from college is supposed to be an exciting time, filled with hope about the future and its many possibilities. Unfortunately, that is not the case in general for today’s graduates. A new study by the Project on Student Debt and reported on CNN Money.com, says that student debt is rising and the number of […]

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Bank of America Admits Finding Mistakes in Foreclosure Documents

Oct 25th, 2010 @ 5:37 AM by Debbie Dragon

Just one short week after Bank of America started examining foreclosure documents, they are owning up to finding errors. The company so far has looked at not even 1% of the cases they must review, but in those they have found somewhere between 10 and 25 errors. The mistakes range from missed spelling of names to wrong addresses to missing signature and even missing files, but so far the bank is claiming none of the errors would have led to wrongful foreclosure procedures.

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Half of Small Businesses Are Denied Loans

Oct 20th, 2010 @ 7:06 PM by Amber Nelson

A recent survey by the Federal Reserve found that almost half of all small business loan requests are denied by banks these days, a very troubling statistic considering the following information: “Small firms employ nearly half of all Americans, account for about 60 percent of gross job creation, and historically have created more jobs than […]

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Citigroup Continues to Recover with Better-than-Expected Third Quarter Profits

Oct 18th, 2010 @ 4:52 AM by Debbie Dragon

While financial analysts continue to debate whether or not the economy is starting to recover, Citigroup, one the largest global banks, is showing profits for a third straight quarter. This is leaving many experts to believe that the bank just might be standing on solid ground. Citigroup was one of the hardest-hit financial companies of […]

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Personal Loans: Regaining Popularity

Oct 13th, 2010 @ 4:01 PM by Amber Nelson

Up until last year, personal loans were all but dead. Banks just weren’t promoting them when money was so easy to come by with home refinances, credit cards, or small business loans. Now that most of those sources have dried up for many people, personal loans are becoming an important source of funds for consumers. […]

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First-Time Home Buyer Tax Credit Extended for Veterans

Oct 11th, 2010 @ 10:55 AM by Debbie Dragon

If you or your spouse is a member of the armed forces and has recently served active duty outside of the US for at least 90 days between January 1, 2009 and April 30, 2010, you could still qualify for a first-time Home Buyer Tax Credit of up to $8,000. Using the tax credit in […]

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When Will True Small Business Lending Recover?

Oct 6th, 2010 @ 7:29 PM by Amber Nelson

Since Congress passed the Small Business Jobs Act just a few weeks ago, the government has backed another $5 billion in loans to small business owners. These hard working folks had all been on a long waiting list, the Recovery Queue so-called since the time money ran out from the last small business stimulus infusion. […]

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Racially Predatory Loans Had Impact On The Foreclosure Crisis

Oct 4th, 2010 @ 1:43 PM by Debbie Dragon

A new study published in the American Sociological Reviews shows race played a factor in factor in the wave of foreclosures that hit after the subprime mortgage market went into free fall. The study conducted by Professor Douglas Massey of the Woodrow Wilson School of Public and International Affairs at Princeton University and Jacob Rugh, […]

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