Smart Borrower Blog

Archive for July, 2014

HAMP Applications Face Major Backlog

Jul 30th, 2014 @ 7:37 PM by Amber Nelson

For those still hoping to get a mortgage modification under the Obama administration’s Home Affordable Mortgage Program (HAMP), the wait may now be longer than ever. A new report from government regulators found that mortgage companies have not been able to process applications fast enough. The report from the special inspector general for the Troubled […]

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Is There A New Subprime Bubble In Auto Lending?

Jul 23rd, 2014 @ 7:43 PM by Amber Nelson

About 25 percent of all new car loans made in 2014 were issued to borrowers with subprime credit – those with scores below 640 – and investors are eating up subprime-backed auto securities. This has some analysts wondering if the next financial bubble has arrived in the form of poor-credit car loans. Subprime auto loan […]

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Consumers Change the Way They Use Credit Cards

Jul 16th, 2014 @ 3:13 PM by Amber Nelson

Americans have made a significant shift in the way they view and use their credit cards, according to the latest report from the American Bankers Association. The ABA found that bank card delinquencies fell in the first quarter back to lows from more than two decades ago. Late payments – those behind by 30 days […]

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Small Business Loan Approval Reaches Post-Recession Peak

Jul 9th, 2014 @ 8:09 PM by Amber Nelson

Small business owners today are seeing more success in obtaining loans than they have in the past five years, according to new data from Biz2Credit.com, with loan approvals reaching their highest rate since the financial crisis began. The Biz2Credit Small Business Lending Index, a measure of 1,000 loan applications submitted on the website, rose in […]

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Student Loan Interest Rates Reset Higher

Jul 2nd, 2014 @ 8:23 PM by Amber Nelson

As of July 1, federal student loans will have a higher interest rate this year than they did in the 2013-2014 school year. While rising fees are never welcome news for students, the silver lining is that they are not rising as high as they could have. The new effective rate on all new federal […]

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