Category Archives: Loans

The 4% mortgage – good luck getting one

By doris | Published: October 19, 2011

Full Story at cnn.com NEW YORK (CNNMoney) — A 4% mortgage sounds too good to be true — and for more than 90% of borrowers, it is. The average rate for a 30-year mortgage dropped below 4% earlier this month for the first time, hitting 3.94%, Freddie Mac reported. But at the same time, LendingTree [...]

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For banks, recovery is fading

By doris | Published: October 5, 2011

Full Story at Yahoo.com (Reuters) – U.S. bank profits have been rising steadily for more than a year, but the recovery may be losing momentum due to weak loan demand and low lending rates. For many of the biggest banks, earnings are likely to fall in the third quarter, dragged down by investment banking businesses [...]

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Number of defaults on student loans jumps

By doris | Published: September 13, 2011

Full Story at msnbc.com The number of borrowers defaulting on federal student loans has risen substantially, highlighting concerns that rising college costs, low graduation rates and poor job prospects are getting more and more students over their heads in debt. The national two-year cohort default rate rose to 8.8 percent last year, from 7 percent [...]

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Foreclosure flood may not have crested yet

By doris | Published: May 22, 2011

Full Story at msnbc.com If the national foreclosure crisis were a baseball game, we would be in about the top of the sixth. And we may have to go to extra innings. Since the housing market peaked in 2006, some 6.5 million homes have been lost to foreclosure. There are likely another 4.3 million more [...]

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Bank bailout turns a profit

By doris | Published: March 30, 2011

Full Story at money.cnn.com The bank bailout — part of the Troubled Asset Relief Program — is now $6 billion in the black, a profit that might ultimately rise to $20 billion, according to the Treasury. And that’s nice. But if you look at the whole program, there are still some trouble spots, and not [...]

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New small business loans approved in ‘minutes’

By doris | Published: December 27, 2010

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — The Small Business Administration announced two new lending initiatives on Wednesday aimed at getting relatively modest loans to small businesses quickly. The idea is to get loans under $250,000 into the hands of small businesses efficiently: Applications are only 2 pages long and can be approved in anywhere [...]

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10 things to buy before the end of the year

By doris | Published: December 25, 2010

Full Story at msnbc.com Your Christmas shopping may now be over. So what better time to think about buying a few items for yourself before the end of the year. Think about going against the grain and you’ll get some good deals on non-gift items. Before the clock strikes midnight on New Year’s here are [...]

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Senate fails to confirm Fannie and Freddie regulator

By doris | Published: December 23, 2010

Full Story atnews.Yahoo.com WASHINGTON (Reuters) – The nomination of North Carolina bank commissioner Joseph Smith to head the agency that oversees Fannie Mae and Freddie Mac died on Wednesday as the U.S. Senate adjourned without acting on it. While President Barack Obama could renominate Smith to head the Federal Housing Finance Agency after the new [...]

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Tab for Fannie, Freddie could soar to $363B

By doris | Published: October 23, 2010

Full Story at msnbc.com WASHINGTON — The government spelled out Thursday just how much the most expensive rescue of the financial crisis will end up costing taxpayers — as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac. That figure would be nearly twice the amount Fannie and Freddie have received so [...]

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Blockbuster files for bankruptcy

By doris | Published: September 24, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Blockbuster filed for bankruptcy Thursday in its latest attempt to overcome nearly $1 billion in debt. The movie rental store’s U.S. businesses filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. As part of its recapitalization plan, Blockbuster (BBI, [...]

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Plastic panic: Visa, MasterCard in bargain bin

By doris | Published: September 11, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The second most famous quote from the movie “The Graduate” — the top undoubtedly has to be “Mrs. Robinson, you’re trying to seduce me.” — is the one where Mr. McGuire wants to tell Dustin Hoffman’s Benjamin “just one word” about his future. Investors humbly disagree. Before [...]

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Empire State Building to get new, tall, neighbor

By doris | Published: August 26, 2010

Full Story at msnbc.com NEW YORK — The Empire State Building’s owner lost his bid to stop a new skyscraper from rising in the neighborhood when the New York City Council approved zoning and land use changes Wednesday that pave the way for the 1,190-foot tower. The project, called 15 Penn Plaza, is still in [...]

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Foreclosure prevention program losing its punch

By doris | Published: August 21, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The president’s signature foreclosure rescue plan is losing its punch, according to a federal report released Friday. Only 36,695 troubled homeowners received long-term mortgage modifications in July under the Obama administration’s Home Affordable Modification Program, known as HAMP. This brings the total to 434,717 borrowers who have [...]

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Banks finally lending more to small biz

By doris | Published: August 17, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The credit market may finally be starting to thaw out, according to a report from the Federal Reserve. The Fed said Monday that banks relaxed their lending standards over the last quarter, with the most improvement at big banks.While most banks said demand for business and consumer [...]

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