Wells Fargo, the largest private student lender in United States, is launching a new loan modification program that includes an option to lower the interest rate for certain qualified borrowers.
The bank will work with customers on a one-on-one basis to determine the appropriate course of repayment and could cut interest rates to as low as 1 percent.
The program will be available to borrowers whose employment or income has changed since they began repaying their loans. The loans must be late, but not in default or delinquency.
Read More Student loan debt keeps growing, but new signs of hope
We started to hear more and more feedback that solutions that...
A map outlines the targeted area for housing rehabilitation interest-free deferred loans. On the western portion of the map, a black outline indicates the eligible areas of Bangor. The dotted line along the 611 corridor indicates eligible areas in UMBT. The northern section labeled A will receive the highest priority for loans, followed by the shaded B section.
(Image | Courtesy SB-COG)
A recent survey by TransUnion finds that credit unions will be putting a great deal of emphasis on auto loans for the next twelve months
Credit Unions and Poor Credit Buyers
Here at Auto Credit Express weve always felt that consumers with bad credit that belong to a credit union owe it to themselves to at least try this option first. Thats because while it isnt usually the case, we have seen situations in which credit-challenged consumers looking for approval for an auto loan with poor credit have received a car loan approval from their credit unions.
Unlike most lenders that are publicly owned corporations such as large banks, credit unions are nonprofit organizations...
NEW YORK (Reuters) – The amount of US borrowers that were at least two months behind on their car loan payments jumped sharply in the third quarter, according to a report on Wednesday from Experian Automotive.
The 60-day delinquency rate for US auto loans rose nearly 9 percent to 0.62 percent in the third quarter from the same period in 2013. In contrast, delinquency rates for the industry in the second quarter were unchanged at 0.58 percent from their level a year earlier.
Melinda Zabritski, Experians senior director of automotive credit, said in a statement the rise in delinquencies was expected given that loans to subprime borrowers have taken up a growing proportion...
There are a number of reasons someone might take out a reverse mortgage: to pay for prescriptions or medial care, to subsidize their daily living expenses or even to settle their fear of becoming a burden to their family. But the product that was designed to keep elderly consumers in their homes is now wreaking havoc on their surviving loved ones.
Children and surviving spouses of reverse mortgage borrowers are finding that the loans are threatening their own livelihood and that lenders arent being upfront about their options to resolve the debt, The New York Times reports.
Reverse mortgages allow a borrower, 62 years or older, to convert the equity on their home into a lump...
Who do you trust with your money?
Many of us would probably list “parents” near the top of that list. Which is why the tale of Columbus Blue Jackets defenseman Jack Johnson is so shocking and deplorable.
Aaron Portzline of the Columbus Dispatch reported on Thursday that Johnson filed for bankruptcy on Oct. 7, claiming assets of less than $50,000 and debts of more than $10 million. Sources tell Portzline that his debts could be closer to $15 million.
According to Cap Geek, Johnson’s made $20.9 million in his career on three NHL contracts; that money’s all but gone. His current one runs through 2018, and has him making $5 million a season; much of those...
The European Central Bank may take a
more conservative approach than national regulators when
assessing German banks’ shipping assets, said Oliver Faak, head
of ship finance at Norddeutsche Landesbank.
“It is in no way sure that the ECB won’t look at this
topic again in a more intense way and that it will transfer the
impact of the regulatory calculations to the balance sheets of
the banks,” Faak said in a presentation in Hamburg today. The
ECB last month took over supervision of the region’s banks.
NordLB along with German shipping banks HSH Nordbank AG and
Commerzbank AG (CBK) passed the ECB health check, which...
Its not surprising that 7 million students in the US defaulted on their college loans during the third quarter of 2014, according to the Department of Education. The average amount of loan default per borrower: $14,014.
An October report by the Consumer Financial Protection Bureau saw a 38 percent jump in complaints over 2013 from students who took out private loans to finance college. The common theme among the 5,300 who filed complaints was that lenders were inflexible about providing alternative payment options for those facing financial hardship, so many were driven into default.
1st Merchant Funding Launches PowerForce 2.0 Turbo amp; The Syndication Cloud
The nationwide launch of PowerForce 2.0 Turbo will increase agent and broker profitability dramatically by allowing for syndication as low as 5% and up to 75% in each merchant cash advance origination