An investigation by a local ABC affiliate uncovered that Wells Fargo and other large U.S. banks finance many predatory lenders that target minority borrowers with high-interest fees. WFAA, a Dallas ABC affiliate, explored how large banks won’t lend to, but … Continue reading →
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Here’s What You Need To Remember: It’s in the state of New York. New York Gov. Andrew Cuomo (D) signed legislation on Thursday that blocks debt collectors from garnishing residents’ coronavirus stimulus payments. Any federal payment, including direct checks, tax refunds, rebates, and tax credits … Continue reading →
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Credit card debt has plunged — but what if you’re still up to your neck? Credit card debt has fallen during the pandemic, with figures from credit bureau Experian showing the average debt dropped from $6,194 in 2019 to $5,313 … Continue reading →
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Written By ESR News Blog Editor Thomas Ahearn A man from North Las Vegas, Nevada, who is a first-time homebuyer applying for a mortgage along with his wife was shocked to see his “credit score just tank” and discovered that … Continue reading →
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The House Financial Services Committee has passed seven bipartisan bills related to the financial services industry, two directly tied to housing finance, The Homebuyer Assistance Act (HR 3008) and The Financial Inclusion in Banking Act (HR 1711). HR 1711, a … Continue reading →
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Auto loan originations and leases to subprime borrowers fell to just 15% of the total in the first quarter., reported the New York Federal Reserve. IMAGE: Flickr.com New auto loans and leases to auto buyers with less-than-ideal credit … Continue reading →
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While demand continues to vastly exceed supply in the vehicle market, two reports on consumer credit suggest auto lenders loosened standards for subprime consumers as the nation took on greater amounts of asset-backed debt. Economists and analysts say the loosening … Continue reading →
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A large debt-settlement firm has agreed to pay $5.4 million in restitution to consumers for allegedly charging upfront fees before providing any debt-relief services, the Consumer Financial Protection Bureau said. DMB Financial, a debt-settlement firm near Boston that operates in … Continue reading →
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Household debt increased $344 billion over last year to $14.64 trillion. Growth was evident in auto loans (+$8 billion) and student loan balances (+$29 billion), but credit cards saw the “second-largest quarterly decline, “ the NY Fed reported. First and … Continue reading →
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TOKYO (Reuters) -Shares of Toyota Motor touched a record high on Tuesday as investors flocked back to automakers and other relatively cheap cyclical stocks while ditching tech companies that shone earlier in the pandemic. Toyota’s shares rose as much as … Continue reading →
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