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The payday loan industry receives a lot of negative publicity for irresponsible lending practices and high interest rates, but they are not the only lenders in the spotlight. After facing allegations of mortgage fraud, Bank of America, one of the most trusted financial institutions in the country, is being sued by the US Department of Justice for one billion dollars. Bank of America and Countrywide, which Bank of America acquired in 2008, are being called out for fraudulent ‘Hustle’ loans, which were created with the intention of hastening mortgage loan processing without properly checking for qualifications.
The quickened loan process produced thousands of faulty and fraudulent mortgage loans, which were sold to Fannie Mae and Freddie Mac, both of which are government sponsored companies. The Department of Justice, in collaboration with the Attorney General of New York, the Inspector General of the Federal Housing Finance Agency, and a representative of SIGTARP (the Special Inspector General for the Troubled Asset Relief Program), is suing for retribution for the loss of 1 billion dollars and masses of foreclosures that resulted from these defective loans.
Payday loan providers can bear witness to the devastating effects that fraudulent home loans had, and still have, on the economy. With the increase in foreclosures across the country, many families face severely damaged credit, making post-foreclosure life difficult. During these troubling times, many turn to payday loan lenders for financial helpbecause they no longer qualify for traditional loans.
Unlike traditional loans, payday advances do not require a credit check, thus they are often utilized by those with low credit scores. Although these services can provide momentary help, they do not eradicate the problem altogether. Without alternative credit options, many borrowers cyclically rely on payday advances, use loans to cover recurrent monthly expenses, and dig themselves into deeper holes of debt. And the damage done to one’s credit in a foreclosure situation is not easily undone.
After a foreclosure it takes years to reestablish one’s credit enough to buy another home. During this time, those who lost their homes often end up renting apartments or houses. Yet, even renting becomes far more complicated with damaged credit, especially when the damage relates to home loans. Often, those who are most in need of a financial break end up renting apartments that require larger down payments or security deposits, as they are the only places that will rent to people with low credit scores. This adds an additional burden on the individual who lost his/her home, leading to more borrowing and less financial security.
Furthermore, a 2011 PEW study relates that payday loan usage is 57% higher for renters than home owners; considering this fact, it is reasonable that the increase in foreclosures in the past half-decade corresponds with increased payday loan usage. Clearly, any bank responsible for providing consumers with faulty or fraudulent loans should be held accountable for their acts; the payday loan industry should not be the only lenders held up to such scrutiny and standards.
The Department of Justice appears to agree. As such, the banks that provided faulty, irresponsible loans, such as Bank of America, are being held accountable; hopefully, with this law suit comes more consumer protection to ensure the security of home buyers and dissuade other banks from making similar mistakes in the future.
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So you desire to ride the waves using a boat. However, you don’t want to pay fare and go to destinations that you’ve been to a million times before. Instead, you want to acquire one for yourself. It’s true that owning a marine vehicle is a luxury that most individuals dream of. It offers a feeling of peace, freedom, and serenity that can never be felt using any other vehicles. The only problem is that not everyone has the financial capability to obtain one for their own. It’s really a good thing that now, buying your very own marine vehicle is possible using boat finance.
If you want to acquire this superb vessel then there are things that you need to consider first. You need to see whether or not you are capable of paying the debt you owe in a given time.
Before you choose a vessel, you must first see whether or not you can pay for this luxurious item. You need to understand that boats are almost equal to houses when it comes to the price. Making drastic decisions can definitely put you into a financial turmoil so it is important to be careful. Ask assistance from your planner. He will assess whether or not it is safe for you to ask money from the loan company. He will base your capability through your bank reserves, monthly salary, monthly payments, debts, and many others.
Today, there are various plans that are available for the public. The problem however, is that things could get a little bit confusing especially if it’s only your first time. Again, asking assistance from your planner is the best move. You could also ask assistance from bank representatives with regard to the possible lending options that you can take. They will be more than happy to help you with your problems and will stay with you until the issue is addressed.
The amount you pay solely relies on the amount you borrowed. If you are having difficulties in paying for your mortgage loan, then it would be best to purchase a low-cost vessel instead of a yacht which usually cost millions of dollars. This could also raise your chances of getting a marine finance. Companies aim to ensure that their clients are trustworthy and will not bail on the monthly payments. Getting a low cost watercraft ensures lower payments and greater chance of paying all of it in a short period of time.
The author writes for http://www.revolutionmarinefinance.com.au which provides information regarding boat finance.
You can find days when we don’t worry about anything else but our work and family. Most of us just want to get by every single day without worrying about their objective in the long run. It’s vital that you live at the moment however you don’t have to disregard your future as well. You need to plan ahead so that you don’t have to be concerned just in case any unforeseen circumstances happen. You have to save and invest your hard earned money in the right places. What you need is to look for professional help from financial planners.
We work hard for our money and we all know that it’s not an easy thing to earn so we only want to hand t over to the people we trust. You need to find financial planners who are able to really be trusted. Financial planners are those individuals who will direct you in investing your money and letting you earn profitable return rates. They should also be able to give you information on how to manage your money so that you will learn how to cut back of what you earn. You will know how to save the rest of your money.
Before you jump into hiring a consultant or a planner, there are some things that you should look for. First thing that you should examine is when they have the appropriate credentials. You might like to check if they passed any board examination, like for example to be Certified Public Accountants or CPAs and Certified Financial Planner or CFP. The next thing that should be on your list is the experience. The longer they are in the business means they have enough knowledge about the way the market works. Additionally they know about the best investment that’s just right for your financial situation. They know how to sympathize thus, giving the right solution for their client.
If you don’t know where to start looking for one, ask from people you know like your co-workers, your family, and friends. Recommendations are certainly one way of ensuring that the financial advisor that you are about to hire will be trustworthy. Lastly, enquire about their price range and their payment options. You need to ask whether they are commission based, fee-based, or fee-only beforehand. Know more about these options and see find out the compensation arrangement that can work for both parties.
For you to handle or manage your financial situation correctly, seek investment advice form a specialist. It is important to come up with a wise and profitable investment option so to ensure the growth of your money.
The author writes for http://www.mercurywealth.com.au which provides information regarding Financial Planners in Melbourne.
The payday loans regulations may be off the ballot in Missouri, but the topic is not out of the news. There were two opposing sides, each with a story, trying to be heard by as many residents of Missouri. In order to get their initiative on the ballot, there needed to be a certain amount of signatures within each district. Because the group, Missourians for Responsible Lending did not make their signature quota, their initiative to harshly regulate the payday loan industry was never put on the ballot.
Missourians for Responsible Lending have more to say on the subject. This group, which was started out by church representatives looking to prevent residents from getting further into debt, looked to help those financially struggling. These folks strongly feel that payday loan lenders are predators and banning the industry from their state was what they aimed for. They believe that from the beginning, payday loan lenders were pushing to stop their initiative through confusion and supporting politicians monetarily.
According to the Missourians for Responsible Lending, there were some “goings on” which led their initiative to failure. The group believes:
*A different initiative was set up at the same time to confuse residents as to which one was meant to limit payday loans.
*Opponents had lots of money to pour into preventing more regulations.
*A box of signed ballots was mysteriously taken from an unlocked car.
*Alleged that threatening letters were sent to churches who supported the initiative.
*Ads, letters and newspaper stories were supposedly made public to confuse the efforts.
One side of the story relates that these efforts were trying to persuade the residents that the regulations of these loans would destroy the lending industry and prevent people who needed the loans from getting one. Another topic of the story dealt with the state losing tax money if the lenders left the state.
Missourians for Responsible Lending also states that other groups were formed with similar names, to add to the confusion, were being run by rich folk who paraded around with fancy clothing and diamond cuff links. These men supposedly claimed that they could not afford to stay in business if the loan interest rates were capped and that they were only in business to help the poor.
There were lawsuits filed and attempts made to recount and get the Missouri for Responsible Lending initiative on the ballot. It all came down to time. Ballots needed to be ordered for the voting to take place on time so without the resolution they were hoping for, the Missourians for Responsible Lending dropped their attempts to wait for another time. They believe that the $600,000 raised to support this group was nowhere going to make a dent in the offence funded by $2 million raised.
Legislature will need to propose this measure once again, but some people wonder if the power and money behind the payday loan supporters would see to defeating it again.
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One of the most popular markets that people invest money into is the Forex market. This is the foreign exchange currency market, and it is trading the currency of one country for the currency of another. People are able to make a profit from these trades because the values differ for the currencies of each country. Therefore, you want to purchase the currency pair that seems to be doing well in the market. However, if you are just starting out in this market, it is essential for you to take the time to learn about the information that you will need to know in order to make a profit. Once you have practiced, you will then be able to make trades and feel confident that you will do well.
In order for you to be able to invest in the foreign exchange currency market, you will have to make sure that you have saved up enough money in order to invest. If you do not have enough money saved up in order to make a proper investment, then you can end up in trouble if you are not able to afford your investment. In order for you to make a beginning investment in the Forex market, you should at least have a grand to start out with. This means that only having a hundred dollars that you can invest into the market is not nearly enough.
Investing in the Forex market should be looked at much like gambling, even though it differs in many ways. You should be certain that you would be able to lose the money that you invest into the market. You do not want to end up losing your life savings by investing all of it and then losing. However, the good news is that there are some ways that you can go about lowering the risks that you take. You have to understand the charts and be able to have a good idea of the movements of the currency values before you invest your money.
If you are just starting out in the foreign exchange currency market, then you should not invest a large amount of money. This is because you will need to take time to practice before you can start making a decent profit from this market. You should make sure that you practice being patient as well. If you become greedy, then you increase your chances of losing a lot of money. In some cases, this could ruin your financial stability.
You should keep in mind that you will not be able to make correct predictions all of the time. However, if you learn how to analyze the charts, you can make the correct predictions more often than not.
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