It’s also well-known that Cuomo is a liberal. The Democratic attorney general was the 2002 Liberal Party candidate for governor of New York.
But curiously, The New York Times, a paper that knows Cuomo well (his father is former Democratic New York governor Mario Cuomo) left out his party and the liberal designation in a June 10 story about his expanding investigation.
“But they [new regulations] do nothing to address a problem that many education officials say may have greater consequences – more students relying on private loans, which are so unregulated that Attorney General Andrew M. Cuomo of New York recently called them the Wild West of lending,” wrote Diana Jean Schemo in the Times.
The way she put it made it sound like he’s some sort of detached expert, when he’s actually the one making accusations against lenders and college officials and threatening to sue universities.
Schemo, like many other reporters, did not include any critic of regulation or explanation of the benefits private lenders bring to the student loan program.
“There is a lack of recognition of value that private sector companies bring to the federal student loan system: technology, efficency, innovation, all of these things have dramatically improved the student loan program,” Bruns said.
The Times even gave Cuomo an adoring profile on May 18. The 1,948-word article credited Cuomo with revamping his image, calling him disciplined and cautious.
Reporter Michael Cooper wrote that Cuomo “is winning national accolades for exposing what he calls kickbacks in the student loan industry.”
Just like the Times left out the political leanings of Cuomo, the Times, The Washington Post and USA Today all wrote articles about the “scandal” and included the criticism of “consumer advocates” U.S. PIRG, but left out their agenda.
U.S. PIRG promotes heavy government regulation on many issues including global warming, pollution, “open spaces,” food safety, toy safety and health care.
On its site, the organization claims to have “stopped Congress from opening the Artic National Wildlife Refuge to drilling,” fought against logging and mining, and sued a salmon farm company for its pollution
Wednesday, December 26, 2007
Sunday, December 2, 2007
Loans about Home Equity
When borrowing against your home for any reason if it is to consolidate a debt or to buy a car, maybe a little home improvement or to put a child through college you should take into consideration a few points that can get overlooked in the excitement of the moment.
Your equity in property is a powerful borrowing tool but it is important that you don't overstretch yourself on the repayments. A home equity loan (also known as a second mortgage) can be a dangerous investment if you borrow more than you can afford to pay back. That little bit at the bottom of the paper that says "Your home is at risk if you don't keep up repayments!" is a serious statement and not to be taken lightly.
You should always use a trusted and well known lender when you are taking out a home equity loan, they will help you with your budgeting if you are not certain of how much you can afford each month. By ensuring you have enough to pay back the loan and your mortgage you will ensure the safety of your family home and the security of the item you are purchasing or the debt that you are paying off.
It has never been easier to get a quote on a Home Equity Loan you can get started online today. Technology has made it easier than ever to get into debt but also to get out of it as well. If you are looking to clear debts with your home equity loan then you will be delighted to hear that you can do this and the companies that offer these loans not only understand the need to release the equity for the purpose of paying off debts but also that it is not uncommon for someone to be in debt.
Once you have your home equity loan it is very easy to get carried away and think you are now rolling in money but it is important that you use the money for the reason you have given otherwise you will end up in difficulties and as we said before you could lose your home if you struggle with the repayments.
So the bottom line is don’t borrow more than you can afford and by taking out a second mortgage you could enjoy more freedom and do more with your money but it isn’t worth sinking lower than you need to
Your equity in property is a powerful borrowing tool but it is important that you don't overstretch yourself on the repayments. A home equity loan (also known as a second mortgage) can be a dangerous investment if you borrow more than you can afford to pay back. That little bit at the bottom of the paper that says "Your home is at risk if you don't keep up repayments!" is a serious statement and not to be taken lightly.
You should always use a trusted and well known lender when you are taking out a home equity loan, they will help you with your budgeting if you are not certain of how much you can afford each month. By ensuring you have enough to pay back the loan and your mortgage you will ensure the safety of your family home and the security of the item you are purchasing or the debt that you are paying off.
It has never been easier to get a quote on a Home Equity Loan you can get started online today. Technology has made it easier than ever to get into debt but also to get out of it as well. If you are looking to clear debts with your home equity loan then you will be delighted to hear that you can do this and the companies that offer these loans not only understand the need to release the equity for the purpose of paying off debts but also that it is not uncommon for someone to be in debt.
Once you have your home equity loan it is very easy to get carried away and think you are now rolling in money but it is important that you use the money for the reason you have given otherwise you will end up in difficulties and as we said before you could lose your home if you struggle with the repayments.
So the bottom line is don’t borrow more than you can afford and by taking out a second mortgage you could enjoy more freedom and do more with your money but it isn’t worth sinking lower than you need to
Secured Loan at Low Rate
We work with independent loan brokers who will shop around the market to find you a cheap loan deal that fits your circumstances from finance houses that are owned by leading banks such as Barclays, Royal Bank of Scotland and Lloyds TSB.
With a secured loan you can borrow up to 125% of the value of your property subject to status over a timescale ranging from 3 to 30 years. As the lender is securing the loan against your property a secured loan often provides a cheaper longer term finance solution than an unsecured loan.
If you are homeowner with a good credit record and you are looking to borrow less than £25,000 over a term less than 10 years first check out our loan calculator for current leading UK unsecured loan deals.
If you are looking to borrow over the longer term or require more than £25,000 get a cheap secured loan quote today
With our Cheap Secured Loan service we offer a range of services depending on your requirements
With a secured loan you can borrow up to 125% of the value of your property subject to status over a timescale ranging from 3 to 30 years. As the lender is securing the loan against your property a secured loan often provides a cheaper longer term finance solution than an unsecured loan.
If you are homeowner with a good credit record and you are looking to borrow less than £25,000 over a term less than 10 years first check out our loan calculator for current leading UK unsecured loan deals.
If you are looking to borrow over the longer term or require more than £25,000 get a cheap secured loan quote today
With our Cheap Secured Loan service we offer a range of services depending on your requirements
Plunge Continues
An additional factor at play in the housing crisis is the collapse of the market. Subprime loans are those loans that are extended to buyers with troubled credit histories. The high default rate among subprime customers has caused some lenders to get out of the subprime business altogether. It's also had repercussions elsewhere in the loan industry, with lenders tightening their standards for borrowers in an effort to reduce foreclosure rates.
Meanwhile, some analysts believe that the housing crisis has heightened the threat of recession in the coming year. Observers do not expect the housing crunch to ease until the middle of 2008—if then. Yet, the Federal Reserve's decision to cut an important interest rate by half a point could help to boost the economy. The decision marked the first time the Fed has reduced interest rates in 4 years.
At this point, it's unclear whether the Fed will move again to cut interest rates before the end of the year. Two additional meetings of the Federal Reserve are scheduled before the close of 2007.
In July, home prices recorded their most significant decline in 16 years, exacerbating worries about the health of the U.S. housing market. Home prices have been dropping steadily each month since the year began. However, the July decline was the biggest single drop since 1991.
A statement by MarcroMarkets Chief Economist Robert Shiller noted, "The further deceleration in prices is still apparent across the majority of regions."
Yet, interestingly enough, there are cities where prices are on the rise. These include the markets of Atlanta, Charlotte, Dallas, Portland, and Seattle. However, the growth in prices is slowing. S&P also reports that home prices in Atlanta and Dallas could move in a downward direction soon.
Meanwhile, some analysts believe that the housing crisis has heightened the threat of recession in the coming year. Observers do not expect the housing crunch to ease until the middle of 2008—if then. Yet, the Federal Reserve's decision to cut an important interest rate by half a point could help to boost the economy. The decision marked the first time the Fed has reduced interest rates in 4 years.
At this point, it's unclear whether the Fed will move again to cut interest rates before the end of the year. Two additional meetings of the Federal Reserve are scheduled before the close of 2007.
In July, home prices recorded their most significant decline in 16 years, exacerbating worries about the health of the U.S. housing market. Home prices have been dropping steadily each month since the year began. However, the July decline was the biggest single drop since 1991.
A statement by MarcroMarkets Chief Economist Robert Shiller noted, "The further deceleration in prices is still apparent across the majority of regions."
Yet, interestingly enough, there are cities where prices are on the rise. These include the markets of Atlanta, Charlotte, Dallas, Portland, and Seattle. However, the growth in prices is slowing. S&P also reports that home prices in Atlanta and Dallas could move in a downward direction soon.
Late Payments
Some encouraging financial news has emerged from the American Bankers Association. The group reports that late payments on credit cards decreased 4.39% in the 2nd quarter of the year. It's the lowest rate recorded since the close of 2005. It also marks a decrease from the 1st quarter rate, which declined 4.41%.
Yet, at the same time, it appears that people are having trouble managing their home equity loan payments. Delinquencies on such lines of credit rose in the 2nd quarter to the highest rate in more than 5 years.
Still, the bankers' association states that, overall, consumers managed fairly well in the spring, despite the troubles caused by the collapse of the subprime loan sector. That's because the unemployment rate remained low and wages grew, lessening the blow of the housing crisis.
However, employment did take a downturn in August, when the total number of jobs fell for the 1st time in 4 years' time. If the job picture continues to darken, consumers could have difficulty paying their credit card bills on time.
Meanwhile, delinquencies on auto and boat loans and home improvement loans dropped 2.27% in the 2nd quarter—an encouraging sign, according to economists. Experts are predicting that the Federal Reserve's decision to cut a benchmark interest rate should aid both prospective homebuyers who are hoping to secure a loan and current homeowners faced with the financial struggle posed by adjustable-rate mortgages. Consumers with credit card debt and those with home equity lines of credit should also receive some relief, thanks to the interest rate reduction.
Home foreclosures have soared over the past year, increasing the risk of recession. Experts say that they do not foresee an improvement in the real estate market until some time next year. That could be too late for homeowners who are already facing the possibility of foreclosure
Yet, at the same time, it appears that people are having trouble managing their home equity loan payments. Delinquencies on such lines of credit rose in the 2nd quarter to the highest rate in more than 5 years.
Still, the bankers' association states that, overall, consumers managed fairly well in the spring, despite the troubles caused by the collapse of the subprime loan sector. That's because the unemployment rate remained low and wages grew, lessening the blow of the housing crisis.
However, employment did take a downturn in August, when the total number of jobs fell for the 1st time in 4 years' time. If the job picture continues to darken, consumers could have difficulty paying their credit card bills on time.
Meanwhile, delinquencies on auto and boat loans and home improvement loans dropped 2.27% in the 2nd quarter—an encouraging sign, according to economists. Experts are predicting that the Federal Reserve's decision to cut a benchmark interest rate should aid both prospective homebuyers who are hoping to secure a loan and current homeowners faced with the financial struggle posed by adjustable-rate mortgages. Consumers with credit card debt and those with home equity lines of credit should also receive some relief, thanks to the interest rate reduction.
Home foreclosures have soared over the past year, increasing the risk of recession. Experts say that they do not foresee an improvement in the real estate market until some time next year. That could be too late for homeowners who are already facing the possibility of foreclosure
Loan Consolidation
The deadline is approaching for college graduates to consolidate their student loans in order to take advantage of some special deals.
If students do not consolidate now, they'll be missing out on discounts that will end when the month of October begins. However, it is possible that graduates could secure even lower interest rates if they wait until July to consolidate.
Counselors are urging graduates to check out loan programs fully before signing on the dotted line. It's important that grads know exactly what benefits they'll miss out on if they don't consolidate before the end of September.Congress has approved legislation that will eliminate close to $21 billion in federal subsidies to student loan companies on new loans in October. As a result, lenders plan to cut out discounts for graduates when September ends.
For example, Sallie Mae has stated that it will no longer offer this incentive: a 1-point cut in the interest rate for borrowers who pay their student loan bills on time for a period of 3 years. The lender has sent notices to 43,000 borrowers, more than half of whom have decided on consolidation by the end of September.
Recently, the Federal Reserve reduced a benchmark interest rate which affects the rate for variable-rate student loans. Additional rate cuts may be on the way, which would mean that borrowers can obtain an even lower rate if they wait until the summer months to consolidate their student loans. In fact, some experts say that graduates may be much better off if they wait before consolidating.
Borrowers should also keep in mind that if you extend your loan through consolidation, you may end up paying more in interest over time. Therefore, while you may experience a short-term gain, you may ultimately face a long-term loss.
If students do not consolidate now, they'll be missing out on discounts that will end when the month of October begins. However, it is possible that graduates could secure even lower interest rates if they wait until July to consolidate.
Counselors are urging graduates to check out loan programs fully before signing on the dotted line. It's important that grads know exactly what benefits they'll miss out on if they don't consolidate before the end of September.Congress has approved legislation that will eliminate close to $21 billion in federal subsidies to student loan companies on new loans in October. As a result, lenders plan to cut out discounts for graduates when September ends.
For example, Sallie Mae has stated that it will no longer offer this incentive: a 1-point cut in the interest rate for borrowers who pay their student loan bills on time for a period of 3 years. The lender has sent notices to 43,000 borrowers, more than half of whom have decided on consolidation by the end of September.
Recently, the Federal Reserve reduced a benchmark interest rate which affects the rate for variable-rate student loans. Additional rate cuts may be on the way, which would mean that borrowers can obtain an even lower rate if they wait until the summer months to consolidate their student loans. In fact, some experts say that graduates may be much better off if they wait before consolidating.
Borrowers should also keep in mind that if you extend your loan through consolidation, you may end up paying more in interest over time. Therefore, while you may experience a short-term gain, you may ultimately face a long-term loss.
Personal loans
First of all, it’s important to understand the nature of a personal loan. Unlike a home loan or a car loan, a personal loan is unsecured, meaning that you are offering no collateral to secure the loan. That makes the loan inherently risky for a bank or other lending institution.
In order to determine whether you can qualify for bad credit loans, it’s first necessary to fill out an application. A typical personal loan application requests your full name, Social Security number, income, and other pertinent financial information. A loan officer must determine your credit worthiness, even in the face of your bad credit history.
With a personal loan, you may not have to undergo a credit check. The money may be deposited within 24 hours into your checking account. You can use the cash for virtually anything—but especially for emergency situations. However, the amount you can borrow may be limited to no more than $1,500.
A loan officer may assist you in making your application more appealing by encouraging you to borrow a smaller amount of money or make payments over a longer span of time. In this way, your monthly payments can be lowered, increasing your chances of getting a loan.
The loan officer must also determine whether you have a steady income. If you have held the same job for a number of years, for instance, you’re more likely to obtain the loan. However, if you’ve changed jobs several times over the past few years, you may be less likely to get the loan you want.
The application process for a personal loan is usually relatively quick. Another advantage is that it does not require a formal closing. The application process consists of a written application, a promissory note, and a payment schedule. As a result, there is less paperwork and hassle involved in obtaining a personal loan than in obtaining a secured loan.
At times, it may be possible to obtain a personal loan from a professional organization to which you belong. The main advantage to such a loan is that the annual percentage rate, or APR, may be much lower than the rate you would get at a traditional finance company. For instance, you may be able to get an APR for as low as 7.99 percent, which would be considered a real bargain for a personal loan. You also may be able to borrow a great deal more money from a professional organization than you would be able to borrow otherwise—the amount you can borrow may be as much as $25,000.
With such a loan, you may be able to defer payments for a period of a few months. You also may face no penalty for early repayment. The terms of the loan may also be quite generous, allowing you to make payments over a period as long as 84 months. You can use such a loan to consolidate debt, pay education expenses, or pay home improvement costs
In order to determine whether you can qualify for bad credit loans, it’s first necessary to fill out an application. A typical personal loan application requests your full name, Social Security number, income, and other pertinent financial information. A loan officer must determine your credit worthiness, even in the face of your bad credit history.
With a personal loan, you may not have to undergo a credit check. The money may be deposited within 24 hours into your checking account. You can use the cash for virtually anything—but especially for emergency situations. However, the amount you can borrow may be limited to no more than $1,500.
A loan officer may assist you in making your application more appealing by encouraging you to borrow a smaller amount of money or make payments over a longer span of time. In this way, your monthly payments can be lowered, increasing your chances of getting a loan.
The loan officer must also determine whether you have a steady income. If you have held the same job for a number of years, for instance, you’re more likely to obtain the loan. However, if you’ve changed jobs several times over the past few years, you may be less likely to get the loan you want.
The application process for a personal loan is usually relatively quick. Another advantage is that it does not require a formal closing. The application process consists of a written application, a promissory note, and a payment schedule. As a result, there is less paperwork and hassle involved in obtaining a personal loan than in obtaining a secured loan.
At times, it may be possible to obtain a personal loan from a professional organization to which you belong. The main advantage to such a loan is that the annual percentage rate, or APR, may be much lower than the rate you would get at a traditional finance company. For instance, you may be able to get an APR for as low as 7.99 percent, which would be considered a real bargain for a personal loan. You also may be able to borrow a great deal more money from a professional organization than you would be able to borrow otherwise—the amount you can borrow may be as much as $25,000.
With such a loan, you may be able to defer payments for a period of a few months. You also may face no penalty for early repayment. The terms of the loan may also be quite generous, allowing you to make payments over a period as long as 84 months. You can use such a loan to consolidate debt, pay education expenses, or pay home improvement costs
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