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FHA gives those who defaulted on homes another chance

...Critics worry that the FHA is foolishly allowing marginal buyers to get loans just three years after foreclosure with as little as 3.5% down. What's more, the agency doesn't even track how many rebound borrowers it backs. Exactly how much money is hemorrhaging from the agency could be revealed Thursday, when the agency files a self-evaluation report to Congress. Analysts say the FHA could request a bailout from the U.S. Treasury for the first time in its history.


Friends, loans and consequences

Friend Loans

You’ve probably heard many of the cautions about lending money to people you know. As Benjamin Franklin put it, “Creditors have better memories than debtors.” In William Shakespeare’s “Hamlet,” Polonius advises his son Laertes, “Neither a borrower nor a lender be, for loan oft loses both itself and friend.”


DealBook: Libor Scandal Shows Many Flaws in Rate-Setting


It is an open secret in the banking world: the interest rates for many mortgages and loans are based on a benchmark that is largely guesswork. The flaws in the rate-setting process, which is used to determine the pricing for trillions of dollars of financial products, have been exposed by the latest banking scandal. Regulators around the world are investigating whether big banks gamed the rates for their own benefit before and after the financial crisis.


Wells Fargo to pay $175M in lending settlement

Wells Fargo

Wells Fargo Bank will pay at least $175 million to settle accusations that it discriminated against African-American and Hispanic borrowers in violation of fair-lending laws, the Justice Department announced Thursday.


Are auto loans the next subprime market to worry about?

Across the country, banks and other lenders are still being stingy in providing credit to ordinary consumers. Only the most financially stable of Americans can secure mortgages. Small businesses are having trouble getting loans. Credit card access is restricted.


Wells Fargo beats earnings expectations

Wells Fargo's profit jumped 13 percent in the first three months of the year, thanks to strong mortgage lending and a drop in delinquent loans, the bank said Friday.


Banking sector enjoys best year since '06

The nation’s banks and credit unions had their best year since 2006, as a slowly recovering economy led to modest loan growth and lower levels of nonperforming loans.


DealBook: Banks Start to Make More Loans

DealBook: Banks Start to Make More Loans

Lending numbers suggest that while the economy remains fragile, the confidence of consumers and businesses may be more resilient than experts had believed.

Senh: I hope these bankers are right, and are not just touting these numbers for their own benefits. It's a chicken and egg problem. If bankers start to open up their pockets and give out loans recklessly, then it won't help us in the long run. The only exception is maybe they shouldn't penalty customers who foreclosed their underwater homes. If this is their only blemish, then the banks should just ovwrlook it. I think doing this slowly and cautiously is the way to go - like they're doing now. Slow and steady.


Delinquent loans on the rise again, a grim sign for housing

It's an ominous sign for housing. The percentage of homeowners who have missed at least one mortgage payment has risen for the second straight quarter, the Mortgage Bankers Assn. says.


Student loan debt exceeds credit card debt in USA

Total student loan debt exceeds total credit card debt in this country, with $850 billion outstanding, according to Mark Kantrowitz, publisher ...


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