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Metro seeking $250M loan to ease cash flow problem

WASHINGTON (AP) – Metro will have to borrow $250 million due to a cash-flow crisis caused by increased federal scrutiny of the transit agency’s spending.

The Washington Post ( ) reports the Federal Transit Administration’s critical review of Metro’s contracting and procurement has prohibited the transit agency from automatically tapping federal funds to pay its bills for capital projects.

Now Metro must document expenses before federal money is released. That’s created a cash-flow problem in paying contractors on time.

Metro officials say they’re seeking a one-time $250 million loan to avoid having to cut staff or cancel contracts and building projects. The loan would be repaid with federal grants once Metro receives the funds.

But Metro will have to pay interest on the loan. Interest would be paid from the agency’s capital budget.

Information from: The Washington Post,

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Fitch: Defaults, not refinancing, drive German mezzanine CLOs performance

Dec 9 (Reuters) – (The following statement was released by the rating agency)

Fitch Ratings says German mezzanine CLOs face greater credit risk than refinancing risk, as defaults during the lifetime of the underlying loans exceed defaults at scheduled loan maturity.

Of the10 Fitch-rated German mezzanine CLOs issued between 2004 and 2007, seven have reached scheduled maturity, making an initial assessment of the relative impact of credit and refinancing risk possible. In all cases, loan defaults prior to scheduled maturity are larger than those caused by failure to refinance at scheduled maturity.

Both credit and refinancing defaults have negative impact on the portfolios’ cash flows which in turn negatively affect the notes’ redemption amounts. However, the credit and refinancing default amounts materially differ across transactions, due to the limited granularity and different credit profiles of the pools, and the different level of involvement of the respective portfolio managers.

The assets in these pools are junior, unsecured loans to primarily German small-and medium sized entities that would often not have qualified for a bank loan due to different restrictions (e.g. credit profile). The transactions’ default rates range between 12% and 36% as a percentage of the initial pool balance, primarily reflecting the low credit quality of the underlying borrowers. The poor asset performance has triggered a number of downgrades of the notes – the senior notes which initially were rated ‘AAAsf’ were subsequently downgraded to speculative grade.

Further to this credit risk, the underlying loans had bullet maturities after at least five years, embedding refinancing risk in these transactions. If an SME fails to repay a bullet loan from its own funds or arrange refinancing, then a principal deficiency occurs to the particular mezzanine CLO securitisation. Whether the principal deficiency can be cleared following the scheduled maturity date, depends on the achieved recoveries, which are low because of the junior and unsecured nature of the debt.

For the purpose of this analysis, Fitch considers as a credit default any event that is a loan default or company insolvency until scheduled maturity or stressed sale of the loan with haircut until one year before scheduled maturity. A refinancing default is regarded as a failure to repay the loan on the scheduled maturity date itself or stressed sale of the loan with a haircut within a year of scheduled maturity.

Fitch believes that stressed sales of loan agreements shortly before scheduled maturity are driven by refinancing considerations since portfolio managers and involved companies usually start taking measures in anticipation of the upcoming loan maturity around one year before the scheduled maturity. Portfolio managers often attempt to reduce the uncertainty by selling the companies’ loan agreements to third parties. However, while such stressed sales generate funds, the proceeds are usually far below the outstanding loan obligations.

The rated notes in two of the deals (Preps 2004-2, Force 2005-1) were fully repaid on the respective scheduled maturity date, suggesting that the majority of the underlying companies successfully managed to refinance their debt. In Preps 2004-2, refinancing defaults amounted to 9.1% compared with credit defaults (12.7%). In the case of Force 2005-1, refinancing defaults amounted to only 1.4% as compared with credit defaults of 18%. Despite the fairly high amount of principal deficiencies, these two CLOs managed to repay the rated notes on the respective scheduled maturity date due to a fairly high amount of credit enhancement and excess spread.

Another securitisation where the rated notes have already been fully redeemed is Preps 2005-1. In this transaction, the asset portfolio funds were not sufficient to redeem all the rated notes on the transaction’s scheduled maturity date; however, subsequent recoveries contributed to their full redemption ahead of the legal final maturity date. At scheduled maturity, credit defaults (23.6%) materially exceeded refinancing defaults (6.7%).

Four of the deals (Preps 2005-2, Preps 2006-1, StaGe and Prime 2006-1) did not see full repayment on their respective scheduled maturity date. Credit defaults amounted respectively to 33.6%, 24%, 24.5% and 24.4%, while refinancing defaults were all significantly lower, amounting to 7.2%, 18.5%. 14.2% and 3.1%. Due to the material total defaults exceeding credit enhancement, the junior rated notes were not fully repaid at the respective scheduled maturity date. Their current ratings are Csf (all but StaGe) or CCsf (StaGe), implying that a default is inevitable at the respective legal final maturity.

Two of the securitisations (Force Two Limited and Preps 2007-1 ) will reach their scheduled maturities in January 2014 and March 2014 respectively. To date, credit defaults total 22.6% and 38.9% of the respective initial pool balance. Stressed sales to date are 1.4% and 8.1% respectively; however, additional companies may fail to repay their debt at the scheduled maturity or further loans may be sold at haircut, further increasing the amount of refinancing defaults.

Fitch is in contact with the asset managers and will review any available information on the repayment and refinancing plans of the borrowers.


Proposal would crackdown on online payday loans –

Dana Ratcliff went online and took out a $500 loan to be paid off in 18 days. She agreed to pay $150 in finance charges.

“When you are in a desperate situation, you go okay,” Ratcliff said.

A few days later, the online lender automatically extended the loan, adding on another $120 finance charge.

Many states across the country have banned payday lenders due to the excessive fees. But online payday lending continues to thrive as lenders avoid state laws.

Earlier this year, Maryland congressman Elijah Cummings co-sponsored a bill that would force online lenders to abide by the state laws in which they are lending. It would also allow the federal government to help enforce a state’s rules.

“We want the federal government to be able to step in, and help out.” the congressman said.

The online lenders alliance opposes the safe lending act and says it would “effectively eliminate online access to short term credit for millions of Americans.”

It adds that it supports the consumer credit access, innovation and modernization act, which it says would “create a federal framework for online lenders to be regulated and chartered.”

Dana Ratcliff ultimately paid $210 to borrow $500. She says she will never go through that again.

Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


12 On Your Side: Woman loses $600 in online payday loan scam

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News 12 at 6 o’clock / October 9, 2013

“I shouldn’t have done this but I wanted cash, and they took cash,” says Goodwin. Far from what Goodwin says she had in mind when she completed an online application for a payday loan. “Oh it sounded really, really good in the beginning. Oh they said we’re so glad to help you. We will help you all the way,” says Goodwin.

She says the person on the other end of the phone asked her to send money to cover the processing fees for what was supposed to be a $1600 loan. Goodwin says she wired two separate amounts totaling nearly $600.

“When you go get a loan, you usually don’t have to pay and i know that,” says Goodwin. But Goodwin says they assured her the money would be in her account in just minutes.

She says they even stayed on the phone until she got home. But when she went online to check her account she got a surprise. “He hung up. I kept saying hello, hello, hello,” says Goodwin.

That is when it hit home. She had been scammed and the calls keep coming. In fact, she got one while we were there. Goodwin says she has taken out loans before, just not through the internet.

Not to mention she provided enough information online for someone to steal her identity. “I gave them my routing number and my checking account number,” says Goodwin.

While she knows she will have to cancel her account quickly, she also says she should have known better than to buy into the online loan scam. “I knew something wasn’t right in the beginning, I feel so ignorant,” says Goodwin.

Have information or an opinion about this story? Click here to contact the newsroom.

Copyright WRDW-TV News 12. All rights reserved. This material may not be republished without express written permission.


Bills Limiting Payday Loans Dead in Legislature — Buzz Montgomery

MONTGOMERY, Ala. (AP) – Efforts by some legislators to put new restrictions on payday loans and title loans are dead for the 2013 session of the Alabama Legislature.

Two Democratic representatives from Birmingham, Rod Scott and Patricia Todd, sponsored bills to lower the interest rates that could be charged on payday loans and title loans to 36 percent annually. The bills stalled in a House committee after industry leaders said the bills would put them out of business.

Then Senate President Pro Tem Del Marsh of Anniston offered a bill to lower rates on payday loans, but not as much as the House legislation. His bill also drew industry opposition. Marsh said his bill is dead because there isn’t enough support or time left in the session to pass it.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Article source:–Payday-Loans-Dead-in-Legislature-206247581.html

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Knox mayor says missing cash was repayment of loan

KNOXVILLE, Tenn. (AP) — Knox County Mayor Tim Burchett says the nine $100 bills reported stolen from his office were repayment from a friend for a loan.

Burchett told the Knoxville News Sentinel ( he asked his assistant to deposit the cash in his personal credit union account on April 1. The credit union was closed, so the assistant put the money in an envelope on the mayor’s desk under a mat.

The next morning, the envelope was gone and the assistant called police. The money later mysteriously reappeared.

Records show that police have pulled video images and keycard information to determine who was in the area when the theft occurred.

Burchett earlier said only that the money was part of his earnings as mayor.


Information from: Knoxville News Sentinel,

©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Andy Schultz grew his ambulance company with RLDC help

ROCKFORD — Andy Schultz had a million dollar idea, but not nearly enough cash to start a private ambulance service in 2005.

He was doing decent, but not spectacular, business after paying cash for a used ambulance and hiring five employees. First he mortgaged his house, then got a second mortgage. He was in panic mode soon after tapping his credit cards for cash.

But everything changed after he walked into the offices of Rockford Local Development Corporation, which introduced him to a banker and provided him an additional loan to fill the gap.

ATS Ambulance Service is based in Loves Park. The Material Avenue building is nondescript, but the business Schultz has grown inside it is anything but.

Schultz employs about 200 people and “we’re in 14 locations in seven states,” he said.

The firm has service contracts with corporate businesses, local governments and the federal government. The company has been tapped for five hurricane deployments, most recently working three weeks on the East Coast after Hurricane Sandy.

The future looks bright for the private ambulance industry, Schultz said. The Great Recession has forced the public and private sectors to trim costs and deliver services more efficiently. Outsourcing is the name of the game.

ATS provides fire and emergency medical services for pharmaceutical giant Eli Lilly’s mammoth campus in Indianapolis and serves all 911 emergency calls at West Point Military Academy in New York, Minot Air Force Base in North Dakota and Holloman Air Force Base in New Mexico.

Schultz’s company also provides ambulance and paramedic service to the villages of Rockton, Winnebago, Durand and Polo.

A consultant told Rockford city officials in 2011 that outsourcing paramedic services could save the city $1.6 million a year, but the idea has faced scrutiny from aldermen and the city’s firefighters union.

“Rockford Fire Department” is a bit of a misnomer; nearly 80 percent of its service calls are for medical assistance, not fires.

Schultz said he couldn’t have built his company without a loan from RLDC.

Where does he see himself in five years?

“Retired,” said the 44-year-old Schultz with a chuckle. “I see myself retired.”

Isaac Guerrero, 815-987-1361;; @isaac_rrs


What You Need To Find Out About Dealing With Online Payday Loans

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Are you currently caught up in the monetary jam? Do you want dollars in a big hurry? In that case, a payday loan might be beneficial to you. A payday loan can make certain you have enough money when you really need it and then for no matter what goal. Before applying for the payday loan, you should probably read the adhering to write-up for a couple ideas that will help you.

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The best advice you may get about online payday loans is basically that you should not use that type of financial loan unless absolutely essential. It can be relatively easy to acquire a payday loan by just signing your company name, however, some unanticipated situation could come up before you could pay it off and create a much more hard circumstance.

There are actually above 10,000 payday loan companies in america by itself, and many more internationally. Make use of this fact to your advantage. Enjoy competition off from one another for much better bargains. Learn that has the best bargain, and see if you can use this details as make use of above someone close to you.

Check your credit score prior to search for a payday loan. Buyers using a healthy credit rating will be able to get more favorable rates and relation to payment. If your credit score is bad design, you can expect to shell out rates that happen to be higher, and you might not qualify for a prolonged financial loan phrase.

If you find on your own needing a payday loan, it could be a smart idea to try and get two financial loan loan companies to remain competitive towards each other. Get your offers in one lender to another 1. See if you can buy yourself a much better package. You might end up saving some dollars.

The best idea designed for using online payday loans is always to never have to use them. Should you be dealing with your debts and cannot make stops meet, online payday loans usually are not the right way to get back on track. Consider creating a price range and conserving some funds to help you stay away from these kinds of financial loans.

Prior to deciding to sign up for a payday loan, speak to any friends people which have previously done so. Question them regarding their experience and discover which payday lender they picked. The better analysis one does ahead of time, the more likely you may be to steer clear of stepping into additional monetary difficulty.

Be sure that you read through every one of the small print, before you apply for the payday loan. Many individuals get used up by payday loan businesses, mainly because they did not read through every one of the specifics prior to signing. Unless you recognize every one of the terminology, question a family member who knows the material that will help you.

Make sure you pick your payday loan cautiously. You should look at how long you happen to be provided to repay the financing and precisely what the rates are similar to prior to selecting your payday loan. See what your greatest options are and then make your selection to save dollars.

If you find on your own needing to take out a payday loan be certain, you check around initial. Every single firm has distinct policies and rates, and through shopping around you save on your own from a large head ache. Be sure you question as numerous inquiries since you can before signing through to something so you know what can be expected.

When identifying if your payday loan suits you, you need to know that the quantity most online payday loans will let you obtain is not too much. Normally, the most money you may get from a payday loan is around $1,000. It can be even reduce in case your revenue is not way too high.

A good idea for anyone who has brought out a payday loan is to pay attention to any checks that could jump and give you inadequate cash. You will not only be billed through your bank, but furthermore you will default on the financial loan pricing you more income.

Spend time shopping around prior to agree to 1 lender. There is a great deal of distinct payday loan businesses, each and every may have distinct rates, and other terminology with their financial loans. If you are taking some time to look at several businesses, you save plenty of your challenging-received dollars.

Obtaining each of the facts is essential just before making a choice on in which to try to get that loan, things to look for and what things to steer clear of. With a little luck, the article you merely read through has resolved the questions you have and may steer you in the correct direction as far as online payday loans have concerns and ways to very best aid on your own out.

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A to Z of Payday Loans Payday Mortgage – Brentjones on twitter

Post by Johanna Dayan

A to Z of Payday Loans Payday Financial loan or Income Advance – Finance – Financial loans

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Payday Financial loans or funds advancements are small and short-term financial loans beginning from $ a hundred to $ 1000 primarily based on the current earnings of an personal. The amount that can be authorized also relies upon on the individual?s state or province in whch they reside. They give the required assistance required to get treatment of unexpected emergency scenarios. One may possibly have to get treatment of sudden unpredicted payments such as property repairs, car repairs, utility payments, wellness care expenditures, faculty supplies or any other sudden expenses.

Payday loans are aimed to acquire care of a cash stream dilemma that occurs just before payday. They are also acknowledged as payday improvements as your mortgage is meant to be compensated back again by your next payday. The optimum time allowed for repayment of a Payday Bank loan is up to thirty days.

Prerequisites for applying for a payday mortgage:? It is compulsory that the age of the applicant be above eighteen years ? A definite source of income? Social Security Amount.? Driver?s license? Checking account ? Bank?s routing amount

The advantages of a Payday Financial loan

There are a lot of Payday Loan Businesses offered in the market. You can find a bank loan provider in your regional area. There are many organizations that offer you their services online and more than the cellphone as nicely. You can strategy any firm that you uncover trustworthy. They would ask you for the above mentioned specifics. Once you have submitted the details the info presented will be confirmed and the loan will be authorized.

The payback period is normally 30 days. You are intended to pay out back again the bank loan once you acquire your next salary. At the time of receipt of your payday financial loan you are supposed to write a check out in the quantity of the mortgage additionally the payday fee in the name of the payday financial loan service provider.

In scenario you obtain money just before your payday you can speak to your loan provider prior to the date on the examine and shell out back again the loan, or you can let the loan provider withdraw the volume that is pre-determined on the check.

In circumstance the funds stream predicament prevails for a lengthy period you can request your financial institution to increase the loan by paying him the payday fee and creating him a new cheque for the bank loan amount.

Payday loans arrive as a blessing in disguise and offer monetary assist in time of require. They are fairly straightforward to get and low cost compared to other kinds of loans accessible in the marketplace.

About the Writer

Johanna Dayan is a author for Fast Cash a Payday Financial loans Company primarily based in Cananda

Use and distribution of this write-up is topic to our Publisher Suggestions
whereby the unique author’s data and copyright must be included.

Johanna Dayan

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