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Community Groups Fight For More Protections From Payday Loan …

In an effort to control the damage being done to individuals and communities by payday lenders, community activists rallied outside payday lending storefronts in 10 states Tuesday to increase awareness of the lack of protection many states offer individuals against purveyors of short-term, high-interest loans. National People’s Action (NPA) helped coordinate the protests along with several other organizations.

There were 11 actions across Idaho, Michigan, Colorado, Iowa, Missouri, Kansas, Maine, Minnesota, Illinois and Nevada calling out the toxic effect payday lenders have on communities. Members wore hazmat suits and taped off payday loan stores as part of a grassroots movement that an NPA statement said was in support of the Consumer Financial Protection Bureau (CFPB) providing “stronger protections against devastating loans.”

Thirty-five states across the country authorize some form of payday lending, and federal laws offer very few restrictions on payday lenders. According to an NPA press release, “Each year, payday lenders make more than $10 billion in fees by trapping an estimated 12 million consumers in a cycle of debt, with annual interest rates near 400 percent. Payday lenders have been known to use tactics like threats, harassment and intimidation in order to push customers to take out more loans.”

Payday lenders’ standard operating procedures are designed to bleed people as much as possible, said Liz Ryan Murray, policy director at National People’s Action. “Their business model is making you a loan and when you can’t pay it back they offer you another loan.”

“We’d also like [the CFPB] to look at where the money’s coming from,” she said, noting how payday lenders “pull the money out of people’s checking accounts whether they have it or not.”

Organizations invested in helping affected people and communities are pushing the CFPB to take concrete steps against predatory lenders. The CFPB is expected to make its first decision to regulate the industry in the coming days.

Participating organizations are against anything “that’s going to say maybe its OK or the first couple loans are OK. That can’t be on the table. Especially in those states where it has been effectively stamped out, a rule like that could open the door for them to get back into those states,” Murray said.

“We look at where payday loans are located and they’re highly concentrated in low income communities of color” Murray said. “I think that they’re preying on the most vulnerable, maybe the lowest political clout and they’re often the most desperate people. They deserve good credit just like everyone else. We often call it back-of-the bus credit.”

If you’re interested in learning more about the issue view NPA’s video on payday loans and view photos from Tuesday’s events. Please sign the petition telling CFPB to offer protections against predatory lenders and email alerts on different steps being taken to combat this issue here.


Cash Rules Bay Area Housing Market


Cash Rules Bay Area Housing Market

Need a mortgage to buy your home? Then you’re out of luck.

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Chances are, the buy was made with cash — not a loan.

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It’s not enough to have wealth in order to get a piece of Bay Area real estate — you need liquid wealth, according to reports.

All-cash offers are winning out even over offers above the asking prices, according to the’s On The Block blog.

“That’s motivating some folks — even fairly regular people who don’t have Silicon Valley mega-bucks — to go the extra mile to be able to make cash offers,” the blog reported.

For instance, buyers will take out a home equity loan — which equals cash (plus the debt) — or cash out their retirement funds for the capital necessary to buy a home without financing.

An all-cash offer might win out over a higher offer “with inspection, appraisal and oan contingencies.”

But as it turns out, people who buy with all cash might end up getting a mortgage anyway to pay back the pile of cash, or to manage the property once it’s bought.

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COV for resale flats could drop by 30% after cooling measures: analysts

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Video COV for resale flats could drop by 30% after cooling measures: analysts

SINGAPORE: Some housing analysts said the property market has slowed since the government announced its seventh round of cooling measures on Friday.

One analyst said the Cash-Over-Valuation (COV) for larger public housing resale flats could come down by about 30 per cent in coming weeks.

The median cash premium for a five-room or executive flat has hovered around S$40,000 to S$50,000. But with tighter Mortgage Servicing Ratio, observers said this may change.

Mohamed Ismail, CEO of PropNex, said: “The amount of loan that one could secure will be reduced by as much as 25 per cent for a financial institution funding. With this, that means people who are buying a bigger HDB flat, will have to top up with CPF and cash, and over and above if you want to pay a very high COV.

“It will be a double exposure in your cash up front and that’s where we are expecting the market of COV to cool-off, particularly for the five-room and executive flats, to the tune of 25 to 30 per cent in coming weeks.”

Analysts added that the attitudes of sellers may also be shifting, as they realise buyers are more cash strapped.

Eugene Lim, key executive officer at ERA Realty Network, said: “Before the announcement was a market that was moving upwards, so in the market like this, sellers tend to set their prices very high and in fact they’re not very negotiable when it come to prices.

“After the policy announcement, more sellers have become more realistic. Gradually, I think previously where they would outright reject the buyer — any interested buyer who is showing interest in the property, now they will be prepared to consider and negotiate the offer.”

But there have been some concerns on the ground. Among the new measures announced on Friday, Singaporeans will now have to pay a seven per cent Additional Buyer’s Stamp Duty for their second property, and analysts said this could lead to some transitional issues in the future.

Observers said some home buyers may choose to sell off their first property before buying their second property to avoid paying the stamp duty. This poses an interim problem for those currently living in HDB flats.

Mr Ismail said: “The real concern where ABSD is concerned, is the practical, ground constraints of genuine upgraders being left ‘homeless’ for a short period of time. The concern will be where the seller of these houses who are upgrading enter into a bilateral arrangement or extension so as to facilitate and all these things are deemed illegal in the eyes of the HDB.”

Mr Lim said: “They have to really plan the move to cater into, for example, they sell their home and request for a longer completion time, so they can complete the sale of the home that they just purchased. So we may see this trend of having longer completion times happening in the market.”

This would not be an issue for those in the private housing market. Sellers could reach an agreement with their buyer to rent the property until the new unit is ready.



Got a Monet or gold bar? Here’s a home loan


By AnnaMaria Andriotis

Pablo Picasso got a home loan.

Many wealthy home buyers are getting loans that are secured with high-value assets, such as fine art and investment accounts. While many of these buyers could purchase the home outright with cash, they’re choosing this loan in order to maintain liquidity.


Borrowers can get them in as little as one to 30 days after applying, compared with the two- to three-month waiting period that currently exists for mortgages with many lenders. They also don’t require a home appraisal, which has derailed many mortgage applications over the past few years.

In many ways, experts say, the process allows borrowers to have the best of both worlds. They retain the asset that they’re using as collateral for the loan—the artwork, for instance, continues to hang in their home or the investment account remains untouched—and the loan they get can charge a low rate, often ranging from roughly 0.71% to 3.25%.

In most cases, borrowers turn to private banks and wealth-management divisions of large banks where they maintain significant assets.

Jim Minich, managing director of capital advisory services at Harris myCFO, a subsidiary of BMO Financial Group, cites an instance when an art collection mostly comprised of Picassos was used to purchase a roughly $12 million apartment in Manhattan.

Many institutions say demand is rising. J.P. Morgan Private Bank says the dollar amount of loans secured by clients’ assets for real-estate purposes increased 20% last year. At Wells Fargo Private Bank, about one-third of all the loans on its books are secured by clients’ liquid assets, such as investment accounts. Moreover, applications for these loans—used for a variety of purposes, including purchasing homes—are submitted daily. It also receives one to two requests per month for art loans, up from one to two a year in 2010. “There’s definitely been a surge of people using art as collateral for loans,” says Suzanne Gyorgy, global head at Citi Private Bank’s Art Advisory and Finance Group.

Many lenders will accept other tangible assets as collateral as well. Tom Clarke, U.S. head of capital advisory at J.P. Morgan Private Bank, says this can include gold bars and private jets that clients own outright.

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Which kinds of photos could add as much as 3.9% to your home’s sale price? Sanette Tanaka has the answers on Lunch Break. Photo: Michael Weinstein.

Lenders for their part are encouraging the trend. U.S. Bank’s Ascent Private Capital Management, whose clients have at least $50 million in net worth, says it’s building a program around art-backed loans that it plans to launch next year. (It currently considers art loans on a case-by-case basis.) And PNC Wealth Management says it has been talking to its clients more about loans secured by investment portfolios as an alternative to mortgages.

Lending thresholds vary, but if the loan is being secured by an investment portfolio, clients can borrow up to 95% if that account is comprised of cash, up to roughly 85% if it’s bonds and up to roughly 75% with diversified stocks. With art, most lenders will provide up to 50% of a work’s appraised value.

Still, these secured loans carry significant risk. Interest rates are mostly variable, potentially exposing the borrower to rate increases. Borrowers typically get one to three years to repay—though they can apply to renew the loan. Monthly payments are often interest only, and at the end of this period borrowers have to be prepared to pay the entire principal balance. If borrowers are suddenly unable to pay, they could be at risk of losing part or all of the asset, though most lenders say they’ll look for solutions to avoid this situation.

Other things to consider:

Some l oans can be subject to margin calls: If a chunk of a borrower’s investment portfolio is wiped out by market losses, the lender could require the borrower to pump more money into the account to lower his loan-to-value ratio.

Art loans rely on appraisals: With an art loan, the work is typically reappraised annually and when the owner wants to renew the loan. If the art has lost value, the borrower may have to pay the difference between the amount he borrowed and the new value.

Can’t avoid underwriting: Most institutions will review borrowers’ credit scores and require income documentation to determine how much to lend and at what rate. They’ll also look over the assets they have with the lending institution.


Askewl dot com « Unexpected emergency Payday Loan rapid For …

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Pay Day Loans – What you should know

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Pay Day Loans – What you should know

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Pay Day Loans – What you should know

You need not worry because in a click of your mouse you can have cash instantly. Pay day loans refer to short-term loans usually acquired during paydays. Nevertheless, you should not replace the idea of a payday loan with that of a long-term loan. Knowing the interest or a cost involved in a payday loan will give you an idea whether you will pursue getting one or not. First, the best thing to do first is to search for lending companies offering lower rates on their payday loans. Third, before signing in for a payday loan require the lending company to provide you with the computation of the composition of the payday loan. Moreover, if you are not able to pay the full amount of your payday loan the lending company will charge you a finance fee to lengthen the duration of your loan. More or less you already have an idea as to how much do Pay day loans will cost you. Pay day loan also referred to as a pay day advance, is a little and short term loan normally given to borrowers and secured against their next salary. These loans has been a savior to many people caught up by urgent expenses in the middle of the month before the next salary, without someone to turn to. An occurrence of any of these is so stressful when there are no accessible funds, and therefore, pay day loan becomes a valid option. Sometimes these interests can be higher than the original amount that was rendered. If the borrower fails to repay the loan in due time, then the loan grows incredibly at a blast. This results to persons ending up in extremely distressing debts. Many people get enclosed into a trap of a pay day cycle. One might end up paying debts always with the salary. Nevertheless, if managed properly with careful measure, pay day loans can be useful to the most emergency cases. Unforeseen events or emergencies can happen to anyone, and if typical bank loans are out of the question, Pay day loans are often a good solution to financial difficulty. Usually with no credit check required, credit issues that would prevent other types of loans are no longer a problem. For those that find themselves needing money fast, Pay day loans offer a valuable service when you can’t wait. With many low-cost or fee options available, pay day loans can avoid the future hassle of repayment rates by giving you the financial peace of mind needed. Pay day loans can offer a solution for any situation when it’s impossible to wait until the next payday. It’s important to be well-informed and ask questions if something seems unclear. With so much stress involved in everyday life, unexpected events can wreak havoc. There are many options out there that are affordable for any budget or situation, and solutions are available to fit many situations with as little added stress as possible. If you need

pay day loans help pay to get a car or home emergency, like your boiler providing up 1 you, or a costly car part heading these kinds of financial loans are great. Although in case your going to just purchase luxurious items your proberly greatest saving. These pay day loans are excellent for emergancy buys just like home or vehicle problems that you just cant afford now. Post by paydayloanscity (2012-05-26 07:29)

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Chesapeake shares fall on downgrade, loan

(Reuters) – Chesapeake Energy Corp shares dropped as much as 6.5 percent on Tuesday following a credit rating downgrade and news that the natural gas producer will boost its borrowings to $4 billion from the planned $3 billion as it faces a liquidity crunch. The company, facing a funding shortfall of $9 billion to $10 billion this year, said on Friday that Goldman Sachs and Jefferies Group would … […]

Most home loan customers expect a rate cut

A survey has found that 88 per cent of home loan customers expect an interest rate cut to be announced after Tuesday's Reserve Bank board meeting. […]

Qtel says it will use cash to pay off 2012 debt

Qatar telecoms operator says it is not “undertaking” any refinancing options […]

Winchester cyclist surprises parents after year-long cycle across Asia

FOR most parents a surprise visit from their grown-up children means dirty washing or a cash loan. […]