Word: creditability
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Although pawn loans are far pricier than credit-card and bank loans, they also are faster, don't require complicated paperwork and don't affect one's personal credit. Since the loan is backed by merchandise, if the loan isn't repaid, the person simply loses the pawned item - "whereas with other types of loans, I could lose my house or car," says Henry Coffey, a senior analyst at Sterne Agee & Leach...
...restrictions made it difficult for lenders to turn a profit, causing many to shut down their payday-loan programs in those states. "Payday lenders are lending unsecured money to individuals with no credit history and no credit score," says Elving. "So it's truly a situation where they have to price for risk...
...more regulations, please. That was the message from top executives at four of the nation's largest financial firms on Wednesday, spoken to a commission set up by an act of Congress to investigate the causes of last year's credit crunch. But more than a year after poor lending standards, unregulated products and bonus bonanzas helped spark the worst recession since the Great Depression, many say that reining in Wall Street is the only way to prevent another financial crisis. (Read "Hearings to Begin on Causes of Financial Crisis...
...Obama and Congress are a systemic regulator that would be on guard for markets and participants that were creating unseen risks in the financial system. Last month, the House of Representatives passed a bill that would create a new agency to protect consumers and regulate products like mortgages and credit cards. Even the Independent Community Bankers Association, which has fought new regulations of the financial sector, says the government needs to do more to rein in the nation's largest banks...
...Johnson, of the Roosevelt Institute, says the single most important reform would be to force unregulated financial products, such as credit-default swaps (CDSs) and collateralized-debt obligations (CDOs), onto government-watched public exchanges. CDS contracts are widely blamed for the demise of insurer AIG. Johnson says that making the CDS, CDO and other markets like them more transparent would limit the ability of financial executives to take the extreme risks that can cause their firms to fail when markets go awry...