Word: loan
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...economists are saying as they push for widespread mortgage modifications as a way to address a root cause of the financial crisis. With more than 1.5 million houses in foreclosure (three times the normal rate) and about 3.5 million other homeowners behind on mortgage payments, the idea of rewriting loan terms has broad appeal. As advocates contend, homeowners will keep their houses, and lenders as well as investors in mortgage-related securities will recoup more money than is typically netted in a foreclosure. As a bonus, property prices across the country may stabilize more quickly as fewer foreclosures weigh...
Consumer groups argue that part of the redefault problem is lenders' reluctance to make the sorts of changes that will really improve a homeowner's chances. While the popular notion of loan modification might have the lender lowering an interest rate or reducing the overall loan balance, many work quite differently. For example, one of the most widely implemented changes is to simply spread missed payments over the remaining life of the loan. That has the perverse effect of raising, not lowering, a homeowner's monthly payment. The nonprofit Center for Responsible Lending estimates that nearly half of the loan...
Laurie A. Hogan, the University’s financial aid liaison officer, said that she expects loan terms and interest rates for all graduate students taking out CitiAssist loans to change. Citibank will base decisions on an individual’s credit profile, Hogan said...
...Michigan have notified their students via e-mail that Citibank announced its intentions to cancel the custom student loan programs, effective Nov. 2, citing current market conditions...
Diane Hunt, the assistant director of financial aid at Michigan’s Ross School of Business, wrote to students that the school is looking for other lending options but that “given the current economic situation, it may be extremely difficult to secure a guaranteed loan program (no credit check, no cosigner) for graduate students...