Emergency loans – Grantstation Trendtrack http://grantstation-trendtrack.com/ Tue, 04 May 2021 06:43:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 https://grantstation-trendtrack.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Emergency loans – Grantstation Trendtrack http://grantstation-trendtrack.com/ 32 32 National Payday Loan Relief Is One Of The Few Trusted Companies Providing Effective Ways To Refinance A Mortgage With A High Refinance Rate | New https://grantstation-trendtrack.com/national-payday-loan-relief-is-one-of-the-few-trusted-companies-providing-effective-ways-to-refinance-a-mortgage-with-a-high-refinance-rate-new/ https://grantstation-trendtrack.com/national-payday-loan-relief-is-one-of-the-few-trusted-companies-providing-effective-ways-to-refinance-a-mortgage-with-a-high-refinance-rate-new/#respond Tue, 04 May 2021 04:00:00 +0000 https://grantstation-trendtrack.com/national-payday-loan-relief-is-one-of-the-few-trusted-companies-providing-effective-ways-to-refinance-a-mortgage-with-a-high-refinance-rate-new/

OAKLAND PARK, Florida, May 4, 2021 / PRNewswire-PRWeb / – National payday loan relief is part of United States’ the major lending industries that help clients break free from the burden of lending. They are known for their payday loan relief and payday loan consolidation program. Their goal is to enable their clients to gain financial freedom. Besides payday loan elimination services, they are also involved in debt management, credit card debt relief, and mortgage refinancing.

From February 16, 2021, the total amount of residential mortgage debt owed by Americans was $ 10.8 trillion, among which $ 532 billion was the value of the principal outstanding balances of the mortgage in the event of forbearance. The number of Americans with mortgages continues to rise, but the abstention rate has been falling since April 2020 due to a slow economy caused by the pandemic. This means that the rate at which lenders decide not to exercise their legal right to foreclose on a mortgage is falling. With a slow economy, people will likely default on their mortgage payments and need ways to refinance their mortgage to avoid legal action from their lenders.

Refinance a mortgage repays an outstanding loan and replaces it with a new loan. A person may decide to refinance a mortgage not only because they are having difficulty paying off the mortgage. People can refinance for the following reasons;

  • To get a mortgage with a lower interest rate.
  • To shorten the term of the mortgage.
  • To convert from a mortgage type.
  • Use home equity to raise funds to face a financial emergency.

Refinancing a mortgage is a valuable tool in controlling debt. National Payday Loan Relief recognizes the value of refinancing a mortgage, and payday loan consolidation, they thus offer their customers effective means and advice on the best time to do so.

With a normal mortgage, an individual pays directly to a lender. Once a customer decides to refinance, the customer does not pay the lender directly. The client makes the payment to the professionals or the company helping with the refinancing; the company will then reimburse the mortgage for the client. National Payday offers various loan relief services that will help their client refinance. They don’t just take over the process and leave the customer lost and confused; they educate their clients about refinancing and their options based on the client’s financial situation. Their service not only helps people meet their current challenges, but also helps them achieve a future of financial stability.

Debt is considered inevitable, especially during times of distress. Getting into debt is like digging a hole; he continues to go further with high interest and an inability to pay. Warren Buffet said: “The most important thing to do if you find yourself in a hole is to stop digging.” No one wants to be in debt, so they need a way out. For the mortgage, this will mean refinancing. It will take the help of an experienced financial advisor to refinance properly. The National Payday Loan Relief provides their clients with financial advisors to help them make the right financial decisions.

If a person has found a new job or is currently out of work, they may wish to adjust the loan. National Payday Loan Relief will help with the adjustment by providing financial experts. One of the decisions that a financial expert will help a client is to change the type of mortgage loan. The adjustable rate mortgage (ARM) often starts with a low interest rate, but with periodic adjustment there can be an increase in the rate. The interest rate increase may be higher than that of a fixed rate mortgage. In situations like this, the company will advise switching to a fixed rate mortgage to get a lower interest rate, and they will help with the procedure. A fixed rate mortgage will help a person eliminate worries about future interest rate hikes.

A person could have obtained a mortgage and, after a while, developed financial constraints; this will result in an inability to keep up with payment. In a situation like this, mortgage refinancing is the best alternative. The customer can use National Payday Loan Relief to help negotiate with the lenders to get a better deal on the mortgage payment. Getting a better deal means the customer’s interest rate will be reduced with a convenient payment schedule. Refinancing will also help the customer free up money that can be used to meet their needs. Using National Payday Loan Relief guarantees mortgage refinance at a payment rate that will give the customer peace of mind.

If a person realizes that payment can be made more quickly than initially expected after obtaining a mortgage, then refinancing will be an option to consider. No one wants to be a debtor for a long time; being debt free means ownership. Once the mortgage is paid off, the individual becomes the undisputed owner of the property. National Payday Loan Relief can help clear a mortgage quickly by negotiating with the lender for the best deal for quick payment. The customer not only enjoys the benefit of being debt free quickly, but also enjoys a lower interest rate.

More common than ever, people who are desperate for a mortgage always end up with a risky transaction. Risky transactions are people-related, and circumstances like a low down payment loan may initially look like a good mortgage until the price of the property goes down. Other factors considered risky transactions are; ARM, Interest Only Mortgages, Interest Only ARM, 40 Year Fixed Rate Mortgages. When a person considers a mortgage to be a bad / risky loan, they should refinance the mortgage. A person can change the company that handles the original loan because the person did not perform satisfactorily. National Payday Loan Relief is a trusted company that can help anyone refinance their mortgage from a bad or risky loan.

Without a reliable financial consultant, refinancing a mortgage can be a path to continued debt. Some people have used the money saved from refinancing to cover avoidable expenses, such as renovating their home. Refinancing is a means of debt consolidation that is considered valuable for financing. Without caution, refinancing will have no financial value for the client. With the help of a financial consultant, clients can be monitored for prudent spending and adherence to the payment plan. A financial advisor will also help clients understand the importance of caution when refinancing. National Payday Loan Relief provides clients with financial consultants and advisors who can help maintain prudent financial habits among clients.

There is no point in refinancing if the customer will always get an unsatisfactory result or a refinance rate that they cannot afford. Refinancing a mortgage is about getting better results, so help is needed to make it both effective and efficient. The customer needs to know that he is getting a great refinance rate with any help offered. That’s why National Payday Loan Relief is the company you can trust to help any customer get the great refinance rate they want.

The services that National Payday Loan Relief is proud to provide to help any client refinance their mortgage include:

  • Provide the client with negotiators who can get them out of any debt: Negotiators liaise with lenders to get fair treatment and the best deal for any client.
  • Provide essential support to their customers: they are present to answer all questions and provide assistance in their field.
  • Provide experienced staff: every employee is knowledgeable about loans and knows how to manage their debts. Their financial employees know how to help clients get out of debt.
  • Provide Reliable Service: Due to their existence and long-standing experience, they have a fantastic track record of delivering consistent and reliable service.

The national payday loan relief is one of the reliable debt settlement companies at the national level. They specialize in helping clients with payday loan debts, credit card debtand mortgages. They have been in the debt elimination and settlement operation for over 29 years to over three million satisfied customers nationwide. They established their base in Florida 22 years ago, it grew into a large national company helping thousands of people apply for loan relief and financial advice.

National Payday Loan Relief boasts of having extensive knowledge of the debt settlement industry. They work with qualified financial attorneys to tackle any situation in a professional and efficient manner. They work with experienced negotiators to reduce client debt while removing any compound interest present. Their most important mission is to achieve positive results for their clients.

For more information, please visit https://nationalpaydayloanrelief.com or call (888) 407-4521. For any request, send an email to info@nationalpaydayloanrelief.com or help@nationalpaydayloanrelief.com.

Media contact

CARLOS HALIS, National Payday Loan Relief, (888) 407-4521, info@nationalpaydayloanrelief.com

SOURCE National Payday Loan Relief


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Texas House Advances Plan to Offer Low Interest Loans to Survive Power Grid and Improve Broadband https://grantstation-trendtrack.com/texas-house-advances-plan-to-offer-low-interest-loans-to-survive-power-grid-and-improve-broadband/ https://grantstation-trendtrack.com/texas-house-advances-plan-to-offer-low-interest-loans-to-survive-power-grid-and-improve-broadband/#respond Tue, 04 May 2021 00:40:59 +0000 https://grantstation-trendtrack.com/texas-house-advances-plan-to-offer-low-interest-loans-to-survive-power-grid-and-improve-broadband/

AUSTIN – The House on Monday introduced legislation that would allow voters in Texas to decide this fall whether or not to create a low-interest loan fund to encourage electricity and gas companies to tamper with their factories, cables , compressors and pipelines.

While it is not clear whether the Senate will accept the idea, the bill is part of the response to the February winter storm by President Dade Phelan and his leadership team.

State Affairs Committee Chairman Chris Paddie R-Marshall pointed out that the power outages, which were a factor in the deaths of at least 151 Texans, had several causes.

But “the No.1 contributor” was an inability to operate in sub-zero temperatures, which accounted for 30% of the power generation capacity that was offline in the crucial days of February 15-19, Paddie said.

Republican Dan Huberty, a Republican from Humble who drafted the two measures, urged the legislature not to fail again to protect the state’s electricity grid, as he said ten years ago.

“A reliable electricity grid is one of the most important things we need to provide our communities to survive,” he said.

Referring to an ice storm that caused blackouts across much of the state but became known as the “Super Bowl storm” because it sparked festivities surrounding the game this that year in Dallas-Fort Worth, Huberty said lawmakers should offer a portfolio, not just suggestions.

“We have to have the resources to start because… in 2011 we made a huge mistake, right? he said. “We should have fixed the grid in 2011 and we didn’t.”

The constitutional amendment proposed by Huberty, Joint House Resolution 2, was sent to the Senate by a vote of 126-18. House bill 2000, an enabling bill, obtained interim approval by the same margin. The 18 opponents of each were Republicans.

If approved, the legislation would create a revolving fund similar to the water infrastructure fund that lawmakers launched in 2013. The State Water Implementation Fund for Texas, or SWIFT, has helped stimulate more water reservoirs and water conservation and reuse projects.

Huberty’s plan would create the State Utilities Reliability Fund, or SURF. It would also be administered by the Texas Water Development Board.

In the House’s version of the two-year state budget, a contingency rider parked in the “wish list” section of the bill would exploit $ 2 billion in rainy days to start SURF if voters approve. .

For lawmakers, mostly in rural Texas, whose voters struggled with telecommuting and distance learning during the coronavirus pandemic due to poor or no internet connections, the new funding mechanism would help broadband providers , not just water, electricity and natural gas utilities. and power generation companies.

The fund’s objective would be to “support projects aimed at altering facilities and providing resilience during periods of high demand,” the bill says.

Representative Erin Zwiener, D-Driftwood, got wording passed that would allow “demand side” reduction projects to qualify for attractive funding.

As an example, she said it could make loans to induce Walmarts to install equipment that gives them the ability to shut off all power in an emergency except that used for refrigerators and freezers. necessary to prevent food from spoiling.

“There are a lot of gigawatts on the demand side that can be reduced at critical times,” said Doug Lewin, an independent energy consultant at Stoic Energy who applauded Zwiener’s amendment. “The demand side is a big part of the potential reliability solution.”

HB 2000 could receive a final House vote as early as Tuesday.


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British bank support for the coal industry has increased since 2015 Paris Climate Pact | Banking https://grantstation-trendtrack.com/british-bank-support-for-the-coal-industry-has-increased-since-2015-paris-climate-pact-banking/ https://grantstation-trendtrack.com/british-bank-support-for-the-coal-industry-has-increased-since-2015-paris-climate-pact-banking/#respond Mon, 03 May 2021 23:01:00 +0000 https://grantstation-trendtrack.com/british-bank-support-for-the-coal-industry-has-increased-since-2015-paris-climate-pact-banking/

Financial support from British banks to companies involved in the coal industry has increased since the 2015 Paris Agreement, despite their promises to cut funding to a sector seen as a major obstacle in the fight against global warming.

UK lenders have provided loans and underwriting services worth $ 30.3 billion (£ 21.9 billion) to companies that have sold or burned coal, or provided services to the coal industry in 2019, the latest year for which full data is available, according to a study by campaign groups Reclaim Finance and Urgewald. This is a significant increase from the $ 21.5 billion in funding provided in 2016.

Barclays was by far the UK’s largest funder for companies in the coal industry, followed by HSBC and Standard Chartered, according to the study.

Burning coal produces more carbon dioxide emissions than other fossil fuels, including oil and natural gas, and its rapid phase-out is widely seen as key to ending the climate crisis.

However, activists have criticized banks and other financial firms such as insurers and asset managers whose phase-out plans allow them to continue profiting from coal for years to come.

The United Kingdom is the world’s third largest lender to companies in the coal industry, behind only the United States and Japan. The discovery comes as the UK prepares to host the UN COP26 climate negotiations in November. Under the Paris climate agreement, 189 countries agreed to limit global warming to well below 2 ° C, the scientifically advised safe limit.

Lucie Pinson, Executive Director of Reclaim Finance, said: “The City of London is not lifting a finger to end its deadly reliance on coal, even if it means destroying the UK’s climate reputation. Internationally, the UK government has sought to lead a global exit from coal, but the financial sector has clearly not received the memo.

Barclays provided loans and subscriptions (the purchase and resale of debt or equity for companies raising funds) worth $ 17.5 billion in 2019 for companies world coal exit list, a database of companies with significant coal-related benefits. This includes funding from mining company FTSE 100 Glencore and Finnish and US energy companies Fortum and Duke Energy, the report says.

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HSBC provided $ 6.5 billion in funding in 2019 to companies with coal interests. He has already funded companies such as PLN in Indonesia and Kepco in South Korea. Standard Chartered provided services worth $ 4.6 billion in 2019 and funded Adani and Power Finance Corp in India, as well as Posco in South Korea.

Between January and October 2020, these three banks provided an additional $ 19.2 billion in coal financing – the same amount as for 2016 as a whole.

The data comes as investors increasingly pressure banks to improve their track record on climate issues. Barclays will face its second consecutive shareholder climate vote on Wednesday on a resolution urging it to phase out services to coal, oil and gas companies.

Market Forces, the environmental group that organized the shareholders’ resolution, says the bank has yet to prove that its work with polluting companies is aligned with Paris climate goals.

Barclays said it adopted its climate policy last year, saying it could meet net zero emissions targets without phasing out fossil fuel customers, and instead help them switch to greener business models.

A group of 16 influential investment firms – including Amundi, Man Group and the government-funded pension plan Nest – wrote to Barclays chief executive Jes Staley last week urging him to tighten his policy. However, it is understood that some of the investors will likely give Barclays more time to implement existing commitments before exerting further pressure.

Barclays said: “The board continues to believe that Barclays can make the biggest difference by supporting the transition to a low carbon economy, rather than simply removing support for some of the customers there. more committed. “

The bank said the majority of funding for coal covered by research took place before it began aligning its work with the Paris agreement in March 2020. It will gradually limit funding to companies that earn significant revenues from coal.

Barclays, HSBC and Standard Chartered have said they do not provide direct financing for new coal projects, although that does not take into account financing from conglomerates with more diversified activities.

HSBC said it would release a plan by the end of the year to phase out funding for coal-fired power projects or thermal coal mines in richer countries by 2030. A spokesperson of HSBC said the bank would help its customers “gradually decarbonize” but it would. also aim to “maintain economic stability”.

A spokesperson for Standard Chartered said the company had “made major strides in our coal policy over the past few years” and would continue to review its position..

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The pandemic shows the need for partnerships: President of ECOSOC | https://grantstation-trendtrack.com/the-pandemic-shows-the-need-for-partnerships-president-of-ecosoc/ https://grantstation-trendtrack.com/the-pandemic-shows-the-need-for-partnerships-president-of-ecosoc/#respond Mon, 03 May 2021 21:42:00 +0000 https://grantstation-trendtrack.com/the-pandemic-shows-the-need-for-partnerships-president-of-ecosoc/

“If there has ever been a need for a partnership, it is now”, ECOSOC President Munir Akram said in his opening remarks at the virtual meeting.

Emphasizing the unique role of the UN in bringing countries, businesses and civil society together, he described several areas where partnerships can be used to address COVID-19[female[feminine and reach the Sustainable Development Goals (ODD).

Vaccines for all

Mr Akram said overcoming the pandemic is the top priority, which calls for universal and equitable access to vaccines and related materials, equipment and technologies. Countries must also work together to prevent millions of people from falling into extreme poverty and destitution.

“It means helping the poorest with direct and indirect economic support and social safety nets,” Akram said. “It means giving the poorest countries fiscal space through debt relief, emergency grants and concession funding to save lives and livelihoods.”

The pandemic recovery must also be supported. He said if richer countries have spent some $ 17 trillion on reviving their economies, developing countries will need around $ 4.3 trillion not only to recover from the pandemic, but also to recover from the pandemic. return to the path of sustainable development.

Promote financing solutions

The President of ECOSOC said global partnerships should help promote financing solutions such as debt restructuring, low-interest loans and increased foreign investment. Another important element is the creation of $ 650 billion in new Special Drawing Rights (SDRs), a type of foreign exchange reserve asset developed by the International Monetary Fund.

“We must correct the structural economic and social inequalities between and within nations, in particular through reformed and equitable instruments in the fields of trade, investment, taxation and technology,” continued Mr. Akram.

He added that about $ 100 trillion in investments in sustainable infrastructure will be needed over the next three decades to build a resilient and environmentally friendly global economy.

Pandemic Recovery Fund

The overall costs of the pandemic have been considerable, Jens Wandel, special adviser to the UN secretary-general on reforms, told ambassadors.

He reported on the United Nations COVID-19 Response and Recovery Fund, established to help countries cope with the staggering social and economic impacts of the crisis.

The Fund has supported innovations in the fields of health and education, such as the digitization of health in Morocco and the establishment of telehealth technologies in Tajikistan.

Mr Wandel recommended that as the international community begins to move towards recovery, “some of the partnerships should also look at the innovation that has taken place … and then seek not only to support them, but also to scale them. “


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The abstention volume continues its downward trend https://grantstation-trendtrack.com/the-abstention-volume-continues-its-downward-trend/ https://grantstation-trendtrack.com/the-abstention-volume-continues-its-downward-trend/#respond Mon, 03 May 2021 21:17:46 +0000 https://grantstation-trendtrack.com/the-abstention-volume-continues-its-downward-trend/

The number of forbeared loans continues to decline, falling this week to 4.47%, down from last week’s total of 4.49% according to the Mortgage Bankers Association (MBA) latest survey on forbearance and call volume. Nationwide, the MBA estimates that 2.23 million Americans remain in some stage of abstention.

By investor type, the share of Fannie Mae and Freddie Mac loans in forbearance fell by two percentage points, from 2.44% to 2.42%, while Ginnie Mae loans in forbearance fell by 6.09% basis points at 6.02%.

The forbearance share of portfolio loans and private label securities (PLS) increased 13 basis points to 8.55%. The percentage of loans in forbearance for managers of independent mortgage banks (IMBs) fell by two basis points to 4.70%, and the percentage of loans in forbearance for deposit managers also fell by two basis points. basis points at 4.62%.

“The share of loans in forbearance fell for the ninth consecutive week, down two basis points. The exit rate has slowed over the past two weeks, with this week’s exit rate hitting the lowest since February, ”said Mike Fratantoni, Executive Vice President of the MBA and Chief Economist. “The increase in the forbearance share for portfolio loans and PLS highlights both the outstanding redemptions of overdue loans from the Ginnie Mae pools, as well as an increase in the forbearance share for other loans that are not guaranteed by the federal government.

By stages, 12.8% of the total forbearance loans were at the initial stage of the forbearance plan, while 82.3% were in forbearance extension and the remaining 4.9% were forbearance inflows.

Unemployment figures continue to fall, as the most recent US Department of Labor report found that for the week ending April 24, jobless claims stood at 553,000, a decrease of 13,000 from the previous week’s level. As more Americans return to the workforce, the more current forbearance plans will leave the workforce.

“The data on the labor market and the housing market remain strong,” said Fratantoni. “We anticipate that further hiring gains will help support many owners as they move out of forbearance in the coming months.”

Citing that the number of homeowners behind on their mortgages has doubled since the start of the pandemic, the Consumer Financial Protection Bureau (CFPB) has proposed changes to prevent impending foreclosure measures with emergency federal protections in the event of a loss. foreclosure that would eventually expire.

“The country has endured a deadly pandemic and appalling economic crisis for over a year,” said Dave Uejio, acting director of CFPB. “We must not lose sight of the dangers that many consumers still face.”

The MBA noted that, among the cumulative abstention exits for the period from June 1, 2020 to April 25, 2021:

  • 27% resulted in a loan deferral / partial claim.
  • 25.3% represented borrowers who continued to make their monthly payments during their forbearance period.
  • 14.6% represented borrowers who failed to make all of their monthly payments and left forbearance without a loss mitigation plan in place.
  • 14.4% gave rise to reinstatements, during which the overdue amounts are reimbursed upon termination of the abstention.
  • 9.6% resulted in a loan modification or a trial loan modification.
  • 7.5% resulted in loans being repaid either through refinancing or the sale of the house.
  • The remaining 1.6% resulted in repayment plans, short sales, replacement acts or other reasons.

Regarding the weekly maintenance services call center volume, the call volume decreased compared to the previous week from 8.5% to 6.4%, with the average call duration remaining at about eight minutes.


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Report questions CARES Act yellow loan – Fleet Management https://grantstation-trendtrack.com/report-questions-cares-act-yellow-loan-fleet-management/ https://grantstation-trendtrack.com/report-questions-cares-act-yellow-loan-fleet-management/#respond Mon, 03 May 2021 21:16:52 +0000 https://grantstation-trendtrack.com/report-questions-cares-act-yellow-loan-fleet-management/

A government report wants to know who determined that YRC (now yellow) was essential to the security of the United States.

Photo: File (YRC Worldwide)

The Congressional Oversight Commission questions a $ 700 million loan that Yellow Corp. (then YRC Worldwide) received last year under the Coronavirus Aid, Relief and Economic Security Act, better known as the CARES Act.

A report released on April 30 notes that the role of the commission is to oversee the implementation of parts of the CARES Act by the US Treasury and the Federal Reserve.

Subtitle A provided $ 500 billion to the Treasury for loans and other investments “to provide liquidity to eligible businesses, states and municipalities related to losses suffered as a result of the coronavirus,” according to the report; $ 17 billion was available for businesses “essential to maintaining national security.” “

The Treasury provided national security loans to 11 companies, totaling $ 735.9 million. Yellow represented 95% of total outstanding loans.

It was the 12e commission report, and this is not the first to question the yellow loan. The seventh report focused on this, with the commission expressing concerns about the Treasury’s process to certify Yellow as “essential to maintaining national security” and questioning whether Yellow’s precarious financial situation at the time of the loan exposed taxpayers to a hardship. significant risk of loss.

This last document reports on subsequent communications between the commission, the Treasury and the Ministry of Defense. Among the questions raised by this correspondence, says the commission, did it determine that the carrier of fewer trucks was essential to national security?

TRANSCOM (US Transportation Command) did not ask the military’s main logistics contractor, Crowley Logistics, the commission reports. In fact, TRANSCOM told the commission that YRC’s loss could be easily absorbed by the LTL market, based on analysis provided by Crowley.

The commission also said it was unable to substantiate Treasury and DOD’s claim that Yellow provides 68% of LTL services to DOD.

“The commission believes that part of the reason for these unsubstantiated numbers, or inconsistencies, is due to the complexity associated with the seven-level chain of command at DOD implemented to designate a company as essential to national security… With so many layers, information is doomed to get lost in translation. “

Finally, the commission drew attention to the intensification of Yellow’s lobbying efforts in 2020. Yellow spent $ 570,000 on lobbying efforts in 2020, up from zero in 2019, $ 80,000 in 2018 and $ 75,000 in 2017. The Commission highlighted the correlation between lobbying and Yellow’s ability to secure a loan of $ 700 million. The Treasury confirmed that several senators and members of Congress had sent letters to the Treasury urging them to take out loans from Yellow, according to the report.

He also pointed out that this was not the first time the company had pressured the government to help it out of a difficult financial situation. In 2009, during the financial crisis, Yellow was also on the verge of bankruptcy and planned to seek a $ 1 billion federal government bailout before entering into a debt swap deal with a group of banks. Yellow’s lobbying efforts, in conjunction with intensive political contacts by unions, totaled $ 800,000 for this year.

The Northwest Arkansas Democrat Gazette explored the report in a May 1 article, “The $ 700 million loan from a trucking company in the United States “is a mistake,” says Hill.

U.S. Representative French Hill, R-Ark., Who is part of the three-person commission, told the Democrat-Gazette that the company did not appear to qualify for the narrowly tailored program.

“The $ 700 million taxpayer-guaranteed loan from the Treasury to Yellow, formerly YRC, was a mistake,” Hill said in a written statement, according to the newspaper. “Based on the monitoring work carried out by the commission, there is no evidence to support that Jaune is essential to national security, which means these loans should never have been executed.”

A spokeswoman for Yellow, Heather Nauert, said in a written statement reported by the newspaper: “Our deal with the US Department of the Treasury was mutually beneficial. The department has invested in the future of the company and our 30 000 employees with the conviction that it would be profitable. Today, taxpayers are the beneficiaries of this investment. “

The federal government ended up with an approximate 30% stake in the company.

She also told the newspaper that moving freight for the federal government is very complex and not all carriers can or will.

“We provide a highly specialized service that allows our equipment to access Ministry of Defense facilities. This requires drivers to have specific credentials and training. In addition, our more than 300 terminals across the United States allow Yellow to quickly and efficiently access distribution centers and Department of Defense bases. We are proud to continue to be essential to the national security of this great nation. “


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Richard Cordray to oversee $ 1.5 trillion U.S. student loan portfolio https://grantstation-trendtrack.com/richard-cordray-to-oversee-1-5-trillion-u-s-student-loan-portfolio/ https://grantstation-trendtrack.com/richard-cordray-to-oversee-1-5-trillion-u-s-student-loan-portfolio/#respond Mon, 03 May 2021 19:50:00 +0000 https://grantstation-trendtrack.com/richard-cordray-to-oversee-1-5-trillion-u-s-student-loan-portfolio/

Richard Cordray, the former director of the Consumer Financial Protection Bureau, will oversee the federal government’s $ 1.5 trillion student loan portfolio, the Education Department said on Monday.

Cordray will become the COO of the Department’s Office of Federal Student Aid, which is responsible for a range of tasks related to the experiences of students and borrowers in paying for college education and paying off debt.

The FSA has been leaderless since March, when Mark Brown, who was appointed to the post by Betsy DeVos in 2019, resigned under pressure from lawyers and lawmakers. Cordray is arguably the most prominent person running the office, indicating that his skill may be a priority for the Biden-era Department of Education.

Education Secretary Miguel Cardona said he is confident that under Cordray’s leadership the FSA “will provide the kind of service our students, families and schools deserve.”

“It is essential that students and student loan borrowers can count on the Department of Education for help paying for their university education, to repay their loans and to closely monitor post-secondary institutions,” he said. -he declares. “Cordray has a solid background as a dedicated public servant who can take on great challenges and get results.

While FSA isn’t exactly a household name, the office oversees a variety of functions that are operationally complex and also present high issues for borrowers. The FSA is responsible for disbursing loans and grants to schools on behalf of students, monitoring companies that collect student loan repayments from borrowers, implementing relief and repayment programs, etc.

The challenges facing the US student loan program are the result of a variety of factors, including high college costs, stagnant salaries, state disinvestment in higher education, and corporate mischief. Cordray’s track record as well as his long-standing association with Senator Elizabeth Warren, a Democrat of Massachusetts and critic of the student loan industry, indicates that the administration will examine the issues of student borrowers with an emphasis on consumer protection.

“I am very happy that he can apply his fearlessness and expertise to protect student loan borrowers and provide much needed accountability in the federal student loan program,” Warren said of Cordray in a statement.

Seth Frotman, who worked under Cordray as the CFPB’s student loans ombudsman, said with Cordray taking the helm, “there’s a real commitment to putting student borrowers first, students first.”

“When we talk about the student debt crisis, we often just focus on the ever-growing balances or the amount people owe, but an underrated part of the crisis that lies ahead is the predatory student loan companies that prey on the most vulnerable borrowers, generating billions. and billions of dollars in debt, ”said Frotman, executive director of the Student Borrower Protection Center, a student loan advocacy group.

“You couldn’t think of a better choice for this job than Rich Cordray, who just spent his life advocating for consumers,” Frotman added.

Progressive lawyers and lawmakers had criticized the office under Brown’s leadership. Months after the CARES law halted student loan payments and collections, the agency has struggled to stop the wage garnishment of some borrowers to pay off loans, for example.

Even before Brown’s tenure, the FSA had been plagued by management challenges. Brown was the third person since 2017 to lead the office. In May of the same year, James Runcie, who was appointed to the post during the Obama administration, resigned three years earlier, writing in a letter to staff at the time obtained by the Washington Post that he was “incredibly concerned about the significant constraints placed on our ability to allocate and prioritize resources, make decisions and fulfill the mission of organization. ”

DeVos replaced Runcie with A. Wayne Johnson, an old private student loan and responsible for credit cards, which has been replaced by Brown in March 2019. He finally left the agency in October of the same year, calling for the cancellation of the student loan. leaving.

Cordray, who served as Ohio attorney general and led the CFPB for five years before unsuccessfully running for Ohio governor, faces a daunting task. Borrower advocates and lawmakers have called for a series of reforms, including making it more accessible to cancel student loans already in effect. They also want to increase oversight of colleges that receive student loans, especially for-profit schools. Both of these goals will require the cooperation and leadership of the FSA.

Student loan repayments and collections are expected to resume in October and the FSA official will play a crucial role in ensuring that the payments system recovers smoothly and borrowers do not default. The Department of Education is also revamping the student loan management system, which the FSA oversees.

If Cordray’s record at the helm of the CFPB is any indication, he will likely take an aggressive approach to monitoring the companies under his responsibility. During Cordray’s tenure, the CFPB returned more than $ 750 million to student borrowers.

In addition, the Obama-era CFPB has filed high-profile student loan lawsuits, including one against student loan manager Navient NAVI, 0.56%, accusing the company of making it unnecessarily difficult to repay their loans. loans by borrowers – claims that the company said are wrong (they moved to have the lawsuit dismissed) – and another against for-profit colleges on their private loan programs.

Cordray told MarketWatch last year that under the Biden administration, he expected the CFPB and the Department of Education to cooperate more closely on student loan issues.

“I think the office will tend to go back to where we were when I was director and the Obama administration was in place,” Cordray said in an interview in November. “The approach was a close cooperation between the CFPB and the US Department of Education. It all sucked when Betsy DeVos took office.


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Once again, the legislature seeks to expand high cost loans https://grantstation-trendtrack.com/once-again-the-legislature-seeks-to-expand-high-cost-loans/ https://grantstation-trendtrack.com/once-again-the-legislature-seeks-to-expand-high-cost-loans/#respond Mon, 03 May 2021 19:21:07 +0000 https://grantstation-trendtrack.com/once-again-the-legislature-seeks-to-expand-high-cost-loans/

Two additional bills in the Legislature would double the fees allowed under Texas law for a $ 2,000 loan, from an already high annual percentage rate of 35% to over 79%. These bills are of particular concern as many families are struggling to make ends meet due to the COVID-19 pandemic and additional hardship from winter storm Uri.

Our Catholic parishes, schools, hospitals and charities in San Antonio and Texas have stepped up our work during this time of special need, providing millions of dollars in charitable assistance to feed individuals and families, house them and receive care. and the support they need. .

Senate Bill 1089 and its companion, House Bill 2432, would undermine the important community work of our churches and other partner organizations by allowing loans at even higher costs to trap Texans in unaffordable debts, as families begin to have more hope and more opportunities.

What do these bills mean for families in San Antonio? According to data from the Texas Fair Lending Alliance, that means at least $ 1,200 more to pay off a loan of $ 2,000 under state-authorized lending laws. This amount creates an additional financial burden for someone who needs a loan to repair a car, who cannot work to care for a sick child or elderly parent, or who pays an unforeseen expense.

These bills would make approved loans more like payday loans, leading Texas in the opposite direction we need to go. In addition to opposing these bills, we urge lawmakers to oppose any amendment to other bills with the wording of these bills. Instead of making things worse for Texans, we need state leaders to take bold action to tackle expensive loan abuse.

We see the high cost of poverty every day through our work with seniors, young families and others who face a barrier and need help. Over the past decade, we have worked to reduce the abuse of onerous loans in favor of human dignity and the common good. Supporting alternative financial products, like the Saint-Vincent-de-Paul mini-loan program and payday conversion loans, and Catholic charity financial aid programs, are much better options.

Now is not the time to make credit more expensive for Texans. Instead, we need to throw life jackets at families drowned under the current financial burden – to raise families with policies that build financial resilience and well-being.

Archbishop Gustavo García-Siller heads the Archdiocese of San Antonio, which includes more than 700,000 Catholics.


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May report: loan turnaround times and the need for speed https://grantstation-trendtrack.com/may-report-loan-turnaround-times-and-the-need-for-speed/ https://grantstation-trendtrack.com/may-report-loan-turnaround-times-and-the-need-for-speed/#respond Mon, 03 May 2021 19:14:14 +0000 https://grantstation-trendtrack.com/may-report-loan-turnaround-times-and-the-need-for-speed/

As we approach the turning point of the seasons between spring and summer, this issue of MReport take a look to another type of turn. Industry strives to meet unprecedented demand from up and coming home buyers out of the massive refi surge of the last year, how does the industry manage to keep up with the workload and reduce loan turnaround times? In our cover story, we speak with representatives of Planet real estate loan, Blue sage, SLK Global Solutions, and STRATMOR Group on how the industry strives to shorten turnaround times while maintaining a commitment to quality.

In our next article, “Cut Costs With Confidence,” Terrell C. Cassada, the Chief Product Architecture and Innovation Officer at LoanLogics, explains how confidence scores can help improve quality and reduce costs.

Next, Susan Sullivan, vice president of human resources for Genworth Mortgage Insurance, brings us “Recruiting Gen Z.” Her article helps us get to know a critical cohort that will increasingly serve as the backbone of mortgage recruitment for years to come.

Finally, Thomas Showalter, founder and CEO of Candor, discusses the looming underwriting shortage in the industry and how it may collide with ending foreclosure moratoria to cause real headwinds for the indwetry. To learn more, read our article titled “Dealing with the Looming Capacity Crisis in the Mortgage Industry”.

All of this and more can be found here, in the May 2021 edition of MReport.


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Supporters and Enemies of OCC Spar Real Lender Rule at Senate Rent-a-Bank Committee Hearing | Ballard Spahr LLP https://grantstation-trendtrack.com/supporters-and-enemies-of-occ-spar-real-lender-rule-at-senate-rent-a-bank-committee-hearing-ballard-spahr-llp/ https://grantstation-trendtrack.com/supporters-and-enemies-of-occ-spar-real-lender-rule-at-senate-rent-a-bank-committee-hearing-ballard-spahr-llp/#respond Mon, 03 May 2021 17:29:06 +0000 https://grantstation-trendtrack.com/supporters-and-enemies-of-occ-spar-real-lender-rule-at-senate-rent-a-bank-committee-hearing-ballard-spahr-llp/

As discussed in our previous blog, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on April 28, 2021 entitled “The re-emergence of bank rent?”.

The hearing focused mainly on the final rule of the “real lender” issued by the OCC on October 27, 2020, which came into effect on December 29, 2020. The True Lender Rule specifies when, under applicable law, a national bank is the “true lender” making a loan in as part of an agreement between a bank and a non-bank entity that facilitates or provides the service of the loan. Since the non-bank entity is often a fintech, these arrangements are often referred to as bank-fintech partnerships or market loan agreements. Democrats have launched a effort to invalidate the True Lender Rule through Congressional Action under the Congressional Review Act (CRA). In addition, eight attorneys general representing seven states and the District of Columbia have filed an action in a federal district court for the Southern District of New York seeking to overturn the rule.

As might be expected, at the hearing, critics of the real lender rule (the Democratic committee members and their witnesses) called on Congress to overturn the real lender rule, using the majority of their time to claim the rule of the real lender would allow (and generally the misdeeds of) unfair bank hire plans, as well as predatory loans, payday loans, usury and debt traps. These speakers consistently confused payday loans and bank-fintech partnership loans, and ignored the correction of this mischaracterization by other witnesses.

Proponents of the real lender rule (the Republican committee members and their witnesses) explained the real lender rule and its benefits to consumers, the banking system, and the economy as a whole. They stressed that the establishment and enforcement by states of lower rate caps (which opponents of the True Lender rule say would speed up if the True Lender rule were invalidated) will not result in the availability of credit. cheaper; on the contrary, it will likely eliminate the availability of credit for those who need it most.

A video recording of the hearing, written versions of opening remarks by Committee Chair Sherrod Brown (D-OH) and Ranking Member Patrick J. Toomey (R-PA), as well as written testimony submitted by witnesses, are available on the Committee’s website.

In his introduction, committee chair Sherrod Brown (D-OH) expressed concern that the real lender rule would give predatory payday lenders and so-called “free pass” a “free pass”. bank rental systems ”.

Ranking member Patrick J. Toomey (R-PA) explained that this is not the case: Under the true lender rule, the OCC “holds a national bank accountable for a loan when, when the loan is issued, [the national bank] is named in the loan agreement or funds the loan. These loans are subject to oversight by the OCC to ensure that the National Bank complies with fair lending requirements and all other federal consumer protection laws. The rule prohibits “bank leasing systems” in which the bank allows the use of its name on loan documents, but disclaims any compliance responsibility for loans, as stated in a recent letter on the Committee of Blake Paulson, Interim Controller of the Currency. Senator Toomey explained the importance of the true lender rule in facilitating the availability of credit on reasonable terms, especially for marginalized, higher risk consumers.

North Carolina Attorney General Josh Stein was concerned that the real lender rule would provide predatory lenders with a jail release card, and claimed the rule exceeded the authority of the OCC – an argument addressed and refuted in detail by the BCC in the supplement. Information accompanying the rule when it is published.

Lisa F. Stifler, director of state policy at the Center for Responsible Lending, a nonprofit affiliated with a network of credit unions, expressed similar fears, including that the real lender rule would support predatory lending and excessively high rate payday loans for small businesses as well as consumers.

Reverend Dr Frederick D. Haynes III spoke of opposition to payday loans and predatory lending from the faith groups he represents, raised concerns that the real lender rule “would allow predatory lenders to ignore state interest rate caps by paying a bank willing to do so. masquerading as the “real lender”, ”and called on Congress to pass a 36% rate cap in addition to supporting a resolution to overturn the real lender rule.

Brian Brooks, former Comptroller of the Currency, explained how the True Lender Rule (issued during his tenure as Comptroller) works in conjunction with the Rule valid once made and export powers at the national bank rate under the National Bank Act; the vital role of the true lender rule in enabling the expansion of credit availability for low-income consumers on reasonable terms, with service enhancements, tools and educational features made possible by fintechs; and the importance of the rule for the management of the bank balance sheet and the safety and soundness of the banking system. He pointed out that contrary to claims by opponents of the rule, the rule overrides “charter leasing schemes” because it makes it clear that the bank, as a true lender, retains all compliance obligations with respect to loans. and “cannot walk away” from this responsibility:

But another purpose of the true lender rule was to respond to claims about “hire-charter” schemes. Although “charter hire” is not a legal or technical concept, OCC staff referred to situations in which a non-bank organization paid a fee to a bank for the sole purpose of evading money. to legal requirements, without the bank being really involved. in loan underwriting, risk management or legal compliance. In short, the OCC interpreted the term “hire a charter” as an arrangement in which the non-bank body sought to ensure that no one was actually responsible for consumer protection or other compliance obligations. This is precisely why the OCC, in publishing the True Lender Rule, expressly stated that it “would hold [] banks are responsible for all loans they make, including those made under market lending partnerships or other loan sales arrangements. “More specifically, the OCC underlined its” expectation that all banks [will] establish and maintain prudent credit underwriting practices and comply with applicable law, even when partnering with third parties. Otherwise, “the BCC will not hesitate to use its enforcement power in accordance with its long-standing policy and practice.” This contrasts with the historical practice in which banks sought to minimize their role in loan origination at the same time as their business partners sought to shirk responsibility as a true lender. By virtue of the true lender rule, the days of each party pointing fingers at the other are over; borrowers and regulators now know who is responsible if the bank is named on the note or finances the loan on the date of grant.

Mr Brooks corrected the impression given by other witnesses that the real lender rule somehow favors predatory payday lending, explaining that domestic banks are not allowed to grant types loans generally described as payday loans (and therefore cannot be granted in the context of a bank-fintech partnership), and noting that payday lenders are entities licensed by the state, the state that issuing licenses therefore has the responsibility to supervise them and the power to revoke their licenses.

Dr. Charles W. Calomiris referred committee members to his written testimony, which summarizes research showing that low-income borrowers disproportionately suffer from unreasonable usury rate caps. He also refuted claims by previous speakers that bank-fintech partnerships favor payday lending: “New fintechs should not be confused with payday lenders: they are the competition for payday lenders.” He cited new products offered by innovative fintechs that bring value and lead to better financial inclusion of unbanked or underbanked consumers, detailed in an appendix accompanying his written testimony.

Questions from committee members to witnesses and responses generally followed the same themes.

In response to a question from Senator Brown, AG Stein said he was convinced that the true lender rule will make it difficult for states to pursue predatory bank lease programs, and asserted that the state of North Carolina had made a conscious choice in its legislative approach to intentionally cause a shortage of high cost loans, making it more difficult if not impossible for low to moderate income and high risk consumers to obtain loans. Senator Toomey then asked Mr. Brooks if the choice described by AG Stein was “condescending”; Mr Brooks responded that consumers should be allowed to make their own decisions.

Senator Thom Tillis (R-NC), in his questions to Mr Brooks, stressed the importance of the availability of credit, which would be supported by the real lender rule. Mr Brooks noted that the true lender rule will contribute to the OCC’s goal of encouraging domestic banks to engage in low-value personal loans, which would benefit consumers because the loans would be made. by well supervised entities.

Senator Elizabeth Warren (D-MA), in questions to Mr Brooks, expressed doubts whether the BCC’s oversight of domestic banks is zealous enough to protect consumers.

Comments and questions from Committee members made it clear that their respective opinions are already taken as to how they would vote on a CRA resolution to strike down the True Lender Rule, regardless of the data and information. provided by witnesses. As of this writing, most observers are predicting that the True Lender Rule will not be overturned, either because Congressional leaders do not think it deserves the speaking time and believe that a monitor appointed by Biden will take care of their concerns, or, if put to a vote, because moderate Democrats understand the economic issues and will not support overturning the rule.

The deadline for an ARC vote is estimated to be between mid-May and the end of May.


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