Finance – Grantstation Trendtrack Tue, 04 May 2021 06:43:49 +0000 en-US hourly 1 Finance – Grantstation Trendtrack 32 32 U.S. consumer watchdog considers rules to avoid foreclosures Wed, 07 Apr 2021 23:14:16 +0000

The Consumer Financial Protection Bureau is considering new rules to avoid a wave of foreclosures later this year, when millions of homeowners are no longer allowed to defer mortgage payments.

Last year, the federal government suspended foreclosures and evictions for mortgages insured by the Federal Housing Administration as the coronavirus pandemic left millions unemployed. Fannie Mae and Freddie Mac did the same for borrowers in single-family homes with loans secured by the two mortgage buyers. The initiatives provided borrowers with relief of up to one year and suspended late fees and penalties.

In February, nearly 3 million U.S. homeowners were behind on their home loans, with about 2.1 million mortgages in forbearance and at least 90 days overdue, according to the CFPB. If current trends continue, there could still be 1.7 million such loans by September, the CFPB said.

A rule proposed by the agency would prohibit mortgage managers from starting the foreclosure process before December 31. The CFPB is also considering allowing managers to initiate foreclosures before the end of this year, in some cases, for example if they have made efforts to contact a borrower who does not respond.

The CFPB is also evaluating a rule that would allow managers to offer “certain simplified loan modification options” to borrowers facing difficulties caused by the pandemic, and changes to ensure that managers notify borrowers of their options by timely. The agency is seeking public comments on its proposed rule changes until May 11.

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Italy expects EU to allow renewal of GACS bad loan program in April – sources Wed, 07 Apr 2021 23:14:16 +0000

* The GACS program has helped Italian banks to pay 87 billion euros in bad loans

* Ready to reduce turnover up to 25 billion euros in 2021 – KPMG

* Italy refuses to extend the measure to improbable loans (PTU)

ROME, April 2 (Reuters) – Italy expects the European Commission to approve a one-year extension this month for a state guarantee scheme that has played a key role in freeing banks Italian bad debts, two sources familiar with the matter told Reuters.

The move would extend the program introduced in 2016 until May 2022 and comes as banks are expected to face an increase in problematic lending once governments withdraw measures deployed to keep businesses afloat during the pandemic.

Italy has guaranteed more than 170 billion euros ($ 199.87 billion) in debt that banks have extended to companies infected with the virus.

The government entered into talks with Brussels earlier this year to renew the “GACS” program and both sources said it was confident it would get a green light by the end of April.

By reducing the losses suffered by banks from the sale of bad loans, the GACS system has enabled  lenders to tackle the legacy of a recession that has pushed problematic loans to 18% of the total.

Under this program, banks can purchase a Treasury collateral to wrap the less risky banknotes when repackaging bad debts as securities.

Consulting firm KPMG said last month that the measure had helped lenders complete a total of 35 deals, freeing the industry from € 87 billion gross of bad loans, including € 16 billion in 2020. It estimated that ” an extension would allow banks to sell up to an additional € 25 billion in bad loans in 2021. Check Payday website for more information about loan programs

Italian banks had been pushing for the Treasury to expand the GACS system to include “unlikely to pay” (UTP) loans which, unlike bad debts, are not yet in default and could be recovered by restoring the health of borrowers.

But sources have previously said that only minor changes are expected in the system, with the Treasury concerned, UTP loans could be treated as delinquent loans by rating agencies and investors, which would tip borrowers.

UTP loans are included in the Greek Hercules programs, which replicate the Italian GACS system and for which Athens is currently negotiating an 18-month extension with Brussels.

$ 1 = 0.8506 euros Report by Giuseppe Fonte and Valentina Za, edited by Gavin Jones, Kirsten Donovan

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Behind Western Alliance’s $ 1 Billion Mortgage Bet Wed, 07 Apr 2021 23:14:16 +0000

Western Alliance Bancorp’s planned purchase of major mortgage company fits a story planned for 2021 – banks buy remunerated companies to counter low interest rates and limited commercial lending opportunities.

Western Alliance agreed on Tuesday to buy Aris Mortgage Holding, The Thousand Oaks, Calif., Parent company of AmeriHome Mortgage, in a $ 1 billion deal that is expected to drop the company’s $ 35 billion asset fee proportion from 5% of revenue business at 31% after closing of the acquisition in the second quarter.

AmeriHome’s model “diversifies revenues based on Western Alliance’s current trade spreads to deliver a more balanced business mix,” said Ken Vecchione, President and CEO of The Phoenix Company, at a conference phone Tuesday to discuss the deal. “This creates a significant increase in non-interest income.”

The acquisition also resolves another lingering problem for Western Alliance by providing the means to reinvest $ 6 billion in cash currently stationed at the Federal Reserve, Vecchione said in an interview after the conference call.

“Once we close, we should be able to… get additional loans that we’ll keep on our books,” he added. “Instead of earning 10 basis points, we’ll earn the rate of the note on each of these mortgages.”

AmeriHome, the country’s third-largest correspondent mortgage lender, primarily buys home loans from a network of over 720 originators and then sells the mortgages to investors. It also manages a $ 99 billion service portfolio.

AmeriHome, which would become a unit of Western Alliance Bank, would have access to low-cost deposits, potentially reducing its funding costs by $ 53 million in 2022. This would allow it to purchase more loans.

AmeriHome’s goal throughout was to partner with a bank, Jim Furash, founder and CEO of the company, said in an interview.

“The things they bring to us at AmeriHome are going to make me incredibly more competitive in the corresponding space,” Furash said. “Access to liquidity, to the balance sheet for specific products, if we choose to do so, will set me apart in the market and deepen my relationships with my salespeople.”

Furash had an interim plan that involved going public.

Backed by Apollo Global Management, Aris started planning an initial public offering last year, filing of a prospectus October 1. postponed less than a month later Due to stock market volatility, Aris updated the prospectus in January, signaling that he was still interested in the IPO.

Vacchione said the proposed IPO made it easier for Western Alliance to raise the price of the mortgage company.

“I think AmeriHome goes through the S-1 process and the price discovery has helped set a very reasonable price, rather than having two parties come to it with a saying I want it higher and the other saying lower, “Vecchione said. “What we’ve done here is say, ‘We know what the value is, the market has told us.’ We negotiated on the sidelines of that.

Vecchione credited Steve Curley, who heads Western Alliance’s mortgage warehouse lending group, with sowing the seeds for the deal. AmeriHome has also been a Western Alliance customer for over four years.

“Steve has been using Jim for a number of years,” Vecchione said. “He said, ‘You should get to know Jim and his team. They are a little different. They remind [me] from U.S. I think you will get along very well. We did it. We hit it off.

“On the deal side, it’s very rare that you have two CEOs who get along, basically sharing the same philosophy and business strategy regarding a combined entity,” Furash said. “You combine that with four years of professional experience which proves everything we believed four years ago. Nothing has changed, it’s only deepened.

The deal has been well received by those who follow Western Alliance.

Western Alliance “adds a high-volume mortgage producer in a plug-and-play transaction,” wrote Timothy Coffey, analyst at Janney Montgomery Scott, in his client note. “We expect EPS growth to grow immediately when the deal is closed.”

Yet some industry experts have noted that Western Alliance engages in a long-term cyclical activity – mortgages – that several banks released before the coronavirus pandemic hit. But interest rates are expected to remain low for the foreseeable future, which should fuel request for home loans.

Although “compelling from a financial point of view,” Brad Milsaps, analyst at Piper Sandler, wrote in a note to clients that he was “not too keen on adding volatility” to the business. ‘addition of mortgages to the Western Alliance model.

Nonetheless, the proposed merger could cause other banks and mortgage lenders to consider their M&A options.

“We believe this transaction could be a catalyst for the market to reconsider” similar deals, wrote Kevin Barker, an analyst at Piper Sandler who covers mortgage lenders, in a note to clients. The rationale for the deal by Western Alliance “provides insight into potential synergies for the banks.”

AmeriHome is expected to be a “stronger competitor vis-à-vis its peers as its cost of funding is expected to drop to [less than 10 basis points] and it will have the ability to offer more products outside of government or conventional loans, ”added Barker.

AmeriHome fits perfectly with Western Alliance’s strategy of investing in national lending platforms. Western Alliance also has three-year employment contracts with Furash and the rest of the AmeriHome management team.

“I like to say that we are a national bank with a regional footprint in Arizona, California and Nevada,” Vecchione said. “We have the ability to move our capital and liquidity across the country and into different business segments. Jim’s group is another business segment. “

Paul Davis contributed to this report.

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Dumpster Today New Dumpster Rental Franchise Business Grows Fast Wed, 07 Apr 2021 23:14:16 +0000

Dumpster Today Fast Growing Franchise Business

“Our franchisees are in business for themselves but not alone. We do what our competitors do with fewer trucks, fewer employees, faster and more efficiently.” Owner, Chad McKenzie

Dumpster Today opened in 2018, as a residential and commercial dumpster rental service company, after owner Chad McKenzie had several bad experiences with existing rental companies in the area. Complicated pricing, not returning calls, and not having dumpsters available were common. McKenzie saw an opportunity for improvement.

With more than a decade of successful business management experiences in the residential and commercial service industries, McKenzie has developed a new, streamlined dumpster rental ordering, delivery and rental management process that takes into account from the perspective and experience of the client; and Dumpster Today was born.

“We have aligned these areas of much-needed service improvements with the key profit centers of the new business model.” Says McKenzie, “This ensures that the interests and profits of the business owner are aligned with customer satisfaction. . In an industry known to be a little tough and tumble, the results of applying good customer-centric processes are great customer experiences and big profits for us. “

In November 2020, the Dumpster Today business franchise opportunity was launched, essentially replicating McKenzie’s model. Branded franchises are sold by territory or multi-territory to licensed franchisees who wish to join the Dumpster Today team. The new owners are looking to capitalize on a more manageable and successful model built in a blue-collar customer service industry with big profits. Being in business for themselves, but not for themselves, providing amazing service with a smile to satisfied customers every day.

According to McKenzie, the model benefits from an improved, user-friendly experience with clear upfront costs, fast online ordering, and a digitized and clear communication process throughout the rental experience. Using smart phone notifications and SMS, the business is also easy to manage. The Dumpster Today franchise is also designed to encourage investment by business owners. Model DT franchise owners are able to deliver more dumpsters using fewer trucks and fewer employees than traditional dumpster delivery service companies. The dumpsters themselves are custom built dumpsters with walk-in doors that adapt to residential driveways. Dumpsters and delivery trucks have a smaller than average footprint and are clean and neighborhood friendly, per HOA guidelines. These areas of improvement keep operational costs low, morale high, and management frustrations low.

In addition to traditional financing options, Dumpster Today was recently approved as a franchise by the SBA for low cost franchise loans, making franchising an even more affordable way to enter a competitive industry as an owner. small business. With funding rates at historically low levels, now is the perfect time for prospective franchise owners to step into an established business model with big profits in the blue collar arena.

When asked why anyone would be interested in a franchise, McKenzie claims new DT franchisees don’t have to go it alone. They have the support and fellowship of the entire Dumpster Today team. Sharing the mission of delivering more cans with fewer trucks and fewer employees than the competition, the Owner Alliance together expands brand and franchise value. McKenzie suggests that a Dumpster Today franchise provides security. Getting a fluid turnkey solution with years of research and development already integrated guarantees revenue and is less risky than a stand-alone business. While many businesses have shut down, slowed down, or are underperforming during the pandemic, Dumpster Today is doing well and growing.

In addition to the first corporate location in Orlando, Florida, three Dumpster Today franchises have been sold and operate in Lake County, Florida, Newport News, Virginia, and Columbus, Ohio, with an agreement additional on several territories which has just been signed in Greater Tampa. , Florida region covering all of Hillsborough and Southern Pasco counties. Talks are also reportedly underway with other potential franchisees on the east coast of Florida, Texas and Ohio.

“Our goal over the next 5 years is to have 50 territories in North America. We’re off to a good start in 2021 with seven territories heading into the fourth month of the year. We hope that our franchisees will share the growth in our valuation. as a company while working as a team. From the start, we have invested in the best equipment, renewed thoughtful processes and the latest technology. This has attracted great, high quality franchisees with whom we are proud to work and share our success. As our alliance grows, we look forward to enjoying our successes together! We are looking for those who want to grow with us. In a time when a lot of companies are doing their own thing, it’s fun to grow and see real progress, ”says McKenzie.

For more information on the Dumpster Today franchise opportunity, potential franchisees can contact and visit the website at:

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Greater Alliance Federal Credit Union Can Help Make Homeownership Dreams Come True Wed, 07 Apr 2021 23:14:16 +0000

Greater Alliance advises clients to make sure they are ready to buy a home, including determining how much they can afford.

It’s the American dream – owning your own home.

And it can be close at hand, thanks to interest rate and financial advice and mortgages offered by the Greater Alliance Federal Credit Union.

“Greater Alliance offers a number of mortgages and homeownership loans to meet virtually any need,” said Sheryline Ingersoll, Director of Marketing. “Along with flexible terms and an easy pre-approval process, Greater Alliance mortgage loan officers guide clients on the path to homeownership.”

For first-time homebuyers, a good way to start down this route is through the Credit Union’s Home Buyers Program, in which clients open a savings account and deposit at least $ 100. per month in the account for 15 months.

“It helps our customers get into the habit of saving money,” Ingersoll said. “They also get advice on buying a home, so they’re prepared and pre-qualified for a mortgage when they start shopping.”

Greater Alliance mortgage representatives and financial advisors work closely with clients throughout the process. Once a client has successfully completed the process, they can receive $ 1,000 for closing costs, if they take out a mortgage with Greater Alliance, Ingersoll said.

First-time home buyers can also take advantage of the Greater Alliance’s Home Ready program. This is designed for people living in households earning up to around $ 65,000 per year.

“We provide financial advice and support clients in all aspects of home buying,” Ingersoll said. “We want to make sure they know all of the expenses associated with buying a home so they don’t get into trouble with mortgage payments later.”

The program allows buyers to make a down payment of just 3% of the cost of the home. Buyers using this option must also pay for private mortgage insurance (PMI). This protects lenders in the event a homeowner is unable to make payments and is usually on top of monthly mortgage payments.

In addition to conventional fixed rate mortgages, Greater Alliance also offers a five-year adjustable loan, offering a very low rate for the first five years. The rate changes in the fifth year, then remains constant for the next five years.

Greater Alliance advises clients to make sure they are ready to buy a home, including determining how much of the home they can afford. Potential buyers can use the online credit union calculator to answer this question and explore different financing options.

A good credit rating can help buyers secure a mortgage with a lower interest rate. Buyers with low credit scores should do their best to improve their credit rating before buying a home, Ingersoll advised. Paying off credit card debt and working with credit counselor can help improve credit scores.

Greater Alliance is also partnering with GreenPath Financial Wellbeing whose mission is to empower people to lead financially healthy lives. Through this partnership, potential homebuyers can receive housing advice, as a HUD approved housing counseling organization GreenPath can help with pre-purchase training, reverse mortgage counseling or issues. prevention of seizures.

Potential buyers can plan a phone or appointment Zoom with a bilingual mortgage representative to see if now is the best time to buy a home and what the best mortgage option is for them.

To be eligible for the Greater Alliance home buying programs, potential buyers simply open an online savings account with at least $ 100. Potential buyers must also be a U.S. citizen or permanent resident and live, work, own a business, attend school, volunteer, or worship in Bergen or Passaic counties.

Founded in 1937, the Greater Alliance Federal Credit Union was originally a way for teachers to save money and manage their finances. Over the years it has grown to serve the communities of Bergen and Passaic counties and continues to be a strong and stable credit union.

Credit unions are non-profit financial institutions that generally offer lower interest rates on loans and higher interest rates on deposits.

“We work closely with our members to make sure they walk into a home and get the financial advice they need to make it work for the long term,” Ingersoll said. “For Greater Alliance, it’s not just a business. We meet the financial needs of each client. “

For more information, call Greater Alliance Federal Credit Union at (1-800) 963-1937 or visit

– Nancy Parello

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Not vaccinating globally could cost up to $ 2,000 per person this year in rich countries – World Wed, 07 Apr 2021 23:14:16 +0000

Rich countries hold key to leaders’ chances at World Bank and IMF meetings to stop pandemic and avert $ 9 trillion disaster

Rich countries must pave the way for cheaper mass-produced COVID-19 vaccines to protect everyone in the world and avert a “worst-case” $ 9 trillion global economic catastrophe, Oxfam said today. They are also expected to agree this week to inject an additional $ 650 billion into the global economy to help developing countries cope with the already devastating effects of the pandemic.

The two issues – one around tackling the chronic global vaccine shortage that is now sparking trade disputes and economic shocks between countries, and the other around agreeing to a new allocation of Special Drawing Rights (DTS) – will be presented to the World Bank and internationally. Spring Monetary Fund (IMF) meetings April 5-11.

Together, these two initiatives would go a long way in ensuring the protection of public health and the economic recovery that people and countries around the world desperately need. Urgent action is needed as COVID-19 continues to climb, mutate and kill while continuing to wreak economic havoc.

Oxfam is urging IMF members not to waste time approving a SDR 650 billion issue – enough for low-income countries to almost double their health spending for a year. It would be a much appreciated decision and the culmination of pressure from civil society and others on member countries to do the right thing.

However, Oxfam has warned that the current approach to the global production and distribution of COVID-19 vaccines falls short of meeting needs.

Anna Marriott, public health officer for Oxfam, who is part of the Popular Alliance for Vaccines, said: “Rich countries defend the interests of the pharmaceutical sector vis-à-vis other companies and their economy as a whole. It is a bizarre act of financial and economic self-harm. They condemn everyone, including their own citizens, to suffer the consequences. “

Oxfam, along with other members of the People’s Vaccine Alliance, calls for an end to ‘vaccine apartheid’ which sees rich countries vaccinating one person per second while many developing countries have yet to administer a single dose. The Alliance calls on US President Joe Biden and other leaders of rich countries to show immediate support for lifting pharmaceutical monopolies and intellectual property rules to enable a massive increase in global immunization.

The International Chamber of Commerce estimates that vaccine inequality today could cost the world an estimated $ 9.2 trillion in economic losses, in a worst-case scenario, with rich countries taking half of that blow. Based on the results of this study, Oxfam calculates that these losses are equivalent to:

  • The United States could lose up to $ 2,700 per person in household spending in 2021, $ 1,300 more than the recent stimulus check each received from President Biden’s administration. Overall, the United States could lose up to $ 1.3 trillion in GDP due to its share of the cost of vaccine inequality.
  • The UK could face a loss of $ 1,380 in spending for each person. Likewise, a loss of $ 1,239 in 2021 per person in France, roughly the equivalent of a monthly rent bill.
  • Per capita losses in household spending in Japan and Italy in 2021 could amount to about $ 1,451 and $ 1,495, respectively.
  • Canadians could lose $ 1,979 in spending this year due to global vaccine inequalities.

Yet these same rich countries are among those now opposing moves by India and South Africa at the World Trade Organization (WTO) to break the monopolies of big pharmaceutical companies, a move that would help other manufacturers to mass-produce more and less expensive vaccines.

“The US, UK, Germany, France, Japan and Italy could lose up to $ 2.3 trillion in GDP this year unless they stop fighting over name of a handful of large pharmaceutical companies to retain the intellectual property of the vaccine – despite that status. quo clearly failing them and everyone else, ”Marriott said. “It absolutely ignores belief.”

Vaccine inequality hits low- and middle-income countries even harder:

  • India could lose up to $ 786 billion, or more than 27%, of its GDP due to global vaccine inequalities.
  • South Africa could see 24% wipe out its GDP, losing the equivalent of nearly $ 874 per person in household spending in 2021.
  • Meanwhile, the Philippines could be deprived of 18% of its GDP this year due to inequity in vaccines, which equates to around $ 450 per person in household spending.

“It’s a stark reminder that vaccine inequality has a real economic impact on all of us, even if a solution faces our leaders. The richest people can cope better with this cost, but every person, in every country of the world, is expected to pay and struggle – the poorest people above all, ”Marriott said.

“A popular vaccine is possible if WTO members relinquish the intellectual property of these companies, as demanded by India, South Africa and nearly 100 other countries, and vaccine science and technology are shared through the WHO Coronavirus Technology Access Pool (C-Tap). Countries around the world, including the wealthiest G20, are coming together this week to discuss the global economic and health crisis, making it a perfect time for a breakthrough, ”Marriott said.

The World Bank’s $ 12 billion envelope for developing countries for the purchase and distribution of vaccines will also be on the agenda for the week. “As welcome as it is, a large chunk of that $ 12 billion is on loan to countries, taking them more into debt at a time when they can least afford it,” said Nadia Daar, Oxfam’s bureau chief at Washington DC.

Vaccine costs are set unreasonably high for many countries due to vaccine monopolies. At the price Uganda paid for its vaccines, Oxfam estimates that it would cost more than double the country’s health budget to immunize everyone. “Unless pharmaceutical monopolies are canceled to stimulate supply, the bank’s $ 12 billion will quickly run dry to pay for a fraction of the doses of vaccines needed.”

Regarding a possible new allocation of SDRs, Daar said: “SDRs are the fastest and most secure way to provide much-needed liquidity to developing countries which, unlike richer countries, do not have everything. simply couldn’t afford to deploy the trillion dollar COVID-19. emergency plans to revive economies and boost health systems. Basically, it is money that never has to be repaid and that will not put countries further into debt.

“A new SDR allocation can be made very quickly – it only took a few months to inject $ 250 billion SDR into the global economy in 2009. If sufficient progress is made during the spring meetings, this money could save lives and livelihoods. before the end of the summer, ”Daar said.

$ 650 billion in SDRs would provide about $ 22 billion in additional reserves to the world’s poorest countries and $ 228 billion to middle-income countries. It is a crucial lifeline but will not be nearly enough. The IMF estimates that low-income countries will need to deploy $ 200 billion over five years just to fight the pandemic. “We urgently need rich countries to reallocate their SDRs to support low-income countries, act on debt cancellation and increase their aid commitments, including through the replenishment of the International Association of development of the Bank, ”added Daar.

Notes to Editors

The spring 2021 meetings of the World Bank and IMF will take place virtually from April 5 to 11. G20 finance ministers and central bank governors will meet on April 7-8. The International Monetary and Financial Committee (IMFC) will discuss SDRs on April 8.

A study commissioned in January 2021 by the International Chamber of Commerce (ICC) Research Foundation, found that the global economy could lose up to $ 9.2 trillion if governments fail to ensure access to developing economies to COVID-19 vaccines.

Vaccination rate country by country: Our World in Data, accessed March 29, 2021, and World Bank country classifications. Oxfam calculations.

Download Oxfam’s methodological calculations of household loss.

More than 200 groups have called on the G20 to support the creation of $ 3 trillion in SDRs.

The IMF approved its last SDR allocation of $ 250 billion in August 2009, following the global financial crisis.

Read Oxfam’s latest blog at how the World Bank can promote a fairer and faster global deployment of vaccines.

Download ‘Behind the numbers‘, Oxfam’s updated expenditure, liability and recovery data set included in IMF COVID-19 loans.

Contact information

Matt Grainger in UK | | + 44-7730680837
Annie Thériault in Peru | | +51 936 307 990

For updates, please follow @Oxfam and @OxfamIFIs

Please support Oxfam’s call for coronavirus response.

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Running out of money for the holidays? Greater Alliance Credit Union can help Wed, 07 Apr 2021 23:14:16 +0000

Photo courtesy of Getty Images

As the holidays quickly approach and many still struggle with lost or reduced wages, shopping for these special gifts for friends and family can seem out of reach.

But Greater Alliance Federal Credit Union has a simple solution – personal loans.

Better alternative to accumulating high interest credit card debt or taking out an even higher interest “payday” loan, Greater Alliance personal loans come with lower interest rates. , more flexible repayment options and are easy to obtain online or in person. said Sheryline Ingersoll, Director of Marketing for Greater Alliance.

“Members of our credit unions can get secured and unsecured personal loans that will help pay for their vacation purchases,” Ingersoll said. “If you’re in a bind and want to give gifts to family and friends for the holidays, a personal loan would be the way to go. ”

Members of credit unions can borrow from $ 1,000 to $ 30,000 at a low fixed rate starting at 10.24% APR * for up to 48 months for those with good credit and low debt. Other flexible rates and conditions up to 84 months are available.

“It’s a low rate that doesn’t vary from month to month,” Ingersoll said. “There are no administration fees or prepayment penalties. It’s a real deal for those looking to borrow money for a one-time expense with no hidden charges. You will receive the full amount of your loan as a lump sum with a fixed interest rate and a fixed monthly payment. ”

For unsecured loans, no collateral is required. Secured loans offer slightly lower interest rates. A savings account or certificate of deposit can be used to secure these loans, Ingersoll explained.

For borrowers who already have a personal loan from another financial institution, Greater Alliance will refinance that loan and return 1% in cash up to $ 1,000 of the loan value.

Unsecured personal loans offer two other attractive features. Skip-A-Payment allows qualified individuals to skip four payments during the term of the loan, provided they have had the loan for at least 90 days and their credit union account is in good standing.

Borrowers can also opt for the Grand Alliance Debt Protection Program, which fully repays debt in the event of death, disability or involuntary unemployment.

“If you’re made redundant and can’t make any more payments, you’re covered with debt protection,” Ingersoll said.

A third borrowing option is Fast Cash, which, unlike personal loans, does not require a credit check. Loans are available up to $ 1,000. There is a $ 35 application fee. The interest rate is a bit higher at 18.00% APR **. Borrowers have 12 months to repay this loan.

Greater Alliance also offers free financial coaching and education through GreenPath Financial Wellbeing to help members better manage their finances.

It’s easy to apply. Greater Alliance offers an online application that borrowers can sign electronically using DocuSign. After approval, the funds are deposited into the borrower’s credit union account, without ever leaving home. Borrowers can also make an appointment to visit one of the branches of the Grand Alliance in Bergen and Passaic counties. In person application is required for Fast Cash Loans.

To join a credit union and apply for a personal loan – or other credit union services – customers simply open an online savings account with at least $ 100. To be eligible, you must also be a U.S. citizen or permanent resident and live, work, own a business, attend school, volunteer, or worship in Bergen or Passaic counties.

Founded in 1937, the Greater Alliance Federal Credit Union was originally a way for teachers to save money and manage their finances. Over the years it has grown to serve the communities of Bergen and Passaic counties and continues to be a strong and stable credit union.

Credit unions are non-profit financial institutions that generally offer lower interest rates on loans and higher interest rates on deposits.

Learn more about refinancing through Greater Alliance Credit Union here. Or call (888) 554-2328.

* APR = Annual percentage rate. The 10.24% rate refers to eligible individuals based on their creditworthiness. A full credit check will be required for all borrowers.

** APR = 18.00% annual percentage rate will apply. To qualify for a lower rate and higher amount, a complete credit application will be required and underwriting guidelines must be followed. Membership in a credit union is open to all individuals in Bergen and Passaic County, who live, work, worship, volunteer, attend school, or do business in either county and must have $ 100 in their savings account. This offer is not transferable. Offer is null and void if income cannot be verified. In order to qualify for the loan, members applying for the loan cannot have any loans in arrears or charged to the credit union. Existing Grand Alliance unsecured loans should not be combined with this offer. Members can refinance the Quick Cash Loan only once during the 12 month period, to refinance the member must have a balance of $ 500 or less. There will be a $ 50 fee to refinance the loan during the 12 month period. The member must sign an endorsement informing the Greater Alliance Credit Union that they have not declared bankruptcy at the time of booking the loan.

All borrowers must have or open a savings account and must maintain a minimum balance of $ 100 in their personal savings account to avoid charges. All advertised rates are subject to individual qualifying factors and subject to change without notice.

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Labor demands disclosure of Covid loans to Greensill for Liberty Steel Wed, 07 Apr 2021 23:14:15 +0000

Britain’s opposition Labor Party has called on the government to release details of larger loans made under its Covid-19 emergency programs to establish the full extent of borrowing by collapsed financial group Greensill and routed to the owner of Liberty Steel.

The Bank of England, which administers the Covid Business Finance Facility, through which the government supports investment grade rated companies, released details of its loans in June last year. However, other loans – through the Coronavirus Business Interruption Loan Program (CBILS), Coronavirus Large Business Business Interruption Loan Program (CLBILS) and loans from ” rebound ”- have not yet been disclosed by government or commercial lenders who have received state guarantees.

The loan schemes were set up under the auspices of the EU state aid regime, albeit in a post-Brexit ‘temporary framework’, so any loan over 100,000 euros will need to be disclosed in within 12 months.

Some 1.6 million installations, worth almost £ 73 billion, have been approved under the three programs, according to the latest Treasury statistics.

The Treasury and the British Business Bank, which administers the programs and accredits commercial lenders, previously have both refused to disclose details on individual borrowers, the bank citing business sensitivities and data protection laws.

Anneliese Dodds, shadow chancellor, said it was important for the government to provide greater transparency and accountability. “When public money is at stake, the fault should be to reveal where that money is going,” she told the Financial Times. “The government made a commitment to do this months ago – it should continue.”

The commercial department (Beis) has confirmed that it will notify lenders ahead of the disclosures due date and release the data on an “ongoing basis.”

“We are obliged to publish this data as part of the EU’s temporary framework for state aid, but we have made it clear that the fundamental rights of UK borrowers must come first,” Beis said.

Government bailouts to support jobs have come under close scrutiny by the National Audit Office, which warned in October that taxpayers could face £ 26bn in losses on the rebound system due to fraud and corporate defaults. The government spending watchdog, however, did not review CBILS or CLBILS.

Lord Paul Myners, former Minister of Labor City, wrote to the government on Monday to urge the release of the data and to pressure ministers for a release schedule.

Myners also called on the government to reveal the names of entities linked to steel tycoon Sanjeev Gupta, owner of Liberty Steel, who received loans under the CLBILS program.

Flight revealed last year that Greensill Capital, a recently collapsed supply chain finance company, advanced government-guaranteed loans under CLBILS to Gupta companies – some with only a few employees – using the loosely defined structure of its GFG Alliance group to borrow multiples of a ceiling of £ 50 million from each borrower.

Some of the entities that attracted funding are considered outside this group, although the FT has previously reported that they are sometimes referred to as the “Friends of Sanjeev” internally. One of the ostensibly independent business owners even witnessed a lobbying having dinner Gupta welcomed members of the Scottish Government in 2016, listing its role as a ‘strategic board member’ of the GFG Alliance.

The British Business Bank has decided to withdraw the government guarantee on Gupta’s loans, according to people familiar with the matter, although the bank has not publicly confirmed this. Two people close to the Indian businessman said they believe it could be legally contentious, given that the government agency approved the structure last year.

Dodds demanded a full investigation into how Greensill received loans under the CLBILS program and the role of former Prime Minister David Cameron in trying to push for even greater access to government funding. “The government has serious questions to answer about the process that saw Greensill accredited as a government guaranteed loan lender before it collapsed,” she said.

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Charles Butt and San Antonio Alliance invest money in SAISD board races Wed, 07 Apr 2021 23:14:15 +0000

With roughly two weeks until early voting in the May 1 election begins, campaign finance reports reveal stark differences in how the eight candidates running for the four school board races of the San Independent School District. Antonio fund their campaigns.

San Antonio Alliance of Teachers and Support Staff supported four candidates to dislodge three holders on the board and fill an open seat. Financial reports from union-backed candidates show the thousands of dollars the Alliance has invested in the elections, a sign of the growing rift between the union and district leaders over how schools should be run.

But the incumbents greatly outraged their Alliance-backed opponents, most of whom received non-cash donations from the union. The current administrators have received support from local education advocates, such as HEB President and CEO Charles Butt, and some political action committees outside of the state.

The following is a breakdown of how the campaign money was distributed in the individual races. Each candidate’s campaign financial reports can be viewed here.

District 1

Outgoing Steve Lecholop raised significantly more than his opponent, Sarah Sorensen, in the District 1 race. Lecholop brought in $ 35,670 in campaign contributions while Sorensen brought in $ 9,606.

Lecholop, a lawyer, has received several large sums from PACs, including $ 10,000 from the Virginia-based Educational Equity PAC and $ 6,000 from PAC Leadership for Educational Equity-Texas. Leadership for Educational Equity is a non-partisan, non-profit leadership development organization focused on eliminating inequalities in education. In the past three months, PAC has made donations to two other Texas candidates running for the Richardson and Houston ISD school boards.

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Upcoming new graduates struggle to pay off OSAP loans amid COVID-19 jobs crisis Wed, 07 Apr 2021 23:14:15 +0000

Reading time: 6 minutes

Through Heidi lee and Mariam Nouser

In March 2020, the Government of Ontario ad it would temporarily suspend all Ontario Student Assistance Program (OSAP) payments and interest until the end of September 2020. As of October 1, OSAP borrowers are required to repay their loans as usual .

The National Student Loans Service Center (NSLSC), which is responsible for the distribution and collection of student loans, has announced that students in Ontario, British Columbia, Newfoundland and Labrador , New Brunswick and Saskatchewan obtained a freeze on federal and provincial student loans. refunds from March 30 to September 30, 2020.

On November 24, the House of Commons unanimously passed a motion to postpone student loan repayments until May 2021. However, there is no update yet on whether or not this is the case. there will or will not be another extension of the moratorium on student loans.

The unemployment rate reaching an all-time high of 13.7% in May 2020 according to Statistics Canada, new graduates struggle to find jobs that allow them to repay their monthly loans.

Roshanak Aktefan, a fifth-year sociology student, plans to graduate in June, but currently does not have a job.

Although she is currently looking for a job, she said she was still worried about finding a suitable job that could help her pay off her student loans.

“Whether it’s returning to my current job at Ryerson this summer or finding a job in retail, I’m flexible as long as it pays,” Aktefan said.

She added that she wanted to go to college to get a social work degree because she didn’t think she could get “a good paying job” with her current degree in this work climate.

“In some academic books, young people aged 18 to 24 and new graduates are called the lock-down generation”

Behnoush Amery, senior economist at the Labor Market Information Council, said young people between the ages of 18 and 24 and recent graduates are called the “locked generation” in some academic literature.

She added that this “lockdown generation” is “facing multiple shocks from this pandemic” which both create short-term consequences such as unemployment; and long-term consequences, such as longer periods of unemployment due to difficulty in finding a job.

Another consequence of the pandemic is “prolonged underemployment,” which means students find inadequate jobs for which they are overqualified based on their degrees. These jobs pay low wages and offer limited hours.

The impact of prolonged underemployment can be very serious, especially for young people who are also immigrants, women and people with disabilities, according to Amery.

Amery said the prolonged underemployment of young people will not only negatively impact the economy, but also the well-being of those of the locked-in generation.

She said underemployment usually occurs when a new graduate or an experienced person works part-time involuntarily because there are no full-time jobs available. It also happens when a person accepts a job that “does not reflect their actual training and skills”.

“Either way, they can earn less than they’re capable of,” Amery said. “Earning low income for a long time can affect their ability to repay their loans. [and] may take longer than expected, which, again, impacts the well-being of this generation. “

Ontario graduates call for another refund freeze

When the federal student loan repayment freeze ended last October, Patty Facy launched the Freeze NSLSC campaign to advocate for an extended postponement of student loan repayments.

Facy, who graduated last spring from the University of Toronto’s Faculty of Information, said she and her colleagues felt that a six-month non-repayment grace period was not was not sufficient for recent graduates.

“The purpose of the campaign is to bring to the government’s attention that recent graduates are having a hard time during COVID,” Facy said. “Not just recent graduates, but also any former student with loans.”

When it all came to a standstill in March, Facy said she was stressed out about finding a job because she had to start paying off her student loans.

“I’m worried [that the class of 2021] will end up doing the same things we needed to do, ”she said.

The campaign launched a petition last November, he urged the House of Commons to extend the default period on federal student loans by six months.

“The petition was originally made in the fall for the class of 2020, but all of the terms really apply to the class of 2021 as well,” said Facy. “We really hope this sets a precedent to provide relief to new graduates.”

“Everyone wants a refund freeze,” Facy said. “We’re not saying we’re not going to pay, we’re just going to say we want to freeze the interest and the loan until now.”

She added that while government grants like the Canada Summer Jobs Program and the Canada Student Emergency Benefit could help students, the supports essentially stop when they graduate.

“Implementing a loan freeze now is the only way to give some economic relief to all new graduates trying to transition from student status to being in the Canadian workforce,” said she declared.

“I’m afraid the 2021 class will end up doing the same things we needed to do”

Daniel Lis and Taylor Leppik, Ryerson alumni in politics and governance, also launched a petition on February 24, demanding another freeze on student loans, as well as improved services to the NSLSC. As of March 11, the petition had collected more than 17,000 signatures.

Lis said they started the campaign because he saw how the economy and “the insane amount of student loans” wreaked havoc on students during the pandemic.

Leppik said after the freeze ended in October, his payments restarted in November 2020 with more money withdrawn from his bank account than before the pandemic. When she inquired about the possibility of taking out a loan for her credit card payments, the bank informed her that her credit score had fallen below 600 points.

“That’s when I had a breakdown. I didn’t know what to do, I felt completely hopeless, ”said Leppik.

Living together in West Toronto, Leppik and Lis said they had no choice but to give up their lease in March due to their financial situation and would return to live with Lis’ family in may.

Leppik and Lis both work full time, while Leppik works part time to keep his student loan payments up to date. However, Leppik said she still hasn’t been able to meet the minimum payout in the event of an automatic withdrawal.

“That’s when I had a breakdown. I didn’t know what to do, I felt completely desperate ”

Chris Glover, MPP for Spadina Fort-York and New Democrat Party (NDP) spokesperson for colleges and universities, said the Ontario government must continue to freeze OSAP payments until the end of the pandemic.

“[The NDP] worked with the Canadian Federation of Students with support from the College Student Alliance and the Ontario Undergraduate Student Alliance to call on the government to freeze payments, ”Glover said. “The students reached out and said they lost their jobs or had reduced income and are forced to choose between groceries and paying off their OSAP debt.

Glover noted that the government also cut $ 670 million OSAP funding as well as the elimination of the interest-free grace period for new graduates.

He added that OSAP cuts have resulted in students who leave their studies or take more work to finance them.

Glover said that while the cost of tuition is rising at a rapid rate, it is not in line with the money families and students are making. When Glover went to college in the early 1980s, he was costing around $ 1,000 a year for his tuition. Now a degree like engineering can cost over $ 11,000 for domestic students at Ryerson.

Challenges of the repayment assistance plan

While graduates can apply for the Repayment Assistance Plan (RAP), Leppik and Facy said students face a lot of confusion and difficulty when trying to contact the NSLSC.

According to them website, the NSLSC has received a higher than usual volume of RAP applications and is experiencing a backlog in processing applications.

Leppik spent a few weeks trying to find a representative at the NSLSC to apply for RAP. She said the system did not allow her to file her application online.

Ultimately, the request was denied and Leppik had no choice but to continue the payments. A few weeks later, in December 2020, she received an email from the NSLSC telling her that she might be eligible for the assistance plan and was recommended to reapply. On February 22, she received another email informing her that they were experiencing “processing delays” so that she could have a response within three weeks.

Facy said after getting her six-month grace period, she was due to start repaying her loan in October. Without the loan freeze, his only option was to apply for RAP.

“It took them months to even respond and [because it is] online, people can’t even reach their call centers, ”Facy said.

“I might be lucky in the sense that I was able to get approved for the PAR, but it’s not really a supportive measure because it’s so hard to work with and it’s so stressful. for people who have to trust it.

CORRECTION: A previous version of this article stated that Lis and Leppik returned to their parents in March. Lis and Leppik recently gave up their lease and will be returning to Lis’ parents in May. The Eyeopener regret this error. This article has also been updated to reflect the most recent correspondence from Leppik regarding the Repayment Assistance Program.

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