Loans digger

Bank of America Corp said on Tuesday quarterly profit sank 95 percent, hurt by more than $7 billion of losses tied to write-downs, poor trading decisions and mounting credit woes.
Fourth-quarter net income for the second-largest U.S. bank fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier. Revenue […]

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Fifth Third Bancorp, Ohio’s second- largest lender, said fourth-quarter earnings dropped 42 percent on an increase in costs for bad loans and an insurance-related writedown.
Net income fell to $38 million, or 7 cents a share, from $66 million, or 12 cents, the Cincinnati-based company said today in a statement. The bank missed the average […]

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The no-worries lending that inflated the housing bubble is resulting in a flood of soured option-ARM loans, adjustable-rate mortgages that allow borrowers to pay so little every month that their loan balances rise rather than fall, sometimes sharply.
Numbers from industry trackers suggest that these borrowers, most of whom boast respectable and often top-tier credit scores […]

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Faxless bad credit payday loan is for your urgent needs. Emergencies come without informing you and waiting until your next salary day is not possible. In such situations, only faxless payday loan can lend you the money for the payment of your dues. In case you have bad credit history, then also you need not […]

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S ome bills simply must be paid. So when the rent and the car payment come due but Tasnuva Ahmed’s next paycheck is a week away and the wallet is empty, she visits her local payday lenders.
Zips up to the Check ‘N Go on King Street in Alexandria, hurries inside and emerges 14 minutes […]

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Is it a refinancing renaissance, or just a fast-closing window of opportunity?
Thanks to the lowest mortgage rates in two years, nearly 60 percent of all new mortgage applications taken out so far this month were for refinancings, according to the Mortgage Bankers Association.
“This has been the busiest January I’ve had in 20 years,” said David […]

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Instead of paying off your student loans, you can work them off with the government’s help.
While most people know that the government offers various types of student loans, some may not be aware that Uncle Sam also offers graduates a number of ways to pay back loans.
By volunteering, or working in community-service positions, graduates […]

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Might the refund anticipation loan’s days be numbered?
Last week, the Internal Revenue Service said for the first time it will be looking at refund loans and whether they encourage cheating among tax preparers, as some critics claim. Sounds hopeful, though at this point the agency only is seeking public comment.
“This is the smallest step forward […]

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And when the music stops, everyone has to sit down. Ours is a cliché business, but then again there may be some new life in the old saws at the ignominious ending of a “New Paradigm.”
American Banker has an interesting piece out on troubles in mortgage servicing land (subscription only, alas):
In recent weeks problems at […]

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As noted in our recent research report on the P2P lending market (here), the exchanges need to boost revenues to remain viable. Even with scale, a 1% borrower fee and 1% servicing fee just doesn’t provide enough revenue with the relatively small loan sizes currently being funded.
For example, using Prosper’s previous pricing on a […]

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