| Payday Loan Companies Agree To Cease Debt Lawful Collection In ...
In the agreement, Advance America agreed to permanently discontinue its practice of contacting consumers in person at their homes in West Virginia, and its practice of leaving door hangers for consumers when they are not home when attempting to collect alleged debts in West Virginia. West Virginia Attorney General Darrell McGraw announced a settlement agreement with four affiliates of the nations largest payday lender, Advance America, Cash Advance Centers, Inc. (Advance America) of Spartansburg, South Carolina. The companies agreed to cease engaging in certain debt collection practices that concerned McGraws office. .
Young or old, keep financial decisions simple
Skills fade with time. You know you're not going to become a major league ballplayer at 30, or start a career as a math genius at 40. But chances are you weren't going to do those things anyway, so it's no big deal. However, almost all of us have financial lives. It is worth noting, then, that new academic research shows that the average person's financial decision-making skills peak at age 53, and then gradually decline. What's to be done about it? I have some suggestions. But first, the research. The study, "The Age of Reason: Financial Decisions Over the Lifecycle," by researchers at the Federal Reserve, Princeton and Harvard, looked at the financial records of tens of thousands of borrowers and found that the young and old made poor decisions. Middle-aged folks did better.
Fraud scheme piques mortgage broker's interest
DEAR BOB: I am a mortgage broker. One of my borrowers owns two properties. The first one is his primary residence. The other is a rental house. He intends to refinance and take maximum cash out from the investment property. Since he can't afford to make mortgage payments on both properties, he plans to default on the rental house by foreclosure. Is this a good or bad idea? What happens to the cash he gets from the refinance? --Julie H. DEAR JULIE: Can you spell f-r-a-u-d? If you knowingly participate in that fraudulent scheme, as a mortgage lender, you should lose your job and mortgage broker's license. Purchase Bob Bruss reports online. The borrower's credit will be ruined by the foreclosure and your reputation will be badly tarnished for participating because you knew he planned to default.
Bankrate: Mortgage Rates Rise for 3rd Straight Week
NEW YORK, April 5 /PRNewswire-FirstCall/ -- Fixed mortgage rates moved higher across the board this week. The average 30-year fixed mortgage rate rose to 6.25 percent. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.27 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing increased to 5.97 percent. On larger loans, the average jumbo 30-year fixed rate grew slightly to 6.52 percent. Adjustable rate mortgages stepped-up with the average 5/1 ARM to 6.12 percent and the average one-year ARM rose to 5.97 percent. Mortgage rates nudged higher, but only slightly so, for the third consecutive week and are still stuck within the same narrow range they've been in for most of the year.
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