February 23, 2014 |
Dashiell and Marya Talbot thought that their most pressing financial problem was the five-figure student loan debt that seemed to make home buying an impossibility. Then they learned that Marya was pregnant. The Los Angeles couple, both in their 30s, suddenly had a lot more doubt about their plans. Should they dip into savings to get rid of their debt? And were there things the Talbots - he's a lawyer, she's a costumer - hadn't considered yet? "It seems like the student loan debt is going to be with you for life," said Dashiell Talbot, who prefers the name Dash.
February 10, 2014 |
Last October, in between arguments over the debt ceiling, the federal government somehow found time to send me an email. My student loan payment was 70 days past due, the message read, so the government had negatively reported me to each major credit bureau and would continue to report me until my account was brought current. I'm betting the government sent out a lot of those letters to people like me: college graduates from middle-class families who didn't qualify for much in the way of scholarship aid and had parents who couldn't afford to pay for their schooling.
February 9, 2014 |
WASHINGTON - Got problems with the company that services your home mortgage - the one that collects your payments, keeps track of your escrow account and lets you know when you're late? So your monthly numbers don't look right? You got blown off by servicing personnel when you tried to get inaccuracies in your account corrected? Well, move over. You've got lots of grumpy company. As of Jan. 31, just under half of the 187,818 complaints filed with the federal watchdog Consumer Financial Protection Bureau concerned mortgage foul-ups, and the vast majority of these involved servicing, loan modification and foreclosure activities by servicers.
January 23, 2014 |
Vince Young made $34 million in his six years as an NFL quarterback. Last week, the 30-year-old Young filed for Chapter 11 bankruptcy protection. “[Young] invested in private, illiquid investments, and he overspent,” said Ed Butowsky, a Dallas financial adviser who contributed to an ESPN Films documentary about the money woes of pro athletes. “He's ultimately responsible for all his decisions, but the people around him should have taken better care of him. The petition, filed in a Houston federal bankruptcy court, lists his estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million.
CALIFORNIA | LOCAL
January 22, 2014 |
Under a little-noticed item in Gov. Jerry Brown's proposed budget, the state would lend California's bullet train agency $29 million to keep the project moving ahead amid increased uncertainty about the availability of future funding for the massive project. The proposed loan follows a similar $26-million advance last year from general government revenues that prompted some lawmakers to voice concern about the possibility that such lending would take money away from other high-priority projects.
January 18, 2014 |
Most of the risky mortgages that triggered the financial crisis have disappeared from the marketplace, and lenders will have even more reason to avoid them because of a new federal crackdown on loose lending. But one housing-bubble favorite -- the interest-only loan -- will remain a common offering to well-heeled home buyers, despite new rules from the Consumer Financial Protection Bureau. The rules, which took effect last week, exclude interest-only loans from "qualified mortgage" status, which protects lenders from liability over defaults.