July 14, 2013 |
Consumer Portfolio Services Inc. operates on a simple principle: Everyone needs a car. For more than two decades, the Irvine subprime auto lender, known as CPS, has helped finance vehicles for people who have less than perfect credit. Employing a network of more than 5,000 new- and used-car dealerships around the country, the company buys up loans after they're originated, then bundles them with thousands of other loans. The package of auto notes is rated by credit agencies, cut into pieces as securities and sold to investors.
July 12, 2013 |
Question: Our homeowner association's directors have attorneys telling them they can do whatever they want because they are the board. Distrusting the board, I went to the office to inspect documents and found an agreement dated February 2007 for a loan for more than $3.3 million the board had taken out without the knowledge of owners. I purchased my condominium in 2007 after the loan was taken out. I believe that this obligation should have been disclosed during my purchase. While in escrow, I had only two weeks to review my condo documents, which stated, among other things, that there was $2.05 million in reserves.
July 11, 2013 |
Chivas USA is last in Major League Soccer's Western Conference, is averaging less than a goal a game and hasn't won a match since March. But you can't accuse them of giving up. On Wednesday, the team acquired forward Erick Torres on loan from its Mexican League sister club, Chivas of Guadalajara, in an effort to jump-start an offense that ranks last in the conference with 16 goals in 18 games. For Torres, meanwhile, the move to MLS offers a much-needed chance to jump-start a once-promising career that has stalled.
July 11, 2013 |
Scott Greenberg could have handled a bigger car payment. But with a baby on the way and the dealership offering a rock-bottom interest rate, Greenberg stretched the loan to 72 months - about as long as the average American keeps a new car. At 2.64% interest, the long term cut about $100 from his monthly payment on the Volkswagen Touareg SUV. "I will be putting that savings into her college fund," Greenberg said of the daughter he's expecting....
July 10, 2013
By Michael A. Memoli WASHINGTON - Senate Democrats failed again Wednesday to pass their plan to lower the interest rate for some college loans, forcing lawmakers to choose between adopting another plan many consider burdensome for students or leaving the current higher rates temporarily in effect, to their own political detriment. A bloc of Republicans - joined by Sens. Joe Manchin III (D-W.Va.) and Angus King (I-Me.) - voted against a procedural step that would have cleared the way for the Senate to approve a plan to reinstate lower interest rates on subsidized Stafford loans for one year.
July 10, 2013 |
WASHINGTON - A proposal to extend lower interest rates for some federal student loans failed for the second time in the Senate on Wednesday, putting new pressure on Democrats to reach a compromise on the issue. A unanimous bloc of Republicans, joined by West Virginia Democrat Joe Manchin and independent Angus King of Maine, voted against a procedural step that would have allowed the approach favored by Senate Democratic leaders to move forward. Their bill would reinstate for one year the 3.4% interest rate for subsidized Stafford loans that expired June 30. With no action in Congress so far, the rate has doubled to 6.8%.
July 10, 2013 |
Top Senate Democrats tried again Wednesday to push through a bill to extend for one year the just-expired 3.4% interest rate on some federal student loans. And predictably, the bill was blocked by a filibuster, with one Democrat and one Independent joining all 46 Republicans in opposition. The two camps are divided over whether to adopt a stopgap solution or a long-term one that shifts from fixed to adjustable rates. That divide seems too wide to be bridged before low- and moderate-income students start having to take out loans at the new interest rate.
July 9, 2013 |
WASHINGTON - Antonya Bruno, a senior at Howard University, has used the maximum amount of federal loans over the last three years to help pay her steadily climbing tuition. "It's been very helpful," she said, happy that she has avoided taking out more expensive private loans. Because of a political stalemate, however, Bruno will see the interest rate on her new loans double to 6.8% unless Congress can pass a retroactive fix. It could add $1,000 over the life of her loans, and cost new students four times as much.
July 2, 2013 |
Interest rates on some student loans doubled to nearly 7% Tuesday after Congress failed to reach a last-minute compromise. The interest rates on federally subsidized Stafford loans jumped from 3.4% to 6.8% but could be reduced when lawmakers return from the Fourth of July holiday. Lawmakers from both parties, as well as the White House, vowed to lower that rate before students start signing loan documents this fall. The rate now stands higher than that of most loans available from private lenders, the Associated Press reported.
June 30, 2013 |
The De Young Museum in San Francisco has borrowed paintings from dozens of collectors and museums to put together its Richard Diebenkorn exhibition, focusing on the late artist's years in Berkeley from 1953 to 1966. One lender is Wayne Thiebaud, the 92-year-old master of hand-painted Pop famous for his candy-colored richly textured images of pies, cakes and ice-cream treats. He loaned a Diebenkorn still life from 1955 that features a bottle and spoon against a sea of competing blues for the show, which runs through Sept.