International Business News - Lending http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif Washington state plans to revoke the license of a California mortgage broker. The state Department of Financial Institutions said an investigation has found Sacramento-based Paramount Equity Mortgage Inc. engaged in deceptive lending practices. http://www.ibtimes.com/articles/20080723/wash-state-to-revoke-license-of-mortgage-company.htm Wed, 23 Jul 2008 11:59:59 EDT CIT Group Inc. said Tuesday it will sell its home lending business to Lone Star Funds for $1.5 billion in cash, plus $4.4 billion of assumed debt, in a move to exit the troubled mortgage arena and focus on its commercial finance operations. http://www.ibtimes.com/articles/20080701/cit-group-exits-home-lending-businesses.htm Tue, 01 Jul 2008 07:00:00 EDT After four straight years of easing standards, most major national banks are tightening lending requirements on commercial and retail loans, a government report released Thursday found. But the impact of easy underwriting is likely to be felt for years to come. http://www.ibtimes.com/articles/20080612/occ-banks-tighten-lending-standards.htm Thu, 12 Jun 2008 15:33:21 EDT Democrat Barack Obama called for tighter restrictions on credit card companies Wednesday and accused Republican presidential rival John McCain of doing too little to help Americans avoid crippling debts. http://www.ibtimes.com/data/articleimgs/69012-obama-2008.jpg http://www.ibtimes.com/articles/20080611/obama-hits-mccain-credit-card-companies-on-lending-matters.htm http://www.ibtimes.com/articles/20080611/obama-hits-mccain-credit-card-companies-on-lending-matters.htm Wed, 11 Jun 2008 14:04:59 EDT Gov. Ted Strickland signed a bill Monday that puts new restrictions on the payday lending industry. The law limits borrowers to four short-term loans a year and caps annual interest rates at 28 percent. The state Legislature passed the bill last month over the objections of industry leaders. http://www.ibtimes.com/articles/20080602/ohio-governor-signs-law-restricting-payday-lending.htm Mon, 02 Jun 2008 13:29:28 EDT South Carolina House Speaker Bobby Harrell sent a bill that would regulate payday lending to a House committee Tuesday, likely killing it. But advocates for the poor and elderly say they hope a compromise can be reached before the session ends June 5. http://www.ibtimes.com/articles/20080528/sc-house-speaker-prevents-debate-on-payday-lending.htm Wed, 28 May 2008 13:07:06 EDT Two companies that employ about 2,200 workers in Ohio said Thursday they may be forced to shut down their operations in the state if legislation is enacted that would create one of the nation's strictest laws governing payday lending. http://www.ibtimes.com/articles/20080516/payday-lenders-may-close-stores-in-ohio.htm Fri, 16 May 2008 11:37:00 EDT The Center for Responsible Lending, a consumer group pressing for tighter controls on lending practices, spent $180,000 lobbying in the first quarter. http://www.ibtimes.com/articles/20080509/consumer-group-spent-180-000-lobbying-govt-in-1q.htm Fri, 09 May 2008 11:39:02 EDT The Federal Reserve reports that more banks are tightening lending standards on home mortgages, other types of consumer loans and business loans in response to a spreading credit crisis. http://www.ibtimes.com/articles/20080505/federal-reserve-reports-tighter-bank-lending-standards.htm Mon, 05 May 2008 14:00:53 EDT DeVry Inc., operator of DeVry University, Ross University and Chamberlain College of Nursing, said Monday current disruptions in the student lending business should not affect its students' abilities to get educational loans. http://www.ibtimes.com/articles/20080421/devry-says-lending-market-to-have-no-impact-on-enrollment.htm Mon, 21 Apr 2008 08:07:26 EDT Citigroup will stop lending money to students at certain schools because a new law and turmoil in the bond market has choked the profitability of student lending, the bank says Wednesday. The New Yo... http://www.ibtimes.com/articles/20080416/citigroup-to-stop-issuing-student-consolidation-loans.htm Wed, 16 Apr 2008 09:23:45 EDT Six of Ohio's big-city mayors have pledged support of a crackdown on payday lending practices, citing an explosion in the growth of payday stores when families are facing mounting economic challenges. http://www.ibtimes.com/articles/20080327/ohio-mayors-back-cap-on-lending-rates.htm Thu, 27 Mar 2008 12:49:30 EDT Think of the Federal Reserve as a sort of uber lender for banks and investment houses. In the past weeks and months, the Fed has created a number of innovative _ some unprecedented _ lending programs to open up the nation's credit spigots, which were in danger of running dry. The free flow of credit is essential to keeping the country's financial and economic wheels turning. http://www.ibtimes.com/articles/20080326/q-a-on-fed-plans-to-ease-credit-crisis.htm Wed, 26 Mar 2008 14:23:46 EDT Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow _ even for those with good credit. http://www.ibtimes.com/data/articleimgs/35706-credit-crunch-lending.jpg http://www.ibtimes.com/articles/20080321/leery-lenders-demand-more-from-borrowers.htm http://www.ibtimes.com/articles/20080321/leery-lenders-demand-more-from-borrowers.htm Fri, 21 Mar 2008 05:25:39 EDT Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow - even for those with good credit. Mortgage insurers, whose backing is required for borrowers who can't afford the traditional 20 percent down payment on a home, have already flagged nearly a quarter of the nation's ZIP codes where they refuse to insure some home loans. http://www.ibtimes.com/data/articleimgs/35647-credit-crunch-lending.jpg http://www.ibtimes.com/articles/20080320/leery-lenders-demand-more-from-borrowers.htm http://www.ibtimes.com/articles/20080320/leery-lenders-demand-more-from-borrowers.htm Thu, 20 Mar 2008 17:31:36 EDT Following are some of the restrictions major mortgage insurers are applying to properties located in markets identified as declining or distressed: _ A borrower can't receive more than 95 percent in financing; in some cases, the highest amount allowed is 90 percent. http://www.ibtimes.com/articles/20080320/mortgage-insurer-limits-at-a-glance.htm Thu, 20 Mar 2008 16:21:29 EDT Glarushiah Davis is afraid she'll lose her home because of an alleged predatory lending scheme. The 62-year-old retired social worker refinanced her $122,000 four-bedroom home in Minnesota four years ago, after a call from a lender. Since then, interests rates on her mortgage have ballooned, doubling her monthly payment of $750 to nearly $1,500, which she said she can't make much longer. http://www.ibtimes.com/articles/20080312/group-protests-at-mortgage-group-meeting.htm Wed, 12 Mar 2008 09:24:02 EDT Legislators ended three years of debate over payday lending Thursday by passing a package of reforms that place broad restrictions on the short-term, high interest lenders. http://www.ibtimes.com/articles/20080307/va-passes-payday-lending-reform.htm Fri, 07 Mar 2008 12:56:04 EST A powerful senator who has fought off efforts to reign in payday lenders in the past threatened Monday to effectively kill bills in the House and Senate to reform the industry unless both sides can work out an agreement. http://www.ibtimes.com/articles/20080226/va-senator-may-kill-payday-lending-bill.htm Tue, 26 Feb 2008 11:17:31 EST South Carolina senators agreed Tuesday to limit payday loans to no more than $500 at a time and create a list of borrowers that businesses must check before lending money. http://www.ibtimes.com/articles/20080219/s-c-senators-set-payday-loans-limits.htm Tue, 19 Feb 2008 18:18:25 EST