Investigating some of the largest subprime lenders - Wells Fargo, Countrywide, Ameriquest, Household Finance - I've seen how their terrible, toxic loans were closed by any means necessary and eventually packaged, sold as securities, and bet upon until they exploded and decimated our economy.
Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
My investigation found Sallie Mae put student borrowers into expensive subprime loans that it knew were going to fail.
I would get my student loans, get money, register and never really go. It was a system I thought would somehow pan out.
Debt is part of the human condition. Civilization is based on exchanges - on gifts, trades, loans - and the revenges and insults that come when they are not paid back.
I think my mom and dad both wanted to get across to me that... I obviously grew up with great privilege and was very lucky and was able to afford college and not have student loans, and they would pay for college, but beyond that, it would be up to me to make a living.
I worked for twenty-some years with no capital, so I never had any liquidity. Managing my loans alone wouldn't do it, and working hard twenty-four hours a day seven days a week alone wouldn't do it. You have to be properly capitalized.
Normally, banks record profits on loans only as they are repaid, whether they securitize the loans or hold them on their books.
Between the Community Redevelopment Act, requiring banks to make what I would call very weak loans, and specific quotas that the Congress imposed on Fannie Mae and Freddie Mac, that created the market demand that really led to the subprime phenomenon.
It is hard to be enthusiastic about the economy's prospects when house prices are falling: Households spend less, small business owners can't use homes as collateral for loans and local governments are forced to cut jobs and programs as property-tax revenue disappears.
The problem in a lot of low-income countries is that people take out loans to go and get degrees, which are then irrelevant in the job market.
Though foreign loans are indispensable for the emancipation of the rising capitalist states, they are yet the surest ties by which the old capitalist states maintain their influence, exercise financial control, and exert pressure on the customs, foreign and commercial policy of the young capitalist states.
Sometimes there are customers who get in difficulty because of situations that are out of their control. These are customers with genuine needs, and the role of the bank is to accommodate these customers, and there is a real need to reschedule the loans of these customers.
Mint's business model became, 'We'll go for free, and then we'll find these savings opportunities for you.' You know, better interest rate on your credit cards, when should you consolidate your student loans, when does it mathematically make sense to refinance your mortgage, and Mint figures all that stuff out for you.
We simply can't keep providing money from the federal government in the form of subsidized or actual loans and Pell Grants when we don't have the money.
We should redefine the metric for effective lending, viz., prioritise loans to enterprises, which will generate more employment.
Because the fees associated with a reverse mortgage are high, such loans make sense only for borrowers who expect to live in their home for a number of years.
Women didn't go to school when they were young because parents preferred to send their brothers. The women couldn't access loans in their own right because the banks sought the approval of a male dependent.
We need to make college affordable in price, and also have lower-cost student loans and more available grants for students.
I learned how to lend money by cleaning up the messes of others who had made loans before me.
In the subprime mortgage industry, bankers handed out iffy loans like candy at a parade because such loans meant revenue and, hence, bonuses for executives in the here-and-now.
Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge consumers 25- to 30-percent interest on their credit cards, especially while these banks received over $4 trillion in loans from the Federal Reserve.
Our approach to banking is very different from the traditional banks or even some of the new banks. We do not necessarily go out and write single-cheque, large-ticket loans.
We need to align the incentives so that colleges have an incentive to keep down their costs... to graduate students on time with degrees in areas where they're going to be able to get jobs and going to be able to pay back those loans.
For-profit higher education is today a booming industry, feeding on the student loans handed out to the desperate.
I had begun to worry about the housing market back in 2003, when lenders first resurrected interest-only mortgages, loosening their credit standards to generate a greater volume of loans. Throughout 2004, I had watched as these mortgages were offered to more and more subprime borrowers - those with the weakest credit.
If you look at the international markets, for projects that are capital-intensive, the minute the construction phase is completed and production is supposed to start, normally all these loans get refinanced.
Through my studies, I became increasingly disillusioned with the international aid system. I think we systematically deny poor people the chance to engage as equals in the global economic order. At best, we give them handouts or tiny loans and hope they will suffer a bit less from extreme poverty. We don't view them as equals.
What people don't realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out - they just exchanged their bad loans for questionable bonds from quasi-state organizations.
Nine of 10 whites in Chicago borrow from top-drawer banks and mortgage companies, which the industry calls prime lenders. They lend to people with A credit ratings, making loans at competitive rates.
There's more student debt than credit card debt! Everywhere I go, I run into young people trying to build careers while they keep shelling out money on their education loans. If the economy is looking for a new generation of home-buyers, I can't imagine they'll get it from these folks.
The S.B.A. does not lend directly to businesses, but instead backs loans to encourage banks to invest in small businesses as part of a nearly $90 billion portfolio.
And I think it's that time. And I think if you just step aside and Mr. Romney can kind of take over. You can maybe still use a plane. Though maybe a smaller one. Not that big gas guzzler you are going around to colleges and talking about student loans and stuff like that.
I was definitely planning to go to college, but I deferred my admission to Carnegie Mellon to be in a non-equity tour of 'The Sound of Music.' But I made very little money in the tour, and college is really expensive, and I thought I'd never be able to pay off those loans.
When I went back to New Hampshire after graduating from law school, my plan was to go work for a private firm because I had to pay some student loans off and make money and really just be in the private practice of law. Which can be very rewarding.