US Justice Dept questions JPMorgan over auto lending practices

    March 1st, 2015

    NEW YORK (Reuters) – JPMorgan Chase amp; Co said on Tuesday the bank has been questioned by the US Department of Justice over auto lending practices that possibly resulted in discrimination.

    The largest US bank said in an annual filing with the US Securities and Exchange Commission that the Justice Department is looking at whether auto loans made by car dealerships to borrowers of different races and ethnicities may have been marked up.

    JPMorgan is the fifth-largest US auto lender behind Ally Financial Inc , Wells Fargo amp; Co , Toyota Motor Corps in-house lending arm and Capital One Financial Corp , according to Experian Automotive.

    Ally...

    Rs 2.03 cr educational loans distributed to students

    March 1st, 2015

    : Chief Minister N Rangasamy today said his government would leave no stone unturned to ensure education for students and had in place schemes to give aid to to those from poor families to pursue higher studies.

    Handing over Rs 2.03 crore educational loans to around 300 students of the Backward, Most Backward class and Minority community under a scheme of Puducherry Corporation for Development of BCs and Minorities here,he said the Corporation was drawing funds from National Corporation for Development of Backward Classes and Minorities and make it available for various projects.

    Corporation Chairman C Balamurugan said they had so far distributed Rs four crore for BC students...

    High Fee Credit Cards On The Rise In U.S.

    March 1st, 2015

    Increasing number of subprime borrowers are obtaining credit cards with high interest rates and fees to have some type of credit to fall back on. These high fee credit cards generally offer very low credit limits and have high fees tacked on at the beginning, lowering the credit limit even further and generating interest for the company immediately. What these borrowers do not realize is that these high fee credit cards can cause more financial distress than not having them. A number of these borrowers get trapped in vicious cycle of debt that costs them much more than the cost of the initial incident that caused them to use the card.

    Many of these high fee credit cards offers...

    Wells Fargo VP to speak at Furniture/Today Finance Workshop

    March 1st, 2015

    CHARLOTTE, NC John Spahn, vice president, sales finance at Wells Fargo Retail Services, will provide an overview of the current environment for consumer finance across the retail industry at Furniture/Todays Finance Workshop, to be held Wednesday and Thursday, March 25-26.

    The inaugural event, part of Progressive Business Medias growing series of educational events, will be held at the Hilton Charlotte Executive Park here and will also include sessions on second and third-tier consumer finance options as well as a keynote presentation on the current market for investment capital presented by Philipp Lisibach and Jack Hasler from international banking leader Credit Suisse.

    In...

    Mission Fed Is Offering a 1.49% APR Auto Loan Until April 30, 2015

    March 1st, 2015

    When most consumers consider refinancing, mortgages might be the first thing to come to mind, but Mission Federal Credit Union offers auto loan refinancing as well as new auto loans and lease buyouts for residents of San Diego County. In fact, for a limited time, Mission Fed is offering customers a special APR as low as 1.49% on loans for vehicles with model years 2008 and newer.

    The special rate, which is subject to credit approval, is available for funds toward the initial purchase of a new or used car, a lease buyout or refinancing of an auto loan issued by another lender. Consumers can take advantage of this offer to replace their current non-Mission Fed auto loan if it has a higher...

    A review of rural credit

    February 28th, 2015

    A formal financial system for providing rural credit in Bangladesh started with the establishment of the Agricultural Development Bank in 1960s. Later the government also encouraged commercial banks to set up branches in rural areas for financial inclusion. In 1977, a special agricultural credit programme called #39;Matir Dak#39; was launched. As a result, the number of bank branches in rural areas increased from 854 in 1975/76 to 3,225 in 1983/84. The rural branches were engaged both in collection of savings and provision of credit.

    However, on a close scrutiny, it was observed that the access to finance was provided mostly to large and medium landowning households and big traders...

    Home Buying 101: How to Navigate Your First Home Loan

    February 28th, 2015

    By Maui Now Staff

    Recent surveys indicate that many first-time home buyers find the process of getting a mortgage and understanding their loan options challenging.

    According to the 2014 JD Power US Primary Mortgage Origination Satisfaction Study, nearly half of first-time home buyers reported that they did not completely understand the process. But don’t let that discourage you. Getting a home-loan can seem like a daunting task, but you can accomplish it with the help of the right loan officer, and by asking the right questions and being willing to share information.

    Where do you find a good loan officer? Ask people you know for a recommendation, or someone who has recently...

    loanDepot LLC Announces Plans To Expand Suite Of Lending Products

    February 28th, 2015

    IRVINE, Calif., Feb. 26, 2015 /PRNewswire/ — loanDepot LLC, Americas consumer lender, today announced plans to offer home equity loans to qualified borrowers interested in financing home improvements, repairs, and approved solar installations. The introduction of FHA Title 1 loans will be the first in a series of new lending products slated for delivery by loanDepot to consumers across the nation in 2015.

    loanDepot is committed to being Americas consumer lender, a place where everyone can go for credit at affordable rates and responsible terms as they pursue their dreams, said Dave Norris, president and chief operating officer of loanDepot LLC. Market timing for the introduction...

    Botched Valentines Date At Intercontinental Hotel Lands Woman in Court Over …

    February 27th, 2015

    A botched Valentines date at a five-star hotel in the city has landed a woman in court for failing to pay Sh200,000 bill after her boyfriend failed to turn up.

    Twenty-seven-year-old Laura Ogolla is said to have checked into the Hotel Intercontinental a week before the big day.

    She dined and wined at the luxurious hotel from January 27 until February 16, allegedly waiting for her lover.

    Ogollas short term lavish lifestyle was, however, cut short when she was asked to settle her bills that had reached Sh229,505.

    Today, she was arraigned in court and charged with obtaining credit by false witnesses.

    US online marketplace for auto loans debuts

    February 27th, 2015

    NEW YORK Feb 23 (Reuters) – DriverUp, a US online
    marketplace that allows hedge funds to invest directly in car
    loans, launched on Monday with a $50 million investment from
    venture capital firms.

    Executives at DriverUp told Reuters that the company is
    expecting to sell at least $50 million of auto loans to funds,
    wealthy individuals and other investors through its website this
    year.

    DriverUps parent, Dallas, Texas-based Sierra Auto Finance,
    will make all the loans on the platform at first, but Chief
    Executive Sam Ellis said that over time other lenders may sell
    their loans via the site. Before starting Sierra in 2012, Ellis
    founded...