Loans
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Got student loan forgiveness? How federal Public Service program works
Some gleeful professionals are sharing their joy on social media after finding out a federal program has wiped out their student debt. A Kentucky doctor on Twitter said he reapplied for the public service loan forgiveness program after working a decade at a nonprofit organization and recently received notice that his medical school loans had been forgiven. “In shock,” wrote Dr. Lee Dossett. Dossett took advantage of a program that originally failed to fulfill its promise of offering student debt relief to thousands of public workers, including teachers, police officers and firefighters. President Joe Biden’s administration overhauled the Public
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Billions In Office Loans At Risk Of Distress As Tenants Flee Older Buildings
Many questions about the office market’s future remain unanswered as the pandemic nears the two-year mark, but one trend has become increasingly clear: Tenants are leaving older buildings in favor of newer projects. This accelerated shift has left owners of some aging office buildings with large vacancies and insufficient cash flow to pay back their debt, putting billions of dollars of office-backed loans at risk. The Chicago office building at 175 West Jackson Blvd., owned by Brookfield Asset Management. The flight to higher-quality assets had already taken off before 2020, but it reached new altitudes during the pandemic as tenants
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Majority of PPP Loans Went to Business Owners, High-Earning Households
$510 billion in loans were extended by the Payroll Protection Program in 2020. Business owners and stakeholders were the main beneficiaries of these loans, according to a new study. As a result, only 2% of those loans flowed to low-earning households, economists concluded. Loading Something is loading. The Payroll Protection Program was launched in April 2020 and issued $510 billion in uncollateralized, low-interest loans of up to $10 million by the end of the year. The speed of this unprecedented program helped businesses keep their doors open, but workers weren’t the main beneficiaries of PPP, according to a study authored
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Critics Say I.M.F. Loan Fees Are Hurting Nations in Desperate Need
At a time when the coronavirus pandemic is fueling a rapid rise in inequality and debt, a growing number of policymakers and economists are pressuring the International Monetary Fund to eliminate extra fees it charges on loans to struggling nations because they siphon away scarce funds that could instead be used to battle Covid. The fund, which for decades has backstopped countries in financial distress, imposes these fees for loans that are unusually large or longstanding. They were designed to help protect against hefty losses from high-risk lending. But critics argue that the surcharges come at the worst possible moment,
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Redfin will buy Bay Equity Home Loans for $135M in bid to boost mortgage business
(GeekWire Photo / Nat Levy) Seattle real estate giant Redfin announced that it will pay an estimated $135 million in cash and stock to purchase Bay Equity Home Loans, a Bay Area-based mortgage lender that is active in 42 states and employs 1,200 people. The deal should provide a boost to Redfin’s lending business. Bay Equity closed $8.5 billion in loans last year and is nearly 10X the size of Redfin Mortgage. It has also generated positive net income each of the last three years. Redfin will consolidate its Redfin Mortgage operations under Bay Equity, which will retain its
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Calls for student loan forgiveness expected to intensify as Biden’s legislative agenda stalls
President Joe Biden’s ambitious social spending and climate-change package of legislation, the Build Back Better Act, appears unlikely to pass as originally written after the moderate West Virginia Democrat Sen. Joe Manchin declared his opposition in the days before Christmas and reiterated this week that there are no ongoing discussions over the bill. Though it’s possible Democrats can muster their razor-thin margins in the House of Representatives and Senate to pass some sort of stripped-down spending bill, it’s almost a certainty that Biden will either this year or after a likely loss of the House after the November elections, turn
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The end of student loans
When it comes to student loans, President BidenJoe BidenOvernight Energy & Environment — Manchin raises hopes on climate spending Missouri state GOP lawmaker resigns for Florida consulting job Joe Manchin stood up for West Virginia values MORE is acting like Lucy removing the football just as naïve Charlie Brown is persuaded to kick it. Every time the president sets a new date to resume student payments, he takes it away. Student borrowers wonder when payments will start again and if they do, where they will find the money they long since spent. Delaying payments is not a policy;
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Waiting for student loan forgiveness? What to do in the meantime
Flashpop | Stone | Getty Images Getting impatient waiting to hear if your student loans will be forgiven? Millions of other borrowers are in the same spot. The topic of loan cancellation has been floated for years now. On the campaign trail, President Joe Biden promised to forgive at least $10,000 of the debt for all but other Democrats are pressuring him to raise that amount to $50,000. Some experts suspect there could be action before the November mid-term elections, with Democrats hoping that delivering on loan cancellation could help them on the ballots. Here’s what you can do while
