>160k student loan borrowers are now in line to have their balances canceled, bringing the total amount of #DebtForgiveness allowed under the Biden admin’s policies to $167B, the #Education Dept announced Wed.
With the #election months away, #POTUS#Biden is lauding his admin’s achievements in delivering loan cancellation to nearly 4.8M people through a mix of existing programs & new policies. #Republicans have remained staunchly opposed to the effort, decrying it as a waste of taxpayers’ money & patently unfair to Americans who never went to college.
“I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” #Biden said in a stmnt Wed. “I will never stop working to cancel student debt — no matter how many times Republican elected ofcls try to stop us.”
Dude. You had $3,000 in student loans. Some of "these kids" graduated from college $70,000 in debt for the same degree you got, now they're earning half as much as you did for a comparable job and they have no expectation of any retirement benefits, and they've been paying on that loan for fifteen years and owe more on it now than they did when they started paying it. They are being ruthlessly exploited by student loan management companies whose entire business model is based upon gouging people who are struggling to pay off their student loans.
Would it fucking KILL YOU to show a little compassion and understanding?
Trump stands to gain billions… from the merger between TrumpMedia & Tech & the blank-check co [#SPAC] #DWAC, which took the parent company of #TruthSocial public.
But #TrumpMedia almost didn’t make it to the merger after #regulators opened a #securities investigation into it in 2021 & caused the co to burn through cash at an extraordinary rate as it waited…for its IPO.
The situation led TrumpMedia to take emergency #loans, incl’g from an entity called #ESFamilyTrust, which opened an acct w/ #PaxumBank, a small bank registered on the #Caribbean island of #Dominica best known for providing #financial services to the #porn industry.
The new details are drawn from docs incl’g: #PaxumBank recs showing #Postolnikov having access to the trust’s acct, papers that created the trust showing as its settlor a lawyer in St Petersburg, #Russia, & 3 yrs of its #financial transactions.
The concern surrounding the #loans to #Trump Media is that #ESFamilyTrust may have been used to complete a transaction that Paxum itself could not.
Paxum DOES NOT OFFER LOANS in the #US as it lacks a US #BANKING#LICENSE & is not regulated by the #FDIC.
The #ESFamilyTrust was funded for the first time on 2 Dec 2021.
#TrumpMedia then received the #loans:
$2m on 23 Dec 2021, & $6m on 17 Feb 2022.
The loans came in the form of convertible promissory notes, meaning ESFamilyTrust would gain a major stake in #Trump Media because it was offering the #money in exchange for TrumpMedia agreeing to convert the loan principal into “shares of Company Stock”.
"The World Bank has approved a loan of US$750 million (RM3.54 billion) to Colombia, to help the country become more resilient in the face of climate change by buoying up renewable energy efforts and reducing carbon emissions, the bank said yesterday."
That follows a December 2022 loan of US$1 billion.
Articles like this make the lender look good but almost never disclose the terms. Is it aid, or is it rent seeking?
"Wealthy nations have loaned at least $18 billion at market-rate interest. That is not the norm for #loans for climate-related and other aid projects, which usually carry low or no #interest.
At least another $11 billion in loans – nearly all from Japan – required recipient nations to hire or purchase materials from companies in the lending countries. Conditional aid can carry additional costs because recipients can’t consider cheaper contractors."
The PH government is dropping China loans for Japan loans to fund big infrastructure projects amid worsening disputes in the West Philippine Sea. JICA loans are cheaper than Chinese loans.
Why would you borrow money from a hostile state? It doesn't make sense.
👀 Why is the media spinning this as a bad measure?
""Unintended consequences':
Stupid Headline!
It should read:
Government Ending the Practice of Allowing Lenders Ripping Off Customers!
The federal government is planning to
👉 prohibit lenders from charging borrowers interest rates over 35 per cent 👈 as part
of its proposed criminal interest rate regulations
(sorry for the edits) #Canada#Finance#News#Loans#InterestRates#Crime#Predator
I hope the actuaries at banks are paying attention to this. Seems to me that it would be pretty risky loaning money to cops if they can fail to pay and still keep the collateral. Loaning money to cops is a bad investment, with no recourse for the lender.
#Trump attorney Chris #Kise argued to NY Supreme Court Justice Arthur #Engoron, that regardless of what was in Trump's #financial statements, they did not make a material difference to bankers who approved #loans to Trump.
Kise says there was no testimony presented at trial by anyone at Trump #lender#DeutscheBank or other lenders that said they would have proceeded differently had they known Trump's accurate financial condition.
#Now it’s #Ivanka Trump’s turn to face questioning in the #civil#fraud#trial that is publicly probing into the family business. #Trump’s eldest daughter, who has been in his inner circle in both #business & #politics, is due on the stand Wed, after trying unsuccessfully to block her #testimony.
The last witness before Trump Jr is #MichielMcCarty, state's expert.
1st he testified to his qualifications as an expert. Then his testimony switched to his report.
The 1st category of his report is “lost interest.”
#Trump has argued that everyone made money on the #loans at issue in the case, but problematically #banks gave the #TrumpOrganization favorable terms based on judicially determined #fraudulent statements of #financial condition.
The #trial stems from a lawsuit brought last year by #NYAG, #LetitiaJames, accusing #Trump & other defendants, including 2 of his adult sons & his companies, of fraudulently inflating the value of their assets to obtain favorable #loans & #insurance deals.
Before the trial, the judge, Arthur #Engoron, ruled that Trump & the other defendants were #liable for #fraud, & that the annual financial statements on which they listed their #assets were filled w/ examples of such #misconduct.
The trial is scheduled to last until the end of Dec but is expected to end sooner.
Trump arrived in the courtroom & strode past AG #LetitiaJames, seated in the first row, w/o making eye contact & immediately took a seat at the defense table.
While pool photographers took his picture at the defense table, looking solemn, in camera-ready way, Judge #Engoron looked amused.
#Wallace, the attorney general's lawyer, is noting that the defendants received remarkably #favorable#InterestRates on the #loans for which they used the statements, & that they gained more than $250 million. The attorney general is asking the court to assess #Trump a penalty of that amount.
Wallace concludes, saying that while it may be one thing to exaggerate for #Forbes Magazine & a #television audience, “you cannot do it while conducting #business in the State of #NewYork.”
#WallStreet Bet Big on Used-Car #Loans for Years. Now a Crisis May Be Looming.
The used-car market’s hot streak may be ending as borrowers struggle to make payments and regulators say some auto lenders are “setting up consumers to fail.”
They Were Promised Help With #Mortgage Payments. Then They Got a #Foreclosure Notice.
#Homeowners enrolled in Nevada’s mortgage assistance program have received foreclosure notices when the money fails to make its way from the federal government to the loan providers on time.
Someone keeps telling me I should have leased a vehicle instead of purchasing. But to me, that looks like taking a position of perpetually having a #car payment. It looks like one is paying for depreciation + profit. I don't see that this works out to less expensive than purchasing.