Financial News
Bank of America to
Buy Countrywide [January 11, 2008] Bank of America announced
that it would preserve its investment in troubled mortgage
lender Countrywide by buying the company outright.
Universal
Default Clauses Weakening [November 26, 2007] Credit card
issuers preempt congressional action by ending universal default
practices.
Credit Card
Issuers Thrive in the Face of Subprime Mortgage Collapse
[September 5, 2007] Credit card issuers actually are trying
harder to market to those more likely to contend with
foreclosure.
Credit Bureaus End
Authorized User Piggybacking [June 26, 2007] FICO decided to
update credit formulas used by credit bureaus to end perceived
abuses known as authorized user leasing.
IRS
Approves Tax-Exempt Status for Vision Credit Education
[January 11, 2007] The IRS determined that the activities of
Vision Credit are charitable and has thus approved our
application for tax-exempt status!
Student Loan Interest
Rates Set to Increase [May 31, 2006] Student loans are about
to become more expensive, as interest rates are reset on July 1.
Payday Lenders Booted from North Carolina [May 25, 2006]
With interest rates approaching 400%, payday lenders in
violation of state usury laws have been kicked out.
IRS
Revokes Exempt Status for Credit Counseling Agencies [May
15, 2006] Many of these companies pressured clients to buy debt
management plans and failed to provide adequate advice and
thorough counseling.
Spike
in ARM defaults expected within next two years
[April 28, 2006] ARMs have never been more popular. As rates
increase and monthly payments jump, many homeowners will find
they can no longer afford the payments.
North
Carolina Saves announces 2,000 Savers have joined statewide
campaign
[April 25, 2006] Savers
have committed to increase their savings as a part of statewide
campaign led by NC State Treasurer Richard Moore.
Credit bureaus announce new credit scoring model
[March 14,
2006] VantageScore may replace the current FICO based scoring
models used by the three main credit bureaus.
Higher
Minimum Payments Squeeze Consumers [March 2, 2006] A mandate
from the Comptroller of the Currency has caused credit card
companies to change the way minimum payments are calculated.
Some consumers will see their credit card minimum payments
double.
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