When Churches Rescue Americans From Crushing Covid

Churches are doing what politicians have been unable to do, rescuing Americans from crushing medical bills.

#biden-joseph-r-jr, #christians-and-christianity, #credit-and-debt, #debt-collection, #democratic-party, #health-insurance-and-managed-care, #medicare, #medicine-and-health, #patient-protection-and-affordable-care-act-2010, #personal-bankruptcies, #protestant-churches, #sanders-bernard, #warren-elizabeth

0

Trump Wars II: The Loser Strikes Back

Trashing the nation on his way out the door.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #credit-and-debt, #european-central-bank, #mnuchin-steven-t, #presidential-election-of-2020, #presidential-transition-us, #treasury-department, #united-states-politics-and-government

0

Mnuchin Cites Principles in Clawing Back Fed Money. Democrats See Politics.

Trump’s Treasury secretary said Congress wanted key economic supports to end by Dec. 31, a view he expressed only after the vote count in the presidential election.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #mnuchin-steven-t, #powell-jerome-h, #stimulus-economic, #treasury-department, #united-states-economy

0

How Steve Mnuchin Snubbed Joe Biden

He terminated emergency-lending programs that will limit the new administration’s options — and upset the Federal Reserve, too.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #senate, #stimulus-economic, #treasury-department, #trump-donald-j, #united-states-economy

0

Mnuchin Plans to End Some Emergency Fed Facilities

The Treasury Department asked the Federal Reserve to return unused funds, which could prevent a new secretary from restarting key loan programs.

#coronavirus-2019-ncov, #credit-and-debt, #federal-aid-us, #federal-reserve-system, #mnuchin-steven-t, #treasury-department, #united-states-politics-and-government

0

What About Tackling the Causes of Student Debt?

Pros and cons of loan forgiveness aside, there’s a more fundamental problem.

#biden-joseph-r-jr, #colleges-and-universities, #credit-and-debt, #for-profit-schools, #graduate-schools-and-students, #student-loans, #tuition

0

Federal Reserve’s Emergency Loan Programs at Center of Political Fight

Democrats are eyeing the programs as a backup option if they can’t strike a deal to aid states and localities, and believe they may be needed to backstop markets. Republicans want them off the table.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #democratic-party, #federal-reserve-system, #mnuchin-steven-t, #municipal-bonds, #powell-jerome-h, #presidential-election-of-2020, #republican-party, #stimulus-economic, #treasury-department, #united-states-economy, #united-states-politics-and-government

0

For Millions Deep in Student Loan Debt, Bankruptcy Is No Easy Fix

It’s an extremely difficult debt to discharge, and only a few hundred people a year even try. Here are the stories of some who succeeded — mostly.

#colleges-and-universities, #credit-and-debt, #education-department-us, #educational-credit-management-corp, #federal-aid-us, #personal-bankruptcies, #student-loans, #united-states-politics-and-government

0

Fed Holds Rates Steady and Signals Continued Wariness

The Federal Reserve made few changes to its policy statement during a week fraught with uncertainty.

#coronavirus-2019-ncov, #credit-and-debt, #federal-open-market-committee, #federal-reserve-system, #interest-rates, #labor-and-jobs, #small-business, #unemployment, #united-states-economy

0

How Trump Maneuvered His Way Out of Trouble in Chicago

When his skyscraper proved a disappointment, Donald Trump defaulted on his loans, sued his bank, got much of the debt forgiven — and largely avoided paying taxes on it.

#chicago-ill, #credit-and-debt, #deutsche-bank-ag, #fortress-investment-group-l-l-c, #subprime-mortgage-crisis, #trump-international-hotel-and-tower-chicago-ill, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government

0

Recession’s Silver Lining: American Households Are Doing Better Than Expected

With few avenues for spending and big purchases on hold, many Americans are saving more and paying off debts, helped by loan deferrals and relief aid.

#coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #credit-cards, #credit-scores, #fair-isaac-corporation, #layoffs-and-job-reductions, #personal-finances, #recession-and-depression, #savings, #stimulus-economic, #united-states-economy

0

The Fed’s $4 Trillion Lifeline Never Materialized. Here’s Why.

The Federal Reserve was meant to take $454 billion and drastically expand it. So far, it has lent $20 billion.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-aid-us, #federal-budget-us, #federal-reserve-system, #house-of-representatives, #interest-rates, #local-government, #mnuchin-steven-t, #regulation-and-deregulation-of-industry, #senate, #stocks-and-bonds, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

0

Why Biden Will Need to Spend Big

The economic case for deficit spending is overwhelming.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #credit-and-debt, #federal-budget-us, #federal-reserve-system, #interest-rates, #savings, #united-states-economy, #united-states-politics-and-government

0

$421 Million in Debt: Trump Calls It ‘a Peanut,’ but Challenges Lie Ahead

The president on Thursday played down big loans he guaranteed for his struggling businesses. But much of that debt is soon to come due in the midst of declining revenue and an I.R.S. audit that could cost him over $100 million.

#bank-of-china, #bankruptcies, #casinos, #credit-and-debt, #deutsche-bank-ag, #federal-taxes-us, #golf, #hotels-and-travel-lodgings, #presidential-election-of-2016, #presidential-election-of-2020, #trump-international-hotel-washington-dc, #trump-national-doral-miami-doral-fla, #trump-plaza-hotelcasino-atlantic-city-nj, #trump-tax-returns, #trump-donald-j, #vornado-realty-trust

0

Trump Calls $421 Million Debt ‘a Peanut,’ but Challenges Lie Ahead

The president on Thursday played down big loans he guaranteed for his struggling businesses. But much of that debt is soon to come due in the midst of declining revenue and an I.R.S. audit that could cost him over $100 million.

#bank-of-china, #bankruptcies, #casinos, #credit-and-debt, #deutsche-bank-ag, #federal-taxes-us, #golf, #hotels-and-travel-lodgings, #presidential-election-of-2016, #presidential-election-of-2020, #trump-international-hotel-washington-dc, #trump-national-doral-miami-doral-fla, #trump-plaza-hotelcasino-atlantic-city-nj, #trump-tax-returns, #trump-donald-j, #vornado-realty-trust

0

Unemployed Workers Built Up Some Savings. Then the $600 Stimulus Checks Stopped

Anonymized bank data shows what happened next, as balances shrank and hopes dimmed for action from Washington.

#coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #labor-and-jobs, #savings, #unemployment, #united-states-economy

0

Jobless Workers Built Up Some Savings. Then the $600 Checks Stopped.

Anonymized bank data shows what happened next, as balances shrank and hopes dimmed for action from Washington.

#coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #labor-and-jobs, #savings, #unemployment, #united-states-economy

0

Europe’s Economic Recovery Is a Summer Memory

As the coronavirus resumes spreading rapidly across the continent, hopes for an economic revival have given way to diminished expectations.

#coronavirus-2019-ncov, #credit-and-debt, #euro-currency, #europe, #eurozone, #france, #great-britain, #great-britain-withdrawal-from-eu-brexit, #italy, #labor-and-jobs, #layoffs-and-job-reductions, #politics-and-government, #recession-and-depression, #stimulus-economic, #wages-and-salaries

0

Finding the Right Path in an Up-and-Down Market

Does the latest twist herald the end of a bull run or the beginning of a shift toward long-neglected niches?

#american-express-company, #banking-and-financial-institutions, #blackrock-inc, #chegg-inc, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #goldman-sachs-group-inc, #inflation-economics, #intercontinental-exchange-inc, #interest-rates, #lazard-llc, #leuthold-group, #medtronic-inc, #nasdaq-composite-index, #netflix-inc, #recession-and-depression, #roku, #standardpoors-500-stock-index, #stimulus-economic, #stocks-and-bonds, #trump-donald-j, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government, #vanguard-group-inc

0

Lumberjack, Tailor, Counselor, Host: A Hotel Owner Does It All During the Pandemic

The head of a family business is trying to keep eight hotel properties afloat despite fewer travelers and worried lenders. He may not succeed.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-aid-us, #hotels-and-travel-lodgings, #montu-patel, #small-business, #travel-and-vacations

0

‘We’re at War’: New York City Faces a Financial Abyss

The pandemic has crippled tourism, retail and the culture sector. The damage could last years, and layoffs, service cuts and added debt are all on the table.

#budgets-and-budgeting, #coronavirus-2019-ncov, #credit-and-debt, #federal-aid-us, #new-york-city, #politics-and-government

0

N.J. Will Borrow $4.5 Billion as Pandemic Pain Hits States

It is one of the first states to take on debt to plug a budget hole created by the impact of the coronavirus.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coughlin-craig-j-1958, #credit-and-debt, #lance-leonard, #moodys-investors-service-inc, #murphy-philip-d-1957, #new-jersey, #politics-and-government, #state-legislatures, #testa-michael-l

0

Unable to Pay Rent, Small Businesses Hope for a Deal With Their Landlord

Months of pandemic-related closures have left many business owners too deeply in debt to survive without concessions or deferrals.

#abs-partners-real-estate, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #coronavirus-reopenings, #credit-and-debt, #garrett-harker, #ken-giddon, #landlords, #orangetheory-fitness, #renting-and-leasing-real-estate, #restaurants, #schenker-gregg-l, #shopping-and-retail, #shutdowns-institutional, #small-business

0

Fed Forecasts Low Interest Rates for Years, and Until Inflation Picks Up

The Federal Reserve’s latest economic forecasts suggest that interest rates will remain near zero at least through 2023.

#banking-and-financial-institutions, #credit-and-debt, #federal-open-market-committee, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #stimulus-economic, #united-states-economy

0

Fed Pledges Low Rates for Years, and Until Inflation Picks Up

Federal Reserve economic forecasts show that interest rates will remain near zero at least through 2023.

#banking-and-financial-institutions, #credit-and-debt, #federal-open-market-committee, #federal-reserve-system, #inflation-economics, #interest-rates, #powell-jerome-h, #stimulus-economic, #united-states-economy

0

ITT Tech Students Will Get $330 Million in Loan Relief

Borrowers have defaulted in overwhelming rates on loans that were sometimes fraudulently signed without their knowledge by ITT employees, government prosecutors said.

#consumer-financial-protection-bureau, #credit-and-debt, #deutsche-bank-ag, #education-department-us, #itt-technical-institute, #student-loans

0

Worried Lenders Pounce on Landlords Unable to Pay Their Loans

Some hedge funds and private equity firms that lent money to property owners are now suing them for falling behind on interest payments.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #foreclosures, #hedge-funds, #kushner-cos, #mark-hotel-manhattan-ny-hotel, #mortgages, #private-equity, #real-estate-commercial, #suits-and-litigation-civil

0

Oversight Member Blasts the Fed’s Efforts to Rescue Main Street

The Federal Reserve president leading the Main Street lending program testified before a congressional commission, as one member labeled it a “failure.”

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #mnuchin-steven-t, #powell-jerome-h, #ramamurti-bharat, #rosengren-eric-s, #small-business, #treasury-department, #united-states-economy

0

Interest Rates Are Low, but Loans Are Harder to Get. Here’s Why.

Banks have tightened standards, becoming more choosy about their borrowers and asking a lot of questions.

#automobile-financing, #bank-of-america-corporation, #banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #ford-motor-co, #jpmorgan-chasecompany, #mortgages, #personal-finances, #wells-fargocompany

0

How to Navigate the Coronavirus Real Estate Market

Suburbs and fashionable exurbs are hot, but don’t forget that home prices have fallen before, a Nobel laureate warns.

#banking-and-financial-institutions, #community-reinvestment-act, #coronavirus-2019-ncov, #credit-and-debt, #immigration-and-emigration, #inflation-economics, #interest-rates, #mortgages, #presidential-election-of-2012, #presidential-election-of-2020, #prices-fares-fees-and-rates, #real-estate-and-housing-residential, #recession-and-depression, #subprime-mortgage-crisis, #suburbs, #united-states, #united-states-economy, #united-states-politics-and-government

0

China Tries Its Favorite Economic Cure: More Construction

Strong sales at China’s biggest construction equipment maker show Beijing’s strategy for recovery after the virus. But while the company, XCMG, is prospering, the rest of the economy is struggling.

#bridges-and-tunnels, #building-construction, #china, #coronavirus-2019-ncov, #credit-and-debt, #economic-conditions-and-trends, #factories-and-manufacturing, #high-speed-rail-projects, #infrastructure-public-works, #international-trade-and-world-market, #local-government, #machinery-and-equipment, #railroads, #xi-jinping, #xuzhou-china, #xuzhou-construction-machinery-group

0

How Pimco’s Cayman-Based Hedge Fund Can Profit From the Fed’s Rescue

Congress said borrowers in taxpayer-backed rescue programs had to be from the United States. Wall Street has a workaround.

#blackrock-inc, #coronavirus-2019-ncov, #corporations, #credit-and-debt, #federal-reserve-system, #interest-rates, #pimco-pacific-investment-management-company, #stimulus-economic

0

New Gold Rush Pushes Price to Record Highs

Prices are up 27 percent this year, as the Fed’s policies drive investors to hold more gold.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #currency, #federal-reserve-system, #gold, #inflation-economics, #interest-rates, #stocks-and-bonds, #united-states-economy, #us-dollar-currency, #world-gold-council

0

E.U. Adopts Groundbreaking Stimulus to Fight Coronavirus Recession

The $857 billion package includes unprecedented steps to help less wealthy countries, including selling collective debt and giving much of the money as grants, not loans.

#budgets-and-budgeting, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #europe, #european-union, #macron-emmanuel-1977, #merkel-angela, #politics-and-government, #recession-and-depression, #rutte-mark, #stimulus-economic

0

Businesses Are Supposed to Cut Debt in a Downturn. Why Not Now?

The Federal Reserve’s efforts to stabilize markets have touched off an even bigger borrowing binge than corporate America was already on.

#abercrombiefitch-co, #banking-and-financial-institutions, #citigroup-inc, #credit-and-debt, #expedia-inc, #federal-reserve-system, #jpmorgan-chasecompany, #live-nation-entertainment-inc, #recession-and-depression, #stocks-and-bonds, #united-states-economy

0

China Is Dismantling the Empire of a Vanished Tycoon

Three years after Xiao Jianhua was snatched from a luxury hotel in Hong Kong, Beijing is making it clear that his style of freewheeling finance is a thing of the past.

#china, #corruption-institutional, #credit-and-debt, #hong-kong, #xiao-jianhua

0

Federal Aid Has So Far Averted Personal Bankruptcies, but Trouble Looms

Once federal benefits dry up, highly indebted consumers could be forced to file.

#banking-and-financial-institutions, #consumer-protection, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #debt-collection, #federal-reserve-bank-of-new-york, #labor-and-jobs, #personal-bankruptcies, #personal-finances, #unemployment, #united-states-economy

0

Banks Stockpile Billions as They Prepare for Things to Get Worse

JPMorgan Chase, Citigroup and Wells Fargo said that as long as the economy behaved according to their forecasts, they were braced for more pandemic-induced pain.

#banking-and-financial-institutions, #citigroup-inc, #company-reports, #coronavirus-2019-ncov, #credit-and-debt, #jpmorgan-chasecompany, #piepszak-jennifer, #scharf-charles-w, #united-states-economy, #wells-fargocompany

0

A Coffee Chain Reveals Flaws in the Fed’s Plan to Save Main Street

Businesses that want to use the Federal Reserve’s Main Street program cannot, and many that can use it have better options in the private market.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-reopenings, #credit-and-debt, #mnuchin-steven-t, #powell-jerome-h, #small-business, #united-states-economy

0

Stocks Generate Big Gains and Bigger Questions

A powerful rally during drastically deteriorating economic conditions has left the market richly valued and facing great uncertainty.

#banking-and-financial-institutions, #brazil, #citigroup-inc, #cnbc, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #coronavirus-reopenings, #credit-and-debt, #europe, #federal-reserve-system, #house-of-representatives, #inflation-economics, #interest-rates, #japan, #latin-america, #morningstar-inc, #personal-finances, #prices-fares-fees-and-rates, #quarantines, #recession-and-depression, #second-quarter-2020, #senate, #shutdowns-institutional, #standardpoors-500-stock-index, #stocks-and-bonds, #unemployment, #united-states-economy, #united-states-politics-and-government, #university-of-california-los-angeles

0

Personal Finance Lessons From the Pandemic

Our writer entered the pandemic believing he was in good shape financially. Now, he says, he has a lot more to do.

#banking-and-financial-institutions, #cape-cod-mass, #coronavirus-2019-ncov, #coronavirus-reopenings, #credit-and-debt, #home-equity-loans, #interest-rates, #mortgages, #new-jersey, #personal-finances, #quarantines, #retirement, #savings, #second-quarter-2020, #social-security-us, #stocks-and-bonds, #subprime-mortgage-crisis

0

Virus Revives Italy’s Age-Old Shadow Safety Net: The Pawnshop

Italians have put up valuables as collateral for loans for centuries, through plagues and sieges. Today they do it as part of the formal banking system. And business is booming.

#coronavirus-reopenings, #credit-and-debt, #dorotheum-gmbhco-kg, #economic-conditions-and-trends, #gold, #intesa-sanpaolo-spa, #italy, #pawnbroking, #politics-and-government, #sistema-pjsfc, #unicredito-italiano-spa

0

Banks Should Face History and Pay Reparations

The financial industry can close the wealth gap and serve as a model for a nation struggling to reckon with racism.

#banking-and-financial-institutions, #black-people, #credit-and-debt, #discrimination, #income-inequality, #mortgages, #policylink, #race-and-ethnicity, #united-states

0

The Tiny Bank That Got Pandemic Aid to 100,000 Small Businesses

Cross River has cranked out more loans under the federal Paycheck Protection Program than all but three of the country’s biggest lenders.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #cross-river-bank, #small-business, #small-business-administration

0

Judge Expected to Approve PG&E Plan to Resolve Bankruptcy

A federal judge could decide on Friday that the California utility can put itself back together in time to take part in a crucial wildfire liability fund.

#bankruptcies, #california, #credit-and-debt, #crime-and-criminals, #decisions-and-verdicts, #newsom-gavin, #pacific-gas-and-electric-co, #paradise-calif, #stocks-and-bonds, #suits-and-litigation-civil, #wildfires

0

Coronavirus Bankruptcies Are Coming

Experts foresee so many filings in the coming months that the courts could struggle to salvage the businesses that are worth saving.

#altman-edward-i, #bankruptcies, #chesapeake-energy-corporation, #coronavirus-2019-ncov, #credit-and-debt, #diamond-offshore-drilling-inc, #gerber-robert-e, #hertz-global-holdings-inc, #j-crew-group, #layoffs-and-job-reductions, #neiman-marcus-group, #united-states-economy

0

Second Stimulus Check, Unemployment, Stocks and More During Coronavirus Pandemic

If your income has fallen or been cut off completely, we’re here to help. This guide will connect you to the basic information you’ll need to get through this, including on government benefits, free services and financial strategies.

#coronavirus-2019-ncov, #credit-and-debt, #income, #layoffs-and-job-reductions, #mortgages, #personal-finances, #retirement, #unemployment-insurance

0

You Now Get Almost Nothing for Your Money, but It Could Be Worse

In this crisis, money is priceless, yet banks and money market funds will pay you close to zero in interest for years. That’s if everything turns out well.

#asset-allocation-personal-finances, #banking-and-financial-institutions, #blackrock-inc, #crane-peter-g, #credit-and-debt, #federal-deposit-insurance-corp, #federal-reserve-system, #fidelity-investments, #finances, #interest-rates, #money-market-accounts, #mutual-funds, #nonprofit-organizations, #pensions-and-retirement-plans, #prices-fares-fees-and-rates, #regulation-and-deregulation-of-industry, #stocks-and-bonds, #subprime-mortgage-crisis, #t-rowe-price-group-inc, #vanguard-group-inc

0

Shares of Chesapeake Energy, a Shale Pioneer, Tumble in Volatile Trading

The company, which has said it could file for bankruptcy protection, helped turn the U.S. into a gas exporter but became known for an illegal scheme to suppress the price of oil and gas leases.

#bankruptcies, #chesapeake-energy-corporation, #company-reports, #credit-and-debt, #lawler-robert-d, #mcclendon-aubrey-k, #natural-gas, #oil-petroleum-and-gasoline, #oklahoma-city-okla, #shale

0

Tenants’ Troubles Put Stress on Commercial Real Estate

As landlords face rent shortfalls and renegotiation because of the pandemic, lenders are also exposed. Hotels and retail spaces have been hit hardest.

#banking-and-financial-institutions, #co-working, #coronavirus-2019-ncov, #credit-and-debt, #landlords, #real-estate-commercial, #renting-and-leasing-real-estate, #united-states-economy, #wework-companies-inc, #workplace-environment

0