Loans Archives - Zxcoachoutlet

Citigroup’s Profit Falls 34% as It Sets Aside More Money for Bad Loans

October 13, 2020

Citigroup Inc.’s

third-quarter profit slumped 34% and the bank set aside billions of dollars to cover potential losses in the coronavirus recession.

Citigroup posted a profit of $3.23 billion, or $1.40 a share, down from $4.91 billion, or $2.07 a share, one year ago. Analysts had expected 91 cents a share, according to FactSet. In the second quarter, profit had fallen to 50 cents a share.

Revenue in the consumer bank fell as people continued to struggle through the recession. The Wall Street operations turned in higher revenue as trading surged in the uncertain market and bankers helped nervous companies raise cash and sell stocks and bonds to ride out the downturn. JPMorgan Chase & Co., which also reported results Tuesday, followed a similar pattern, though its overall profit rose 4%.

Still, the results were better than the second quarter’s and topped analyst expectations. The bank slowed the

SBA simplifies PPP forgiveness for small loans

October 9, 2020

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The Small Business Administration (SBA) and Treasury Department announced that they are simplifying the loan forgiveness application for Paycheck Protection Program (PPP) loans under $50,000.

“We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds,” Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Trump says talks on COVID-19 aid are now ‘working out’ | Pelosi shoots down piecemeal approach | Democrats raise questions about Trump tax audits House Democrats to unveil bill to create commission on ‘presidential capacity’ Trump’s new Iran sanctions raise alarm over humanitarian access MORE said Thursday evening, calling for additional simplification through legislation.

The simpler, two-page form businesses can fill out to have their PPP loans forgiven is meant to ease burdens on struggling small businesses.

Small-business groups praised the move.

“We are thrilled about this new SBA and Treasury interim guidance to

Why you should consider personal loans during the coronavirus pandemic

October 8, 2020

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Personal loans could help cover unexpected expenses with lower interest rates. (iStock)

Millions of Americans face unprecedented personal finance concerns as the coronavirus pandemic continues to affect unemployment rates months after the first case of COVID-19 was reported in the United States.

The Federal Reserve took steps in March to encourage consumer spending by lowering interest rates to near 0%. Rates have stayed low, and projections suggest that the interest rate will remain near 0% until at least 2023.

If you’re considering a personal loan, now may be a good time to move forward so you can take advantage of low rates. Get started on the application process today.

If you still want to do more research before taking out a personal loan, read on.

What is a personal loan?

Personal loans allow you to borrow funds from a lender to use for any expense. Typically, personal loans

Credit Cards vs. Personal Loans: What’s the Difference?

October 7, 2020

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If you find yourself in a situation where you need a little financial help, take time to think about your options. Automatically reaching for a credit card — or applying for a personal loan — might not be the best money move.

According to the Federal Reserve, consumer debt increased $12.3 billion month over month in July 2020. Interestingly, revolving debt, which includes credit card debt, decreased about $300 million. But nonrevolving debt, which includes personal loans, grew by $12.6 billion.

Bottom line: If you have debt or are facing an expensive but necessary purchase, you can choose how you want to attack the debt. Your goal is to minimize the risk of making your debt worse than it already is. Make the right choice, and before you know it, you’ll be on your way to fiscal sanity again.

So let’s take a look at how to decide whether you

Bay Area convict tried to steal $22 million from Personal Protection Program loans

October 4, 2020

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SAN FRANCISCO — A California man convicted five years ago of defrauding several local governments in the state has been charged with trying to steal $22 million from the Paycheck Protection Program.

Attila Colar, 48, of Richmond, who goes by several aliases including Dahood Sharieff Bey, was charged with bank fraud in an alleged scheme where he falsified documents to take advantage of the federal program intended to keep small businesses afloat during the coronavirus pandemic, the U.S. Attorney’s Office in San Francisco said Friday.

Colar faces up to 30 years in prison and a $1 million fine if convicted.

Prosecutors sought to keep him detained in jail while the case is prosecuted by telling the court that Colar tried to destroy records related to PPP applications by flushing them down the toilet when investigators executed a search warrant at his home in Hercules.

According to a criminal complaint, he

India to waive certain interest levies on loans in COVID-19 relief

October 3, 2020

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By Aditya Kalra, Nupur Anand

NEW DELHI/MUMBAI (Reuters) – The Indian government has told the Supreme Court it will waive certain interest levies on loans up to 20 million rupees ($272,888) under a COVID-19 support plan, a legal filing showed, in a move that will bring relief to millions of borrowers.

Gajendra Sharma, 53, an optician, poses inside his shop selling eye glasses in Agra, India, September 11, 2020. Picture taken September 11, 2020. REUTERS/Aftab Ahmed/Files

While the government did not disclose the impact on the banking sector, an analyst at credit ratings firm ICRA estimated it will cost New Delhi a maximum of 50-70 billion rupees ($682 million-$955 million).

“We expect the impact to be minimal on profitability of lenders,” said ICRA’s Anil Gupta.

An Indian optician from Agra had challenged the plan which allowed skipping repayments for six months but levied an additional “interest-on-interest” on delayed payments.

Other

UK’s crime agency warns Bounce Back loans targeted by fraudsters

October 3, 2020

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The UK’s National Crime Agency has joined other institutions in warning on the risk of emergency taxpayer-backed loans for small business being targeted by criminals.

The agency said there was intelligence that the Bounce Back loan scheme was being exploited by organised crime, according to a report in The Times on Saturday.

This follows warnings from the sate bank in charge of two COVID-19 support programmes that the schemes risked widespread fraud and poor value for money.

Keith Morgan, chief executive of the British Business Bank, twice wrote to business minister Alok Sharma in May raising concerns about the Bounce Back loan scheme and the Future Fund.

Billions has been leant and invested through both programmes. Bounce Back loans provide a 100% state guarantee to lenders offering low-interest loans. The support is capped

Coppell’s Caliber Home Loans files to go public, capitalizing on mortgage and refinancing boom

October 2, 2020

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Caliber Home Loans, the Coppell-based mortgage company, is seeking to raise up to $200 million in an initial stock offering.

The fast-growing home loan firm filed Friday with the U.S. Securities and Exchange Commission for its first public securities sale. Record-low interest rates are fueling a home buying and refinancing boom, leading privately owned mortgage companies to capitalize on Wall Street.

Home mortgage originations are forecast to hit $3.9 trillion this year – up from about $2.2 trillion in 2019. More than $2.4 trillion of this year’s home lending volume is homeowners refinancing their property at lower mortgage rates.

Caliber Home Loans is owned by an affiliate of Dallas private equity investor Lone Star Funds, which will maintain more than 50% of the company’s stock after the public offering. The company lists its current total stockholders’ equity at more than $1 billion.

Caliber – which is moving its headquarters to

EU Pins Hopes on Markets to Absorb Bank Loans Hit by Coronavirus | Investing News

October 2, 2020

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LONDON (Reuters) – The European Union is developing plans for markets to help banks offload a “resurgence” in coronavirus-hit loans and avoid choking economic recovery, the bloc’s choice for its financial services chief said on Friday.

Known as non-performing loans or NPLs, addressing soured debts is set to become more pressing as payment “holidays” introduced by banks on mortgage and business loans when economies went into lockdown are being phased out.

In a European Parliament hearing on Friday to confirm the appointment of Mairead McGuinness as EU financial services commissioner, lawmakers expressed concerns about giving banks too much freedom to offload bad loans and put consumers at risk of home repossession.

McGuinness said there was a need for a mechanism to take bad loans off banks’ books so they keep lending.

“If we leave a build up of NPLs, they can’t do that,” McGuinness said. “If we do nothing, we

Fueled by Free Money, a Tiny Lender Is Snapping Up PPP Loans

October 2, 2020

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Luke LaHaie is on no one’s list of Wall Street heavy-hitters. But from the comfort of his Chicago condo, he’s just become the biggest player in a hot new thing in American finance: pandemic relief loans.

His little-known firm, The Loan Source, has scooped up $3.3 billion of small-business loans issued under the federal Paycheck Protection Program. LaHaie, 35, is racing to buy even more.

The Loan Source is part of a largely hidden ecosystem that’s sprung up around the PPP program, which was designed to keep small businesses afloat. It’s capitalizing on free money from the Federal Reserve to buy PPP loans from the banks that actually lent out the money, with the goal of eking out a small profit in the unglamorous business of servicing the debt.

LaHaie is one of the new breed of pandemic pros who are trying to make a little money off the PPP

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