The growth of store credit cards is outpacing that of bank-issued credit cards, Equifax reports.
The mortgages that led to the recession are making a comeback.
Subprime borrowers don’t always deserve a bad reputation. One of the problems may be the way traditional lenders measure risk.
The housing market is showing signs of life and that’s sparking a renewed interest in bonds backed by subprime mortgages. Wednesday, the National Association of Realtors reported that existing-home sales increased 4.3 percent in January from a month earlier, the highest level since May 2010. In 2011, home sales increased 1.7 percent from 2010. The
Not-so-good credit? No problem, the banks said last year. Here’s a credit card. All right, maybe it wasn’t that easy, but more Americans with spotty credit got a credit card in 2011, according to a report released Wednesday by TransUnion. The credit reporting agency found that 25.2 percent of the cards issued in 2011 went
Troubles continue to plague Fannie Mae and Freddie Mac, the giant mortgage companies that were taken over by the government in 2008 and bailed out by taxpayers. The Securities and Exchange Commission, or SEC, sued three former executives at each of the two companies, including the former CEOs, charging them with misrepresenting the amount of
Subprime car loans – loans given to people with bad credit — are now being packaged into securities that are being scooped up by investors, according to a recent report by the Los Angeles Times. These loans, given by independent used-car dealerships who promote their businesses as “buy here pay here” are highly profitable because the
This month marks the third anniversary of the end of America’s financial system as we know it. No one is celebrating. Everyone is outraged. And the aggrieved are lined up seeking unprecedented billions of dollars in compensation. The foreclosure mess that resulted from reckless subprime lending and the subsequent packaging of those patently unsound mortgage
Bye-bye, contracted credit. Hello, plastic proliferation. At least that’s the take-away from Equifax’s new credit trends report, which shows banks handed out 1.8 million, or 26 percent, more credit cards this year through the end of March versus the same period in 2010. And in a sign of renewed confidence in riskier borrowers, 2.5 million
If your credit is less than perfect, finding an auto loan to buy a GM vehicle may just have gotten easier. General Motors announced this morning it is acquiring AmeriCredit, a Texas-based subprime lending company specializing in auto loans. From GM’s perspective, the acquisition makes sense. The company announced last month it was “developing relationships