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Keyword: debt

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  • $5 billion in student loans may be dismissed because the lender lost the paperwork

    07/18/2017 10:23:07 AM PDT · by bgill · 39 replies
    Business Insider ^ | July 18, 2017 | Tanza Loudenback
    Billions of dollars in student loans may be wiped out for tens of thousands of borrowers in the US because a lender didn't keep track of the paperwork verifying ownership of the loans, according to The New York Times. The National Collegiate Student Loan Trusts, which holds 800,000 private loans and is one of the country's largest owners of private student loans, is at the center of the legal dispute, the Times reported. Borrowers are failing to repay more than $5 billion of the $12 billion in private student loans held by National Collegiate, sending the loans into default. The...
  • As Paperwork Goes Missing, Billions in Private Student Loan Debts May Be Wiped Away

    07/17/2017 4:46:53 PM PDT · by Libloather · 77 replies
    NY Times via MSN ^ | STACY COWLEY, JESSICA SILVER-GREENBERG
    Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing. The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments. Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review...
  • Illinois Is The ‘Venezuela Of The Midwest’

    06/30/2017 1:19:36 PM PDT · by SeekAndFind · 43 replies
    Hotair ^ | 06/30/2017 | John Sexton
    Our columnist Jazz Shaw wrote earlier in the week about the dreadful financial crisis in the state of Illinois. The deadline for a budget deal is July 1st which makes tomorrow the last day for lawmakers to try to arrive at the state’s first budget agreement in three years. From CNN Money: After decades of historic mismanagement, Illinois is now grappling with $15 billion of unpaid bills and an unthinkable quarter-trillion dollars owed to public employees when they retire.The budget crisis has forced Illinois to jack up property taxes so high that people are leaving in droves. Illinois may...
  • CBO: Treasury to run out of cash in next 3 days, leading to default or delay in payments.

    06/30/2017 2:11:36 AM PDT · by gattaca · 39 replies
    Free Beacon ^ | Jun e30, 2017 | Ali Meyer
    The amount of money the government spends on programs and the amount it collects in taxes could change from the budget office projections, so the office warns that the Treasury could run out of funds even earlier. Currently, the federal deficit stands at $693 billion, which is an increase of $134 billion than what it projected in January. The federal government has an outstanding debt of $19.8 trillion, which includes $14.3 trillion in public debt and $5.5 trillion held by government accounts. Spending on major government programs such as Social Security and Medicare causes the amount of borrowing to increase....
  • Are Illinois & Puerto Rico Our Future?

    06/27/2017 8:54:37 AM PDT · by Kaslin · 28 replies
    Townhall.com ^ | June 27, 2017 | Pat Buchanan
    If Gov. Bruce Rauner and his legislature in Springfield do not put a budget together by Friday, the Land of Lincoln will be the first state in the Union to see its debt plunge into junk-bond status. Illinois has $14.5 billion in overdue bills, $130 billion in unfunded pension obligations, and no budget. "We can't manage our money," says Rauner. "We're like a banana republic." Speaking of banana republics, Puerto Rico, which owes $74 billion to creditors who hold its tax-exempt bonds, and $40 billion in unfunded pension liabilities, has already entered bankruptcy proceedings. The island's imaginative 38-year-old governor, Ricardo...
  • World Offers Cautionary Tale for Trump’s Infrastructure Plan

    06/26/2017 11:14:16 AM PDT · by Tolerance Sucks Rocks · 20 replies
    The New York Times ^ | June 16, 2017 | Peter S. Goodman
    LONDON — The rest of the planet bears a warning for President Trump’s plan to lean heavily on private business in conjuring a trillion dollars’ worth of American infrastructure: Handing profit-making companies responsibility for public works can produce trouble. In India, politically connected firms have captured contracts on the strength of relationships with officialdom, yielding defective engineering at bloated prices. When Britain handed control to private companies to upgrade London’s subway system more than a decade ago, the result was substandard, budget-busting work, prompting the government to step back in. Canada has suffered a string of excessive costs on public...
  • Living in Illinois Teaches People to Hate Government

    06/21/2017 11:47:12 AM PDT · by PBRCat · 40 replies
    The Chicago Sun-Times ^ | June 21, 2017 | Phil Kadner
    Illinois is the reason people hate government. The state is in the middle of a terrible financial crisis and two political titans are battling over bragging rights to the political carnage. Republican Gov. Bruce Rauner, who is likely to spend more than $100 million on his political campaign if he runs for re-election next year, claims to be on the side of reform. Rauner wants to freeze property taxes, cut worker’s compensation and undermine collective bargaining rights. He would also like term limits for state officials and reduce the gerrymandering of legislative districts. On the other side there is Michael...
  • How We Can Start Taking Back Our Country

    06/21/2017 8:24:32 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | June 21, 2017 | Star Parker
    Americans are justifiably frustrated regarding what is going on in Washington, D.C. But let's not forget that we elect these folks. We may have a mess, but we can at least be proud that it's our mess. There is one unique problem. Unlike business, where change can be made quickly, government programs are so hard to change that it is almost a one-way street. It's not so easy to pass new programs, but once they're passed, we're stuck with them, generally, forever. Sure, technically they can be changed. But when is the last time we saw a major government program...
  • NBC2 Investigators: Tolls won't be used for Cape Coral Bridge project

    06/16/2017 5:17:47 AM PDT · by Tolerance Sucks Rocks · 1 replies
    NBC 2 ^ | May 26, 2017 | Delia D'Ambra
    LEE COUNTY, Fla. - The entire westbound span of the Cape Coral Bridge will be replaced in about 11 years. That overhaul will be an expensive project costing $88 million. At the rate you're paying the $2 toll right now, the money could be saved and ready to pay for it in half that time. However, that’s not happening, and NBC2 investigated to find out why. More than 20,000 vehicles pass over the Cape Coral Bridge in a single day. Drivers headed to the Cape from Fort Myers have to pay $2 before jumping on the westbound span. "Living on...
  • Why your credit card debt is about to get more expensive

    06/15/2017 9:59:01 AM PDT · by Lorianne · 48 replies
    source content cannot be posted due to copyright issues | 14 June 2017
    see below for link
  • Journal Times editorial: The time for toll roads has arrived in Wisconsin

    06/15/2017 10:10:55 AM PDT · by Tolerance Sucks Rocks · 23 replies
    The Journal Times ^ | May 30, 2017 | The Journal Times Editorial Board
    Now that the long Memorial Day holiday is over and legislators and the governor have returned from their road trips, we hope they have a better sense of the condition of highways around the state and a renewed sense of urgency on the need for upgrades and repairs. The first order of business, it would seem to us, is to come to some agreement on a state transportation budget for the next two years. Hopefully, hopefully, when that is done they will also take a longer-term view of Wisconsin’s highway construction needs and how best they should be met —...
  • Trump infrastructure push faces cold shoulder from Congress

    06/15/2017 5:41:19 AM PDT · by Tolerance Sucks Rocks · 14 replies
    WXOW News 19 ^ | June 6, 2017 | Erica Werner (AP)
    WASHINGTON (AP) - Repairing the nation's crumbling roads and bridges was supposed to be an area ripe for bipartisan compromise between congressional Democrats and President Donald Trump. Instead, Democrats are panning Trump's proposed $1 trillion overhaul and even Republicans are balking at some aspects of the emerging plan. The White House's self-proclaimed "Infrastructure Week" began with Trump appearing Monday with aviation officials and some prominent GOP lawmakers to announce plans to privatize the nation's air traffic control system and separate operations from the Federal Aviation Administration.
  • VERIFY: Are Houston toll road fees ever going away?

    06/12/2017 10:59:41 PM PDT · by Tolerance Sucks Rocks · 41 replies
    KHOU ^ | May 19, 2017 | Tim Wetzel
    HOUSTON - The teachers at Spring Forest Middle School asked KHOU 11's Verify team whether Beltway 8 has been paid off and if the tolls will ever go away in the foreseeable future. "Why do we still pay for toll roads?" wondered 7th grade teacher Rebecca Mustachio. "To be honest, I thought we would be done paying for toll roads." We are not even close to paying the bill for those roads, according to Roxana Sibrian of the Harris County Toll Road Authority. In a statement emailed to KHOU, the authority says it will be paying off construction debt until...
  • Puerto Rican voters back statehood in questioned referendum

    06/11/2017 3:58:08 PM PDT · by SkyPilot · 113 replies
    AP ^ | 11 Jun 17 | DANICA COTO
    Puerto Rico's governor announced that the U.S. territory has overwhelmingly chosen statehood in a nonbinding referendum Sunday held amid a deep economic crisis that has sparked an exodus of islanders to the U.S. mainland. Nearly half a million votes were cast for statehood, more than 7,600 for free association/independence and nearly 6,700 for the current territorial status, according to preliminary results. The participation rate was just 23 percent with roughly 2.26 million registered voters, leading opponents to question the validity of a vote that several parties had boycotted. Gov. Ricardo Rossello shows his ballot at the San Jose Academy during...
  • Is College Worth It? Increasing Numbers Say No

    06/09/2017 4:51:52 AM PDT · by Kaslin · 76 replies
    Townhall.com ^ | June 9, 2017 | Michael Barone
    "Too many people are going to college," writes my American Enterprise Institute colleague Charles Murray. That's not a response to the mob of students who attacked him and the liberal professor who had invited him to speak back in March at Middlebury College. It's the title of the third chapter in his 2008 book, "Real Education: Four Simple Truths for Bringing America's Schools Back to Reality." Since Murray wrote those words, higher-education enrollment has in fact declined, from 20.6 million in 2011 to 19 million in 2016, according to Ohio University economists Richard Vedder and Justin Strehle, who wrote about...
  • Goldman Sachs underwrites Venezuelan tyranny

    05/31/2017 12:48:28 PM PDT · by Sean_Anthony · 7 replies
    Canada Free Press ^ | 05/31/17 | Matthew Vadum
    Unconstitutional nature of Nicolas Maduro’s administration, its unwillingness to hold democratic elections and its systematic violation of human rights A key Venezuelan opposition leader is accusing Wall Street investment bank Goldman Sachs of “aiding and abetting the country’s dictatorial regime” by purchasing its government-issued bonds. The allegation, of course, is completely accurate and comes after two months of bloody unrest caused by the failing socialist economy presided over by President Nicolas Maduro. The amoral agenda-setting elitists of Goldman Sachs reportedly purchased $2.8 billion in Venezuelan debt. That apparently includes an $865 million transaction involving debt from state-run oil company PDVSA,...
  • Budget chief say debt ceiling may need to be raised soon

    05/30/2017 12:01:44 PM PDT · by OldGuard1 · 20 replies
    White House budget director Mick Mulvaney says the administration is likely to tell lawmakers they'll need to act earlier than expected to increase the government's borrowing cap. Mulvaney told the House Budget Committee that "receipts currently are coming a little bit slower than expected." He says Congress may soon hear from Treasury Secretary Steven Mnuchin (mih-NOO'-shin) about a change in the deadline to raise the debt ceiling.
  • THE GREAT U.S. ENERGY DEBT WALL: It’s Going To Get Very Ugly….

    05/29/2017 10:54:35 AM PDT · by Lorianne · 37 replies
    Srsrocco Report ^ | 27 May 2017
    While the U.S. oil and gas industry struggles to stay alive as it produces energy at low prices, there’s another huge problem just waiting around the corner. Yes, it’s true… the worst is yet to come for an industry that was supposed to make the United States, energy independent. So, grab your popcorn and watch as the U.S. oil and gas industry gets ready to hit the GREAT ENERGY DEBT WALL. So, what is this “Debt Wall?” It’s the ever-increasing amount of debt that the U.S. oil and gas industry will need to pay back each year. Unfortunately, many misguided...
  • Americans Are Paying $38 to Collect $1 of Student Debt

    05/19/2017 6:25:37 PM PDT · by Lorianne · 10 replies
    source content cannot be posted due to copyright issues | 19 May 2017 | Shahien Nasiripour
    see link in post below
  • The Frightening Ghost of Illinois Future

    05/14/2017 7:16:03 PM PDT · by Lorianne · 19 replies
    Financial Sense ^ | 12 May 2017
    When the US territory of Puerto Rico filed for bankruptcy last week, we took the opportunity to identify the most likely candidates among US states to follow the new legal precedents that are now being set by its example. The editorial board of a leading newspaper in one of those states, Illinois, argues that Puerto Rico’s bankruptcy filing represents the “frightening ghost” of that state’s debt-laden future. Here are some excerpts from the Chicago Tribune‘s editorial. They first set the stage: Puerto Rico is the terrifying Ghost of Illinois Future: a worst-case example of what happens when a government no...