Trying to rebuild a business after a natural disaster can be overwhelming. Just ask René Garcia. When Hurricane Irene barreled through Fleischmanns, N.Y., last summer, the buckets of rain and howling winds proved too much for the town — and Garcia’s business. In just a few short hours, La Cabaña, the Mexican restaurant and nearby [...]
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Homeowners go for shorter loans
Nearly 40 percent of U.S. homeowners refinancing in the second quarter chose shorter loans, the Federal Home Loan Mortgage Corp. said Monday. Freddie Mac said 37 percent of those people off 30-year loans in a refinancing deal in the quarter chose a 15- or 20-year loan. It was the highest portion of borrowers choosing shorter [...]
Can Government Make Markets Work Better?
Joseph Stiglitz argues that markets in which information is less than perfect can work better with government intervention. You continually emphasize the information problem faced by borrowers in the home loan markets. Hence, if you agree with Stiglitz, you should be a strong interventionist, yet most of what you write is critical of government intervention. [...]
Underwater Housing Markets
Negative equity–what you have when you owe more on your home loan than the property is worth–is one of the defining features of the still-unfolding mortgage crisis. It’s a particularly nasty problem because it can lead to all sorts of unpleasant outcomes for the real estate market and the economy as a whole. Having negative [...]
Credit Union Loans Are Not A Good Deal
Short-term loans offered by some credit unions as alternatives to high-cost payday loans are as risky and deceptive as those they’re supposed to replace, some consumer groups say. Payday loans allow cash-strapped consumers to take out small loans against their next paycheck. The loans often carry annual interest rates of 400% or more. Because they [...]