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Substantive and procedural law benefits and protects landlords over tenants, creditors over debtors, lenders over borrowers, and the poor are seldom among the favored parties.
Soon we saw that money going to women brought much more benefit to the family than money going to the men. So we changed our policy and gave a high priority to women. As a result, now 96% of our four million borrowers in Grameen Bank are women.
What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them.
You want to evaluate future borrowers, but in order to train an algorithm that will help you identify future defaults, you have to train it and evaluate it on past data.
Microfinance initiatives are very high-touch models. The loan officer meets with local groups of borrowers every week, they share tips and techniques. There's a lot of training and learning that goes on, which adds to the cost of the model.
We are very much engaged across the government, very much engaged in streamlining and simplifying our activities with borrowers and lenders, because that saves time and saves costs and we believe we can do that while maintaining the same or increased levels of oversight and risk management.
In surveys, many borrowers say reverse mortgages have improved their lives and provided money they needed for retirement.
Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?
It's never been more important for borrowers to arm themselves with knowledge and build sound financial-management skills.
Trailer home borrowers, mostly near the bottom of the economic ladder, often default on their loans.
As borrowers, we may feel guilty about running up debt, anxious about making payments, and resentful of the constraints that old obligations (and old credit records) impose on our current choices. We may find it too easy to buy things we may later regret.
Because reverse mortgages do not require borrowers to make immediate repayments, the interest charges are added to the debt every day, and the total amount owed grows over time.
Because the fees associated with a reverse mortgage are high, such loans make sense only for borrowers who expect to live in their home for a number of years.
Conservatives may believe that impoverished borrowers destroyed Wall Street. But we liberals will not fool ourselves that stupid bankers sank conservatism for good.
The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.
When I was nine, 'The Borrowers' was such a big series for me!
The Interest Rate Reduction Act takes a first step toward providing critical stability by eliminating the threat of an immediate interest rate increase, while making clear the need to move toward a long-term solution that serves the best interests of taxpayers and borrowers.
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