Bank of America Corp’s (BAC) Positive Results Take Back Seat To Legal Woes

by admin on July 23rd, 2014

filed under Car Lending

Diane Alter: Bank of America Corp. (NYSE: BAC) reported Q2 earnings this morning (Wednesday) that were dragged down by mounting litigation costs in addition to a decline in mortgage originations.

Second-quarter earnings from big banks have so far mostly surpassed estimates, but investor reactions have been mixed.

Wells Fargo amp; Co. (NYSE: WFC) kicked off Q2 bank earnings season on Friday. The fourth-largest US bank by assets managed to boost earnings and meet analyst estimates by ramping up its credit card and car-lending units. The move offset a dip in its mortgage arm. Shares were modestly lower following the report although Wells didnt deliver any surprises,...

Mayor Says Neosho Finances "Looking Strong"

by admin on July 23rd, 2014

filed under Finances

NEOSHO, MO —At a recent town hall meeting, the mayor of Neosho says the citys financial forecast is looking strong.

Mayor Richard Davidson said the citys financial status is currently 5% ahead of budget for 2014. The city of Neosho brings in around $10 million a year, and currently has$1.7 million in reserves.

Davidson said so far the city has done a good job maintaining its finances. By 2017, projections show the citys debt will start to go down.

Right now, were on track, Davidson said. Revenues are ahead of what where we expected them to be. The citys financial situation overall is very strong. And we see that continuing to strengthen over the next year or two.

Mayor...

THAILAND PRESS-Bank says credit card cash advances rising – Bangkok Post

by admin on July 22nd, 2014

filed under Cash Advances

Cash advances via credit cards have grown 10 percent over the
first five months of the year as more people suffer from a
liquidity crunch. The slowing economy has prompted credit card
companies to be more prudent in their asset quality control,
says credit card service provider Krungthai Card (KTC).

(link.reuters.com/waq99v)

—-

NOTE: Reuters has not verified this story and does not vouch
for its accuracy.

(Bangkok Newsroom; Editing by Prateek Chatterjee)

Moody’s Raises Outlook on Ally Financial (ALLY) to Positive

by admin on July 22nd, 2014

filed under Car Lending

Moodys Investors Service affirmed the Ba3 corporate family and B1 senior unsecured ratings of Ally Financial (NYSE: ALLY) and revised the outlook for the ratings to positive from stable.

RATINGS RATIONALE

Moodys affirmed Allys ratings and revised its rating outlook to positive based on the companys progress toward sustained improvements in profitability and repayment of government assistance received during the financial crisis.

Allys operating performance is improving, driven by lower borrowing and operating costs. Allys liability management actions and continued transition to deposit funding have lowered the firms cost of funds and strengthened its net interest margin,...

Payday lender will pay $10 million to settle consumer bureau’s claims

by admin on July 21st, 2014

filed under Cash Advances

The bureau, created by the 2010 financial reform law, has tried to crack down on payday lending abuses and is considering whether new federal rules are needed.

Payday loans, long a fixture of working-class and low-income neighborhoods, became more popular during the Great Recession and its aftermath as cash-strapped consumers looked for a quick fix to tide them over until their next paycheck.

About 20,600 payday locations across the country make $38.5 billion in such loans each year, according to the Community Financial Services Assn. of America, an industry trade group.

The short-term loans, typically $350, are cash advances on a paycheck. The loans typically are for two weeks...

Western Crop Producers Have More Time to Repay Cash Advances

by admin on July 20th, 2014

filed under Cash Advances

OTTAWA, ONTARIO–(Marketwired – July 10, 2014) – Agriculture and Agri-Food Canada

Producers who have been unable to sell their crops due to rail transportation challenges now have more time to repay their 2013 cash advances under the Advance Payments Program (APP). Agriculture Minister Gerry Ritz today announced a Stay of Default on the repayment of advances for producers who received an advance on their 2013 crops through the Canadian Canola Growers Association (CCGA).

The six-month Stay of Default, which extends to March 31, 2015, was granted at the request of the CCGA to provide producers with more time to repay their outstanding advances. Producers will...

Fitch Affirms the Ratings of the State of Sao Paulo; Outlook Stable

by admin on July 20th, 2014

filed under Cash Advances

SAO PAULO BOGOTA, Colombia Fitch Ratings has affirmed the Brazilian state of Sao Paulos Issuer Default Ratings (IDRs) at BBB. The agency has also affirmed the national long-term rating at AA+(bra). The rating Outlook is Stable.

KEY RATING DRIVERS

The State of Sao Paulos ratings affirmation considers Sao Paulos solid economy, which is about a third of the Brazilian GDP. The state had an adequate budgetary performance, which according to Fitchs adjustments, accounts for a 7.9% operating margin and high level of fiscal autonomy. Proprietary revenues represented 72.1% of operating revenues in 2013. Also supporting the rating is the financial flexibility stemming from...

Ex-Sarangani official indicted for unliquidated cash advances

by admin on July 20th, 2014

filed under Cash Advances

(Updated 1:15 pm June 27) The Office of the Ombudsman has found probable cause to indict a former board member of Sarangani province for alleged failure to liquidate his cash advances amounting to P340,000.

In a statement, the Ombudsman said former board member Hanafi Abdullatip Ibrahim violated Article 218 of the Revised Penal Code for failure of accountable officer to render accounts.

Article 218 of the Revised Penal Code punishes public officers who fail to account for cash advances within two months of receiving the money with imprisonment or a fine of from P200 to P6,000.

The Ombudsman said based on an audit investigation conducted by the Commission on Audit, Ibrahim,...

Study finds medical debt may result in inaccurate credit scores

by admin on July 20th, 2014

filed under Credit Scores

When consumers have medical debt that is sent to the collections department and then shows up on their credit reports, they may be penalized excessively by credit-scoring agencies, according to a recent study by the Consumer Financial Protection Bureau.

Medical debt has been a big problem for Americans, and the federal agency decided to take a look at how credit-scoring models #x2014; which produce scores used for everything from getting a home loan to setting credit card interest rates #x2014; assessed the money that people owed.

#x201c;Getting sick or injured can put all sorts of burdens on a family, including unexpected medical costs. Those costs should not be compounded by overly...

Lee Zurik Investigation: Fired LCDA director imprisoned

by admin on July 19th, 2014

filed under Cash Advances

NEW ORLEANS, LA (WVUE) –

Late last year, Steve Dicharry ignored our questions.

His public credit card had tens of thousands of dollars of questionable charges at restaurants, at Sams Club, even for airfare for his girlfriend. We found he took out cash advances on his public card on nine separate occasions.

At the time, Dicharry was the executive director of the Louisiana Community Development Authority, a public agency based in Baton Rouge. It acts as a broker for local governments looking for infrastructure improvements.