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NAIROBI, KENYA — A Kenyan aid group is helping refugees improve their lives by providing affordable loans that will help finance their businesses. At least 13,000 refugees in exile have received loans. Adelle Mubalama, a tailor at Kenya’s Kakuma refugee camp, fled her home in the Democratic Republic of Congo in 2019. Mubalama said she … Read more
The Biden administration said Tuesday it was offering Pacific Gas & Electric a record $15-billion loan guarantee to help the utility upgrade its transmission lines, which have been blamed in causing wildfires, and make other improvements to meet fast-rising energy use. The commitment, which still must be finalized, would help PG&E expand hydropower generation and … Read more
In many ways, gauging the impact of the Federal Reserve lowering interest rates is like predicting when ice will thaw. We know something’s happening, but it takes a while, and there’s not much to look at. The Fed has cut short-term interest rates twice this fall, including a jumbo half-point discount to kick off the … Read more
Student loan servicers are facing new allegations of illegal practices after the Consumer Financial Protection Bureau (CFPB) released a report Monday detailing a range of unlawful activities across student loan markets. The report highlights violations in refinancing, private lending, debt collection and federal loan servicing. CFPB Director Rohit Chopra said, “Companies break the law when … Read more
Flagstar Financial, a rebranded name for New York Community Bank (NYCB), is eyeing the sale of $343 million worth of troubled New York City loans on its balance sheet. The company, which changed from NYCB to Flagstar in October, seven months after nearly collapsing, is selling eight sub-performing loans for office and retail assets in … Read more
New York’s financial watchdog has proposed new measures governing nonbank mortgage lenders. The New York State Department of Financial Services (DFS) says this new regulation would ensure these lenders are supporting access to home loans in the communities they serve, especially in neighborhoods with low- and moderate-income residents. “Everyone deserves a fair shot at owning a home, regardless of … Read more
SACRAMENTO, Calif. — Pacific Gas & Electric Co. could receive up to $15 billion in federal loans to help the utility modernize its power grid and expand clean energy infrastructure across central and northern California, officials announced Tuesday. The U.S. Department of Energy announced a conditional commitment for one of the largest loan guarantees ever … Read more
Flagstar Financial, the new moniker for the struggling New York Community Bank, is looking to unload a large batch of bad loans backing owners in New York like RXR and Stellar Management. Flagstar, which NYCB changed its name to in October, has put up for sale the portfolio of eight sub-performing loans with an unpaid … Read more
Ivan Pantic | E+ | Getty Images With the Federal Reserve’s recent moves to lower interest rates — and further cuts on the horizon — some federal student loan borrowers are wondering if now is a good time to refinance. “We are already seeing more borrowers tempted to refinance their federal loans,” said Betsy Mayotte, … Read more
SPRINGFIELD, Mo. (KY3) – A judge sentenced the owner of several Springfield restaurants to prison for wire fraud after using various companies to apply for federal loans during the pandemic fraudulently. Michael Felts must spend two years in prison after pleading guilty to two counts of wire fraud in the summer of 2023. The federal … Read more