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
The Biden administration is rushing to get funding for major clean energy projects out of the door before the Trump administration takes over — and big utilities are its latest focus. On Tuesday, the Energy Department’s Loan Programs Office announced a conditional commitment for a loan guarantee of up to $15 billion to California utility Pacific Gas … Read more
As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Energy’s Loan Programs Office (LPO) announced a conditional commitment for a loan guarantee of up to $15 billion to Pacific Gas & Electric Company (PG&E), a combined natural gas and electric utility serving Northern and Central California. PG&E submitted its loan … Read more
The DOE announced a $1.25 billion loan for EVgo to build fast chargers, along with $9.6 billion for Ford and battery manufacturer SK to construct three battery factories. December 17, 2024 John Fitzgerald Weaver The U.S. Department of Energy’s Loan Program Office (LPO) has finalized two loans totaling more than $10 billion to support the … Read more