NEW YORK — Students took on more student-loan debt than they needed or could handle, during a borrowing boom from 2004 to 2008, largely due to relaxed borrowing standards set by private lenders, according to research from the Consumer Financial Protection Bureau and U.S. Department of Education released Friday. The students who took out those [...]
Two years ago if you had asked whether the commercial lender CIT Group Inc. (CIT) was too big to fail, the answer would have been an emphatic no. The Treasury Department had rejected its latest bailout plea. In November 2009, after 101 years in business, CIT filed for bankruptcy. Ask that same question about CIT today, [...]
If this whole making cars thing doesn’t pan out, Victor Muller and his team at Swedish Automobile N.V. would appear to have an excellent career in magic ahead of them. The executives behind troubled automakerSaab have earned the right to reorganize under government protection thanks to a ruling by the Court of Appeal in Gothenburg, [...]
Victims of the foreclosure mess and housing crisis are taking to the streets — literally. Street demonstrations are being planned in 10 cities, and in the crowd at the first one you are going to see Dixie Mitchell, a 74-year-old cancer survivor who refinanced her paid-off home to help one of the foster kids in her [...]
More college graduates are filing for bankruptcy, according to a new study from the Institute for Financial Literacy. The study found that from 2006 to 2010, bankruptcy filings increased among college graduates and those earning $60,000 a year or more. What’s more, last year, 64% of bankruptcy filers surveyed were married–a number that also increased from [...]
After a protracted battle for financial stability, Saab has filed for government protection. The official filing submitted this morning in Sweden isn’t a liquidation, however, it’s a bid for reorganization with the assistance of a government-appointed independent overseer. Saab boss Victor Muller: “Since securing the long-term funding through conditional agreements with Pang Da and Youngman, who [...]
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