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New rule would eliminate medical debt from credit reports

A new proposal by the Biden administration would protect Americans from having their credit history cratered by medical bills. The rule change, announced by the Consumer Financial Protection Bureau (CFPB) on June 11, would prevent almost any medical debt from appearing on…
Educational News

FTC Acts to Stop Student Loan Debt Relief Scheme that Took Millions from Consumers in First Case under the Impersonation Rule

In its first case under the Impersonation Rule, the Federal Trade Commission has stopped a student loan debt relief scheme that bilked more than $20.3 million from consumers seeking debt relief by pretending to be affiliated with the Department of Education.…
Government News

A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived

Mortgage rates dropped for much of last week, causing total mortgage application volume to surge nearly 16% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. But rates jumped back up again after a stronger-than-expected…
Editorial News

Treasury Announces Marketable Borrowing Estimates

WASHINGTON – The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the April – June 2024 and July – September 2024 quarters.  During the April – June 2024 quarter, Treasury expects to borrow $243…
Bankruptcy News

Republicans, White House see progress in US debt ceiling talks

WASHINGTON, May 24 (Reuters) – Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy held what both sides called productive talks on Wednesday to try to reach a deal to raise the United States’ $31.4 trillion debt ceiling,…
Legal News

U.S. Home Prices Hit an All-Time High in April

The median home sale price rose 6% year over year to $434,000 as a lack of new listings buoyed prices. The total number of homes for sale hit a four-year high, but that’s partly because some houses are sitting stale…
Educational News

Private Student Loan Rates: May 21, 2024—Loan Rates Rise

Last week, the average interest rate on 10-year fixed-rate private student loans increased. Overall, rates remain fairly low, making private student loan a worthwhile option for borrowers looking to make up a gap in college funding. From May 13 to…
Government News

Household Debt Rose by $184 Billion in Q1 2024; Delinquency Transition Rates Increased Across All Debt Types

NEW YORK — The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024,…
Editorial News

Biden, Kenya’s Ruto to discuss Kenyan debt relief this week

WASHINGTON, – U.S. President Joe Biden will play host this week to Kenyan President William Ruto for wide-ranging talks expected to include debt relief for Kenya as well as the way forward for Haiti, Ukraine, Sudan and other areas. Kenya…
Bankruptcy News

US hospital network Steward files for bankruptcy, aims for new loan

NEW YORK, May 6 (Reuters) – Steward Health Care, which operates 31 hospitals in eight U.S. states, filed for Chapter 11 bankruptcy in Texas on Monday, aiming to secure a new loan from its landlord Medical Properties Trust (MPW.N), opens new…