To fully appreciate the risks of cash-out refinancing, look no further than the most recent housing and financial crisis. According to an article published in the New York Times, cash out refinances comprised a large percentage of the sub-prime loans that eventually led to the crash of the housing market. Citing a joint HUD-Treasury report, the article notes that by the year 1999, best cash loans white horse road of sub-prime mortgages were refinances, and 60 of those refinances were cash-out refinances.
And according to an article published in April 2010 in the Washington Post, Texas' restriction on cash-out refinances and home equity loans played a major role in protecting the state from the worst of the housing crisis.
Quoting research from the Federal Reserve Bank of Dallas, the article argues that fewer Texans cashed out their home equity in the early 2000s, and those who did were capped on the amount of equity they could cash out. The Federal Reserve Bank of Dallas' research also confirmed the risks associated with cash-out refinancing by finding a strong link between the percentage of subprime cash-out refinances in a state and that state's foreclosure rate.
While the federal government has cracked down on sub-prime lending, the other risks associated with cash-out refinances still remain. For more information about cash-out refinances and home equity loans, please see the additional resources linked below.
Additional Resources. No blog post next week.
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With online payday lenders, Bourke said, 70 percent of providers are not fully licensed to offer loans in states in which they do business. Some lenders offer borrowers' personal, sensitive data -- not only names, addresses and phone numbers but also Social Security numbers and bank account information -- up for a fee, selling it to lead generators who in turn sell the data to other lending companies looking for new customers in states where payday lending may be illegal. A fter years of profits, regulators finally may have caught up with Think Finance.
In November, Pennsylvania's attorney general filed a lawsuit against Think Finance and Ken Rees, alleging they violated the states racketeering, consumer protection and best cash loans white horse road laws. And on May 13, two Vermont women sued Plain Green in federal court, alleging that the company is violating federal trade and consumer protection laws.
Plain Green and the Tribe intend to evaluate the complaint and determine the appropriate response, said Rosette, Plain Green's Best cash loans white horse road. Tribal sovereignty is being used as a shield to protect bad conduct, Matthew Byrne, a lawyer for the Vermont women, told HuffPost.
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