“I hope (Smith) starts off a trend,” former Spelman College president Beverly Tatum said Monday.
CRL in the News
Last month 400 extremely fortunate Morehouse College graduates flipped their tassels to the amazing revelation that they would be starting their post-college careers without student debt. Richard Smith, an incredibly generous billionaire from Texas, has pledged to pay off all of their student loans.
The rate of Black homeownership in America – now at 41.1 percent, according to 2019 U. S. Census numbers – is even lower than it was when the U. S. Fair Housing Act was signed into law 51 years ago on April 11, 1968.
This means Black homeownership is 32.1 percentage points lower than that of Whites, which stands at 73.2 percent. It also means Black homeownership is 6.3 percentage points lower than that of Latino-Americans, which stands at 47.4 percent.
This spring, the Community Home Lenders Association (CHLA) hosted a roundtable in Washington, D.C., on federal government mortgage programs and their role in ensuring access to credit and affordable homeownership. This included a discussion on government mortgage programs and government-sponsored enterprises (GSEs) focusing on mortgage lending since the housing crisis of 2008.
Consumers saddled with student loan debt often have to delay financial goals, like buying a home. But for those who want the benefits of ownership before their student debt is paid off, Fannie Mae has options that can make it easier to qualify and handle the monthly payments.
There’s the West Chester, Pa., woman irate over the $25 broadcast and sports fees she pays every month though she never watches sports—and about the $150 cancellation fee when she quit her provider.
Or the traveler in Texas who found that every time he went through a highway toll, the car-rental company dinged him $15 on top of the toll price, leading to an extra $90 in “administrative fees.” “They will charge $15 to process even a 31 cent toll charge,” he says. “Completely ridiculous!”
Credit unions are warning that a proposal from Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez would significantly reduce access to financial services.
Sanders, I-Vt., and Ocasio-Cortez, D-N.Y., introduced their Stop Loan Sharks Act in mid-May, a policy proposal that would cap interest rates at 15% for consumer loans, including credit cards and payday loans. But some credit union executives are wary of the measure, noting that interest rate regulation could also limit options for borrowers, especially for those categorized as high risk.
PHOENIX (3TV/CBS 5) -- Arizona got rid of payday loans a decade ago because of exorbitant interest rates that preyed on low-income families.
Now, some Arizona advocacy groups are pushing to crack down on car title loans.
Consumer groups today applauded passage of the Consumers First Act.
Sen. Cory Booker (D-NJ) is bringing back legislation that takes aim at the big banks by severely curbing their use of overdraft fees.
These fees come up when people spend or withdraw more than their available checking account balance, and they’ve become a crucial source of revenue for financial institutions that have long targeted low-income customers who struggle the most to stay out of debt.
Education experts hope billionaire Robert F. Smith’s surprise announcement Sunday that he’ll pay the student loan debt for this spring’s graduating class at Morehouse College will be a game changer.