Good Question: Can You Borrow Too Much Money For Your Education?A new report out by the Project for Student Debt finds 70 percent of Minnesota college students graduate with some sort of student debt. On average, they owe $30,894, which puts Minnesota as the 5th highest in the country for student debt.
Court To Clarify Process For Rescinding MortgagesThe Supreme Court will decide what a home buyer must do to rescind a mortgage that violates the federal Truth in Lending Act. The justices on Monday agreed to hear an appeal from a Minnesota couple who refinanced their home in 2007 with Countrywide Home Loans, Inc.
Advice For Successfully Getting A Small Business LoanEven during challenging times, a small business with a sound strategy can obtain a loan.
Advice For Successfully Getting A Small Business LoanEven during challenging times, a small business with a sound strategy can obtain a loan.
Good Question: Why Are Mortgages Sold?After mortgage banker Alex Stenback of<a href="http://www.behindthemortgage.com"> Alerus Mortgage</a> helps people buy a new home, he sells off the mortgage. “We sell everything that we do here,” Stenback said. “When we sell them, it’s one by one.” About 80 percent of home loans are eligible to be sold. Stenback says it can happen for a couple of reasons. “One is there is $10 trillion in outstanding mortgages right now in the country and there's simply not enough deposits in all the banks to make that many mortgages," he said.
Reality Check: Cost of The New Vikings Stadium Minnesota is preparing to sell nearly $500 million in bonds to cover the state's share of the Vikings stadium facility. It's looking for financial institutions to buy the bonds for the stadium construction, which is scheduled to start in November. The $498 million in loans will cover the State’s and the Minneapolis’ share of stadium construction. The Vikings are putting up the rest of the $477 million for the project, which will total $975 million.
Student Loan Rate Set To Double MondayLike many Americans, lawmakers will have this week off for the 4th of July, but that break has Minnesota college students and their parents wondering what's next for their student loan rates.
Court Orders Multi-Million Judgment Against Internet LenderFor struggling families living paycheck to paycheck, internet deals offering a short-term payday loan can appear appealing. But for many customers, what was intended to help them out when they are short of cash, can quickly grow into long-term headaches.
Eagan Man Pleads Guilty To Defrauding Real Estate InvestorsA 52-year-old Eagan man pleaded guilty Tuesday in federal court for participating in a scheme to defraud real estate investors that, when totaled, cost victims more than $1 million.
US Bancorp 1Q Profit Up 28 Percent On Loan GrowthU.S. Bancorp said Tuesday its first-quarter profit jumped 28 percent, as the bank set aside less money for bad loans and got a boost from jumps in income from both loans and fees.
MPCA Offers Truckers Loans To Help Fuel CostsWith diesel fuel prices climbing to $4 per gallon, Minnesota is offering long-haul truckers low-interest loans to help them save money, stay cool this summer and reduce pollution on overnight rest stops.