Borrowers

Good morning, and welcome to the Essential California newsletter. It’s Monday, Oct. 17. I’m Jon Healey, senior editor of the Utility Journalism Team, the group that explains things and tells you how to do stuff.Last week the bad news was relentless. Los Angeles city’s governing body descended into chaos because of a leaked recording of a racist exchange among Latino council members; the county recorded its first cases of a new COVID-19 subvariant; Disneyland raised its ticket and parking prices again as core inflation hit…

WASHINGTON—Many borrowers will only have to provide the federal government with basic information, including their legal names, Social Security numbers and dates of birth, to apply for federal student loan relief through a new program set to launch later this month, Biden administration officials said. Borrowers must attest under penalty of perjury that the information they submitted is accurate and that they meet the income qualifications for the program, officials said. A subset of…

President Joe Biden's student loan forgiveness plan will soon cancel debt for millions of Americans — and the relief is tax-free on federal returns. However, experts say the cancellation may still trigger a state tax bill.Most borrowers making less than $125,000 per year or $250,000 for married couples filing together will qualify for $10,000 of forgiveness, with up to $20,000 of cancellation for Pell Grant recipients. However, some states may count the canceled debt as income, explained Jared Walczak, vice president of…

Credit: Pixabay/CC0 Public Domain Mortgage holders living in cities and other urban areas are more likely to struggle with their monthly repayments than those residing in rural locations, a new study has found. …

CoinDesk: How Voyager Digital, which generated interest on deposits by loaning crypto assets, collapsed after one of its largest borrowers Three Arrows Capital defaulted — In an industry where counterparties are tightly bound together by a weave of debt and leverage, dominoes can fall fast and hard. CoinDesk: How Voyager Digital, which generated interest on deposits by loaning crypto assets, collapsed after one of its largest borrowers Three Arrows Capital defaulted — In an…

Fintech start-up Carmachain, which launched two years ago as an online marketplace feeding digital lenders with the individual customer information they need to bridge the data gap among the underserved, has touched 80 million in consumer profiles, the company said. Having debuted in Lagos in 2020, Carmachain now has engagement with more than a score of organisations on its partnership list including digital banks, utility providers, cooperative/microfinance platforms, telecom operators, payment processors among…

U.S. corporate defaults and bankruptcies stayed muted in the first five months of this year but market volatility, rising interest rates and a potential economic slowdown are making investors nervous about low-rated debt. U.S. corporate defaults and bankruptcies stayed muted in the first five months of this year but market volatility, rising interest rates and a potential economic slowdown are making investors nervous about low-rated debt. FOLLOW US ON GOOGLE NEWS Read original article here Denial of…

Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end.The share of subprime credit cards and personal loans that are at least 60 days late is rising faster than normal, according to credit-reporting firm Equifax Inc. In March, those delinquencies rose month over month for the eighth time in a row, nearing their prepandemic levels.…