Timothy Potendyk of East Peoria, Illinois was recently found guilty on fraud charges after lying about a military contract in order to use short term lending, reported the Journal Star.The source explained that Potendyk, the founder and president of Neo Orthotics Incorporated, told a local bank he was given a $1.9 million military contract to make ...
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Residents of California's Bay Area are increasingly using new alternative finance providers to obtain their money, rather than banks or traditional check cashing companies or payday lenders.Oakland North reports consumers are seeking alternative means of obtaining cash because many banks are closing branches in poorer income neighborhoods and i...
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A major settlement with U.S. mortgage lenders will finance a government-led plan to increase the cost of up-front mortgage insurance premiums. The Federal Housing Administration announced Monday that it intends to increase premiums on new 30-year loans by 75 basis points. The move was in addition to similar increases on small- and mid-sized mortgag...
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Credit managers appear more optimistic about the state of the economic recovery, a new survey suggests. The findings reflect a number of recent market trends that have alluded to gradual improvements in consumer activity, job growth and credit decisions.The National Association of Credit Management's Credit Managers' Index climbed a full pe...
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U.S. consumers relied more on credit cards in the fourth quarter of last year, as a report released this week by the Federal Reserve shows credit card debt climbed by 4.5 percent during the October-December period.The volume of credit card debt reached $801 billion, stemming a decline of 2 percent during the third quarter. Analysts pointed to a sig...
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