Topic: Consumer Financial Security

''Business Credit Cards can be Rewarding but Risky''

"Direct mail offers are flowing for business credit cards, many with attractive promotional interest rates and balance transfer deals...while there are many reasons to open an account, there can be substantial risks involved."

Pew Applauds Introduction of Automatic IRA Legislation, Urges Bipartisan Support

Eleni Constantine, director of the Pew Health Group’s financial security portfolio, issued the following statement in support of legislation creating an “automatic IRA,” S. 3760, introduced by Sen. Jeff Bingaman (D-NM) and H.R. 6099, introduced by Rep. Richard Neal (D-MA).

Obama Proposes More Affordable Student Loan Payments

“The student loan proposal announced by the President today could not come at a better time, as the weak economy and high unemployment are making it harder than ever for people to make monthly payments on their student loans."

New Default Rate Data for Federal Student Loans: 44% of Defaulters Attended For-Profit Institutions

Yesterday the U.S. Department of Education released a preview of college “cohort default rates” for federal student loans using a more robust methodology that will take effect in 2011.

Student Debt Class of 2008

The Project on Student Debt's fourth annual report on the student loan debt of new college graduates. The analysis of the most recent available data found that student debt continued to rise even as it got harder for recent graduates to find jobs, and that debt levels vary considerably from state to state and college to college.

Getting with the Program

This report finds that nearly one in 10 community college students in the U.S. can’t get a federal loan if they need one because their schools choose not to participate in the federal loan programs.

''The New Math of Financial Aid''

Despite the availability of federal money, many students rely on private loans from banks. According to TICAS's Project on Student Debt, the proportion of undergrads who took out such loans jumped from 5 percent in 2003–04 to 14 percent in 2007–08.

''Graduates Get Option to Repay Student Loans Based on Income''

Starting July 1, borrowers will have a new option: a repayment program that caps monthly payments based on income. It targets borrowers who would have a hard time paying basic living expenses if they had to make standard monthly payments on their loans, says Lauren Asher, acting president for the Project on Student Debt.

J. Mark Iwry Joins Treasury as Senior Advisor to the Secretary and Deputy Assistant Secretary for Retirement and Health Policy

The Retirement Security Project announced today that J. Mark Iwry, Principal of The Retirement Security Project, Nonresident Senior Fellow at the Brookings Institution, and former Treasury Department official, has been appointed by Treasury Secretary Timothy Geithner as Senior Adviser to the Secretary and Deputy Assistant Treasury Secretary for Retirement and Health Policy, effective April 27, 2009.

President Obama’s Budget Includes Automatic IRA Proposal and Expansion of Saver’s Credit for 401(K) IRA Savings

The Administration’s budget outline, released today, includes the Automatic IRA proposal developed by the Retirement Security Project.

Defaulting on the Dream:Arizona

One in 18 homeowners in Arizona is estimated to be in foreclosure by the end of 2010, as a result of a subprime-related loan. Years of easily accessible credit and relatively low home prices that facilitated homeownership in the state have ended, leaving in their wake stricter lending terms and stagnating home appreciation.

McCain and Obama Agree on an Important Policy Proposal – The Retirement Security Project's Automatic IRA

In the midst of a campaign with opposing views on most aspects of domestic policy, the presidential candidates have now both endorsed the Automatic IRA.

''Getting Workers on Track to Invest Early and Often''

As traditional pensions fade from the retirement landscape and workers are forced to take a lot more responsibility for their own financial futures, employers are rolling out a variety of features to help workers prepare for retirement.

''Targeting the Masses''

There's no shortage of retirement-savings services for the affluent. But for those who fall in the middle of the wage scale or lower, it's a different story.

''States Battle Mortgage Foreclosure Threat''

"Frustrated by the slow pace of federal relief, states around the country are pouring hundreds of millions of dollars into their own programs to stem the rising tide of home foreclosures."

''Foreclosure-Related Filings Up in Nassau, Suffolk''

Foreclosure-related filings for June jumped 72 percent in Suffolk and 2 percent in Nassau from the previous month, according to RealtyTrac, an online foreclosure marketplace.

''S.C. Slow to Help in Home Crunch''

State lawmakers are pushing a measure that would protect future homebuyers from risky and high-cost mortgages. But their proposal doesn't address the thousands of South Carolina homeowners who are struggling to make monthly payments right now.

''America's Foreclosure Crisis''

"CNN's Lou Dobbs reports on the foreclosure crisis, including commentary by Susan Urahn, Managing Director of the Pew Center on the States."

Denied

An issue brief on the lack of access to federal loans by community college students. If you need to take out a loan for college, it is tough to find a better deal than a federal student loan.

1 in 33 Homeowners Projected to be in Foreclosure Within the Next Two Years

One in 33 homeowners is projected to be in foreclosure primarily over the next two years, as a result of subprime loans made in 2005 and 2006, according to a new report released today by The Pew Charitable Trusts.

Subprime Spillover

In the Center for Responsible Lending's December 2006 study, “Losing Ground,” CRL predicts that millions of American households will lose their homes to foreclosures in the subprime mortgage market.

Pew Announces New Investment to Prevent Irresponsible Subprime Mortgage Practices

The Pew Charitable Trusts announced a new effort today to protect American families from dangerous “exploding” subprime mortgages linked to the current record number of home foreclosures.

Subprime Lending

Homeownership is the cornerstone of the American middle class and the foundation of the American dream. Low-interest rates, Wall Street demand for mortgage debt securities and new mortgage products have enabled millions of Americans to buy homes for the first time in their lives.

''Taking a Hard Look at Student Debt''

"Late last month, Penn president Amy Gutmann and the the university board sent a clear and powerful message to high school graduates from lower-income families:You can afford to go to college."