A Quote by Dan Gilbert
Every loan that we did in the City of Detroit in the 10 years they studied - between 2005 and 2014 - were conventional FHA, VA loans with average interest rates of 6%.
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The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.
We must fundamentally restructure our student loan program. It makes no sense that students and their parents are forced to pay interest rates for higher education loans that are much higher than they pay for car loans or housing mortgages.
The federal government requires that its loans be paid back within 10 years of graduation, and Harvard has pegged its loans to the same 10-year timetable. Yet despite Harvard's low default rate, the idea of years of loan debt is daunting for some students even before it's time to pay back.
When interest rates are high you want the average direction in which interest rates are moving to be downward; when interest rates are low you want the average direction to be upward.
Imagine you have six loans, small to huge. People want to close loans and because of that, they try to pay off the small loans, but that's not the right strategy. The right strategy, of course, is to pay the loan with the highest interest rate. People make this mistake and it costs them lots and lots of money, it's a very expensive mistake because interest rates accumulate and become very, very expensive very quickly.
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
Remember that in most cases, student loan debt is not dischargeable in bankruptcy. So you continue to pay it off anyway. Those who have very low interest rates (2-2.5 percent) on student loans and know everything is secure, great.
On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.
My eight years in Detroit, obviously, were my most successful years managing. I think that Pittsburgh and Detroit are probably very, very similar. We kinda rekindled the fire of baseball in Pittsburgh. We did the exact same thing in Detroit.
Homeowners refinance their loans when interest rates go down. Businesses refinance their loans.
My dream in growing up in the city of Detroit was to be Mayor. At the family picnics from the time I was 9-years-old that's what I told people I was going to be. The mayor of the city of Detroit.
Michael Jackson loved studying the greats. He felt that they could only add to what he did naturally. He was absolutely right. I mean, he studied James Brown for years when he was 10 years old, because the Jackson 5 would open for James. He studied him. He studied Fred Astaire. He loved to watch Fred's movies.
There's a lot of influences that I have from Detroit that are subliminal. I mean, I spent the first 10 years of my life there. My mom and dad were born and raised there, so a lot of that rubbed off on me. When I get angry, sometimes a Detroit accent comes out.
Let's get one thing straight: No one wants Stafford loan interest rates to increase.
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