Op-Ed

As Loan Debts Rise, Foreclosures Dip

Published

11 years ago

March 2, 2015

By Charlene Crowell
NNPA Columnist

A new economic analysis by the New York Federal Reserve Bank found fewer foreclosures, bankruptcies and credit card delinquencies. However the rates of delinquent auto and student loans are worse than before.

For most consumers, debt may seem like a constant companion – not a friend but somehow lurking near. How consumers manage their debts can also trigger financial stress. In December 2014, the nation’s consumers collectively carried $710 billion of debt. Of this amount, $570 billion was 90 days or more delinquent.

It should also be noted that from mortgages to car loans, credit cards, auto financing and more – the high costs of predatory lending unnecessarily raise the costs of a wide range of products. In two specific lending areas – student and auto loans – both the amount of debt and delinquencies are rising.

Both areas have also been under scrutiny by regulators and researcher alike as evidence mounts on predatory loan practices.

For the first time since before the recession started in 2007, the 90-day delinquency rate for auto loans (3.5 percent) is now greater than that of mortgages (3.1 percent). Auto loan balances continued to increase this quarter by $21 billion, and is larger than any time in history. That growth also comes with greater financial risk.

“Underwriting standards have steadily weakened in auto lending,” says Chris Kukla, senior vice-president with the Center for Responsible Lending (CRL). “Dealers are pushing borrowers into longer loans and routinely making loans that are more than the car is worth. When dealer interest rate markups are allowed, the interest rate for compensation and other risky practices are added on top of the loans. CRL is concerned that these losses will continue to mount.”

Student loan debts in this same period rose to a new total of $1.16 trillion. In comparing student loan balances between 2013 and 2014, the New York Fed found the yearly increase to be $77 billion.

Further, student loan delinquencies and defaults were even more than double that of auto lending at 11.3 percent and may actually understate the full delinquency rate due to deferments, grace periods, forbearance that are not included in the repayment cycle.

“Although we’ve seen an overall improvement in delinquency rates since the Great Recession, the increasing trend in student loan balances and delinquencies is concerning,” said Donghoon Lee, research officer at the New York Fed. “Student loan delinquencies and repayment problems appear to be reducing borrowers’ ability to form their own households.”

Maura Dundon, a CRL senior policy counsel, said: “Student loan debt can be a great financial tool for many borrowers to obtain a valuable college degree. Sharply rising balances coupled with slow repayment and high delinquency rates may indicate that student loan debt is beginning to drain Americans economically. A disproportionate share of defaulters attended for-profit colleges, which are in urgent need of reform.”

Lee’s observation on the slowdown of new households is also shared by a number of other policy experts who also view that growing student debts have delayed home purchases for many who are just beginning their careers. New mortgage loan originations totaled $355 billion, a historically low figure according to the New York Fed.

At the same time, mortgage delinquencies continued to decline, balances on home equity lines of credit dropped by $2 billion and fewer consumers are filing for bankruptcy. In the last quarter of 2014, nearly 20 percent fewer bankruptcies were filed than at the same time last year: 268,000.

Before making a decision on a major purchase or finance, try to learn as much as you can about the range of products and finance options available. The Internet offers a wealth of information from governmental office such as the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC) and the Department of Education.

CFPB offers the opportunity to file or check the status of formal complaints or blow the whistle on businesses suspected of violating laws. Similarly, the FTC’s web accepts consumer complaints, including identity theft or adding your phone number to the nation’s Do Not Call Registry. Consumers can also request free copies of their credit reports.

Additional consumer lending information is al so available on CRL’s web.

Remember: When it comes to lending, if a deal sounds too good to be true, it probably is.

Charlene Crowell is a communications manager with the Center for Responsible Lending. She can be reached at: Charlene.crowell@responsiblelending.org.

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Seth Curry Makes Impressive Debut with the Golden State Warriors

Seth looked comfortable in his new uniform, seamlessly fitting into the Warriors’ offensive and defensive system. He finished the night with an impressive 14 points, becoming one of the team’s top scorers for the game. Seth’s points came in a variety of ways – floaters, spot-up three-pointers, mid-range jumpers, and a handful of aggressive drives that kept the Oklahoma City Thunder defense on its heels.

Published

5 days ago

December 4, 2025

Oakland Post

Seth Curry is a point guard on the GSW team.Photo courtesy of the Golden State Warriors.

By Y’Anad Burrell

Tuesday night was anything but ordinary for fans in San Francisco as Seth Curry made his highly anticipated debut as a new member of the Golden State Warriors. Seth didn’t disappoint, delivering a performance that not only showcased his scoring ability but also demonstrated his added value to the team.

At 35, the 12-year NBA veteran on Monday signed a contract to play with the Warriors for the rest of the season.

One of the most memorable moments of the evening came before Seth even scored his first points. As he checked into the game, the Chase Center erupted into applause, with fans rising to their feet to give the newest Warrior a standing ovation.

The crowd’s reaction was a testament not only to Seth’s reputation as a sharpshooter but also to the excitement he brings to the Warriors. It was clear that fans quickly embraced Seth as one of their own, eager to see what he could bring to the team’s championship aspirations.

Warriors’ superstar Steph Curry – Seth’s brother – did not play due to an injury. One could only imagine what it would be like if the Curry brothers were on the court together. Magic in the making.

Seth’s debut proved to be a turning point for the Warriors. Not only did he contribute on the scoreboard, but he also brought a sense of confidence and composure to the floor.

While their loss last night, OKC 124 – GSW 112, Seth’s impact was a game-changer and there’s more yet to come. Beyond statistics, it was clear that Seth’s presence elevated the team’s performance, giving the Warriors a new force as they look to make a deep playoff run.

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Activism

Essay: Intentional Self Care and Community Connections Can Improve Our Wellbeing

At the deepest and also most expansive level of reality, we are all part of the same being, our bodies made from the minerals of the earth, our spirits infused by the spiritual breath that animates the universe. Willingness to move more deeply into fear and pain is the first step toward moving into a larger consciousness. Willingness to move beyond the delusion of our separateness can show us new ways of working and living together.

Published

1 month ago

October 27, 2025

Oakland Post

Lorraine Bonner is a retired physician. She is also a sculptor who works in clay, exploring issues of trust, trustworthiness and exploitation, as well as visions of a better world.

By Dr. Lorraine Bonner, Special to California Black Media Partners

I went to a medical school that was steeped in the principles of classical Western medicine. However, I also learned mindfulness meditation during that time, which opened me to the multifaceted relationship between illnesses and the interconnecting environmental, mental and emotional realities that can impact an individual’s health.

Therefore, when I began to practice medicine, I also pursued training in hypnosis, relaxation techniques, meditation, and guided imagery, to bring a mind-body focus to my work in medical care and prevention.

The people I saw in my practice had a mix of problems, including high blood pressure, diabetes, and a variety of pain issues. I taught almost everyone relaxation breathing and made some general relaxation tapes. To anyone willing, I offered guided imagery.

“My work embraced an approach to wellness I call “Liberatory Health” — one that not only addresses the treatment and management of disease symptoms but also seeks to dismantle the conditions that make people sick in the first place.”

From my perspective, illness is only the outermost manifestation of our efforts to cope, often fueled by addictions such as sugar, tobacco, or alcohol, shackled by an individualistic cult belief that we have only ourselves to blame for our suffering.

To put these ideas into practical form, I would quote the immortal Mr. Rogers: “Find the helpers.” There are already people in every community working for liberation. Some of them are running for office, others are giving food to those who need it. Some are volunteering in schools, libraries or hospitals. Some are studying liberation movements, or are working in urban or community gardens, or learning to practice restorative and transformative justice, or creating liberation art, music, dance, theater or writing. Some are mentoring high schoolers or apprenticing young people in a trade. There are many places where compassionate humans are finding other humans and working together for a better world.

A more compassionate world is possible, one in which we will all enjoy better health. Creating it will make us healthier, too.

In community, we are strong. Recognizing denial and overcoming the fragmenting effects of spiritual disorder offer us a path to liberation and true health.

Good health and well-being are the collective rights of all people!

About the Author

Dr. Lorraine Bonner is a retired physician. She is also a sculptor who works in clay, exploring issues of trust, trustworthiness and exploitation, as well as visions of a better world.

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Activism

Opinion: Can Donald Trump Pole Dance?

Given all that is happening, if the presidency was more like pole dancing, you know Trump would be flat on his butt.

Published

3 months ago

September 14, 2025

Oakland Post

iStock.

By Emil Guillermo

The news cycle has been buzzing the last few weeks. Xi, with Putin and Kim, the sweethearts of Trump carousing alone without him? The victims of the pedophile Epstein speaking out publicly in DC.

Then, there’s the release of that salacious letter Donald Trump allegedly wrote to Jeffrey Epstein. Trump said the letter didn’t exist. But it does.

Timing is everything.

Additionally, there are further concerns, such as the Supreme Court removing restrictions on ICE interactions. ICE Agents can stop anyone now. For any reason. And there’s the threat of the U.S. sending the military to fight crime in Chicago. Trump even posted a meme of himself as a character in “Apocalypse Now.”

All that with bad polls and bad economic numbers, and these topics are dominating the news cycle — Trump era chaos.

Given all that is happening, if the presidency was more like pole dancing, you know Trump would be flat on his butt.

The reality is the opposite. He keeps going strong like nothing’s happened. Inexplicably, Trump always seems to defy gravity.

That’s why to reassure myself with reality, I just think of Trump on a pole. Dancing. He was born on Flag Day, after all.

I’ve got pole dancing on my mind because I’m in Canada at the Vancouver Fringe Festival doing my show, “Emil Amok 69, Everything’s Flipped,” about how the current political situation gets very personal.

Get tickets here if you’re near:

I’ve performed at 16 fringe festivals, and I always look for unique performers. This year, in my same venue (the Revue Stage) I found her in a show, “The Pole Shebang.”

Andrea James Lui may look like a typical Asian American at first.

But she’s Asian Canadian, married to an Australian, who now lives down under.

At the Vancouver Fringe, she highlights her special identity.

Pole Dancer

Yes, pole dancing has come to the fringe. Leave your dollar bills at home, this is not that kind of pole dancing.

This is more Cirque Du Soleil-ish- acrobatic stuff, yet it’s hard to deny the sexiness when a woman flawlessly swings from a pole with her legs apart.

The show is more intriguing than it is titillating.

Lui has created a behind-the-scenes look at the “polar” experience.

“She could have been a physicist,” says her big sister Christina, who despite saying that, supports her sister 100 percent.

Lui touches on some of the emotional depth in the poled subculture. But there’s plenty more to mine in the future. “Polar Bare,” the Musical? I’d see it.

Trump on a Pole

So that’s how I’ve come to the polar metaphor.

As Trump flails in the news, I picture him on a pole.

The letter to Epstein is further proof of the character of the man.

Will he stay afloat?

Not if the presidency were more like pole dancing.

You can’t lie on the pole.

That’s one way all of us in the Trump era can get to the truth.

About the Author

Emil Amok is a veteran journalist, commentator, and stage monologist. He has written a weekly column on Asian Americans for more than 30 years.

Contact: www.amok.com