Payday lender limits may be borrowing trouble Austin American-Statesman
Austin City Council Member Bill Spelman's proposals to control the presence of payday lenders in the city may ultimately prove to be a test of a municipal government's authority.
Spelman's proposals — one that would use the city's zoning authority to restrict the number of payday lenders in an area and another to regulate their lending practices — are bold, but not groundbreaking. The City of Fort Worth has used its zoning authority to limit the presence of businesses that specialize in short-term, high-interest loans since 2006. In June, the Dallas City Council adopted a stringent set of restrictions on what are known as payday lenders. Included in the Dallas ordinance are requirements that short-term, high-interest lenders register with the city and conditions on the amount of interest payday lenders can charge in Dallas and the number of times a borrower can refinance a loan.
Spelman proposes that the Austin council adopt an ordinance that prohibits lenders from offering cash advances that exceed 20 percent of a potential borrower's gross monthly income. An auto title loan could not exceed 3 percent of the consumer's gross annual income or 70 percent of the vehicle's retail value, whichever is less. Spelman's ordinance would also bar borrowers from refinancing their loans more than three times. Those provisions will have little trouble attracting council support but are sure to draw a legal challenge. The Dallas City Council adopted similar proposals in June and an industry group filed suit in July. The case is pending.
Texas Mortgage: Dallas Mortgage Rates for 30-Year Loans Increase
Texas Mortgage: Dallas Mortgage Rates for 30-Year Loans Increase
http://news.businessweek.com/article.asp?documentKey=1376-LT08HS6K50Z201-015GEF91FKP8USVQC9VCKAMV2H
Dallas mortgage rates climbed from the lowest level on record after better-then-expected economic data and optimism that Europe’s debt crisis will be contained drove up yields for the Treasuries that guide home loans.
The average rate for a Dallas 30-year fixed loan increased to 4.12 percent in the week ended today from 3.94 percent, Freddie Mac said in a statement today. That was the lowest in Freddie Mac records dating back to 1971. The average 15-year rate rose to 3.37 percent from 3.26 percent last week, according to the McLean, Virginia-based mortgage-finance company.
Ten-year Treasury yields, a benchmark for mortgages, rose to a six-week high yesterday after European Commission President Jose Barroso called for a “coordinated approach” to recapitalize the region’s banks. U.S. employers added more workers than forecast in September while the jobless rate held at 9.1 percent, the Labor Department said last week.
“The economic news has not been nearly as bleak as we’ve become accustomed to,” said Keith Gumbinger, vice president of HSH Associates, a loan-data firm in Pompton Plains, New Jersey. “Money has crept its way out of the safe havens of Treasuries and back into equities and there’s been a slight lift in interest rates as a result.”
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