Co-signer died? You owe everything now! - (www.cnbc.com) Students
who take out private loans to pay for college could face a nasty surprise if
their co-signer dies or files for bankruptcy: The lender may suddenly demand
the loan be paid in full—or even worse, put that loan in default—even though
all payments are being made on time. The Consumer Financial Protection Bureau
issued a consumer advisory on Tuesday, warning borrowers that these
"auto-default" clauses may be in their loan agreements and serious
financial consequences could result. "This is something that is deep in
the fine print, so it is certainly a surprise to many," said Rohit Chopra,
the agency's student loan ombudsman. "Parents and grandparents want to
help their children or grandchildren pay for school, and the last thing they
want is for them to be made worse off because of their own financial distress
or death."
Baltic
Dry Index Collapses 50% From December Highs To 5 Year Lows - (www.zerohedge.com) We are
sure it's just a storm in a teacup; just a brief interlude before the IMF's
ever-changing forecast for global trade growth
picks right back up again and demand to ship dry goods surges back to the
inventory stuffed levels of Q4. But, for now, the Baltic Dry Index (admired
when it's rising, ignored when it drops) has collapsed by over 50% from its
December highs and is back to August lows.
Genco Shipping files for
bankruptcy protection - (www.cnbc.com) Genco
Shipping & Trading Ltd said it filed for Chapter 11 bankruptcy protection
after struggling with weak rates due to an oversupply of vessels. The company
said earlier this month it would file for bankruptcy as part of a deal with
lenders. Genco said it expects its operations to continue normally.
Russia
Renews Threat to Intervene in Ukraine as Truce Falters - (www.bloomberg.com) Russia
vowed to defend its citizens in neighboring Ukraineafter the government in Kiev said it’s resuming
operations to oust militants from eastern cities. Russian Foreign Minister Sergei
Lavrov said
his country would retaliate if its “legitimate interests” are “attacked
directly,” drawing a parallel with its actions in a 2008 war over Georgia’s breakaway South Ossetia region. After a
pause for the Easter holiday, a military operation is under way to eliminate
militias in Kramatorsk, Slovyansk and other cities, Ukraine’s First Deputy
Prime Minister Vitali Yarema said today. “Russian citizens being attacked is an
attack against the Russian Federation,” Lavrov said in aninterview today with the state-run television
broadcaster RT. “If we are attacked, we would certainly respond.”
Barclays
joins retreat from commodities as new rules bite - (www.reuters.com) Barclays
will quit most of its commodities trading businesses, joining a broader retreat
by banks as
profits tumble in the face of tougher regulation. The British bank's exit means
three of the top five banks in commodities have significantly reduced or
shuttered their natural resource trading arms since last summer, with profits
hit by regulatory demands for lenders to hold more capital to shield them against
any problems. Barclays said it would exit most of its base metals,
energy and agricultural trading but will continue in precious metals,
some oil and gas derivatives products and index products. The smaller business will be based on electronic execution, it
said.
China
won't swallow 'bitter pill' of ceding sovereign rights: military official - (www.reuters.com)
Russia holds snap military drills in Caspian Sea: report - (www.reuters.com)
Russia holds snap military drills in Caspian Sea: report - (www.reuters.com)
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