What is the return policy?

Most unopened items in new condition and returned within 90 days will receive a refund or exchange. Some items have a modified return policy noted on the receipt or packing slip. Items that are opened or damaged or do not have a receipt may be denied a refund or exchange. Items purchased online or in-store may be returned to any store. Online purchases may be returned via a major parcel carrier. Click here to initiate a return.

How long does it take to process a refund?

We will reimburse you for returned items in the same way you paid for them. For example, any amounts deducted from a gift card will be credited back to a gift card. For returns by mail, once we receive your return, we will process it within 4–5 business days. It may take up to 7 days after we process the return to reflect in your account, depending on your financial institution's processing time.

What is the policy for late/non-delivery of items ordered online?

Our local teams work diligently to make sure that your order arrives on time, within our normaldelivery hours of 9AM to 8PM in the recipient's time zone. During busy holiday periods like Christmas, Valentine's and Mother's Day, we may extend our delivery hours before 9AM and after 8PM to ensure that all gifts are delivered on time. If for any reason your gift does not arrive on time, our dedicated Customer Service agents will do everything they can to help successfully resolve your issue. Click here to complete the form with your order-related question(s).

When will my credit card be charged?

We'll attempt to securely charge your credit card at the point of purchase online. If there's a problem, you'll be notified on the spot and prompted to use another card. Once we receive verification of sufficient funds, your payment will be completed and transferred securely to us. Your account will be charged in 24 to 48 hours.

Will I be charged sales tax for online orders?

Local and State sales tax will be collected if your recipient's mailing address is in: Arizona California Colorado

Mortgage

February 07, 2024

Subprime Lending: Boom or Bust?

Subprime Lending: Boom or Bust? Navigating the Risky World of Non-Conforming Mortgages

The world of finance can be intricate, and the term "subprime lending" might sound even more obscure. But it's a practice that has significantly impacted the housing market, so understanding its nuances is crucial.

What is Subprime Lending?

Simply put, it's extending credit to borrowers with higher risk profiles, often categorized as "B/C" or "non-conforming" borrowers. These loans cater to communities underserved by traditional lenders, offering access to homeownership despite less-than-perfect credit histories.

The Rise of Subprime Lending:

In recent years, this market experienced explosive growth, with over 90% of subprime mortgages originating after 1993. By the late 1990s, the value of outstanding subprime loans exceeded $350 billion. Why the surge?

Profitability: Lenders charged higher interest rates and fees, translating to lucrative margins.
Increased Demand: Borrowers seeking homeownership despite credit challenges drove market growth.
Secondary Market Boom: Investors seeking high-yielding assets fueled demand for securitized subprime loans.

Controversy and Concerns:

While subprime lending provided opportunities, it also attracted criticism:

High Costs: Some argued that interest rates and fees were excessive, targeting vulnerable borrowers.
Secondary Market Risks: Securitization, while boosting liquidity, spread risk across the system, potentially amplifying issues if defaults occurred.
Creditworthiness Concerns: Growing credit card delinquencies and bankruptcies pushed more borrowers into high-risk categories, raising concerns about loan sustainability.

The Future of Subprime Lending:

Despite the concerns, the market was predicted to continue growing due to:

Rising Delinquencies: More borrowers slipping into higher risk categories due to credit issues.
Strong Consumer Spending: Increased demand for homeownership, potentially fueling subprime loan needs.
Tax Law Changes: Limiting deductions for interest on second mortgages potentially driving borrowers towards subprime home equity loans.

The Takeaway:

Subprime lending is a complex issue with both benefits and drawbacks. Understanding its history, motivations, and potential pitfalls is crucial for borrowers, investors, and policymakers alike. As the landscape continues to evolve, responsible lending practices and informed decision-making remain paramount for navigating this intricate facet of the mortgage market.

Remember: This blog post provides a general overview. Individual circumstances and regulations may vary. Always consult with financial professionals for personalized advice.

Mortgage