News

Recent studies revealed that many Americans do not have any credit and in many cases do not even know what a credit score is.

According to Comptroller of the Currency Thomas Curry, "Innovation has been a hallmark of the U.S. banking system since it was created in 1863 at the behest of President Lincoln."

Treasury has created a three-pronged safety net to help HAMP borrowers handle step-ups and avoid re-defaulting when their five-year modification expires.

It has been a big week for credit risk transfer transactions. Earlier this week, JPMorgan Chase announced a $1.9 billion residential mortgage-backed securities deal, and now Fannie Mae has announced its largest deal to date.

Since the Great Recession, home prices have been fighting their way back to peak levels reached prior to the crisis and some markets' home prices have more than recovered.

Financial markets in the U.S. are showing continued improvement as the year progresses, but Fannie Mae expects economic growth to remain flat, which could place a damper on the housing market.

In Michigan, foreclosure is not only a contractual right, but a statutory right as well. Michigan is primarily a foreclosure by advertisement state; however, foreclosure may proceed through the court system as well.

The NAFCU reported earlier this week that since the second quarter of 2010, more than 1,350 federally-insured credit unions have been lost, 96 percent of which had below $100 million in assets.

The authors of the report found that 96 million American renters have never had a mortgage—and 42 percent of them have some other type of consumer debt in collections.

Many housing market analysts have expressed concern over the short housing supply heading into the spring.