The study also shows that both, consumers with student loans and without loans were affected by the changes in the economy and shifts in credit access. Consumers ages 18 to 29 with credit obligations like mortgages, credit card, and auto loans declined significantly between 2005 and 2012.
Read More »REO Cash Sales Share Hovers Near 60 Percent
The REO cash sales share percentage of 59.8 for February still has not completely recovered from what was termed a seasonal decline from November, when fell from 61.1 percent to 58.4 percent, though it did move back up to 60 percent for January.
Read More »Investors Continue to Favor Flipping Over Renting by Narrowing Margin
Overall investor intent in April's survey showed that slightly more than half (50.4 percent) of investors preferred flipping as a strategy, while 48.3 percent of investors said they intended to employ a hold-to-rent strategy. This data compared with 53.5 percent and 44.8 percent, respectively, in Q1. "Most of the country and most investor segments performed in a manner very consistent with what we’ve seen over the past year, but investment strategies in Texas appear to have shifted pretty dramatically," Auction.com EVP Rick Sharga said.
Read More »Study Shows Traditional Credit Scores May Not Be Accurate When Assessing Risk Millennials Pose
Millennials were found to have to have lower credit scores in 80 percent of the categories that make up traditional credit scores such as mortgage loans, auto loans, credit cards, and other installment loan payment histories because many young adults simply do not have any credit history with these financial products, with the exception of student loans.
Read More »Goldman Sachs Ordered to Pay Australian Bank $100 Million for MBS ‘Conflict of Interest’
Arbitrators from the Financial Industry Regulatory Authority (FINRA) awarded the $80 million compensatory request to NAB plus interest amounting to approximately $20 million, according to reports, bringing the total amount Goldman was ordered to pay up to approximately $100 million.
Read More »Nevada Lawmakers Recommend Elimination of Foreclosure Mediation Program
Nevada was one of the states affected most by the crisis. In response to the housing crash, back in 2009 the Nevada legislature created a Foreclosure Mediation Program. The members of a subcommittee of the Nevada Legislature recently voted to recommend the elimination of the program, however, after determining that the housing market has sufficiently recovered.
Read More »DOJ Moves to Dismiss MetLife’s Suit Over ‘Too Big to Fail’ Designation
"Far from presenting systemic risk to the U.S. economy, MetLife is a source of financial stability," a spokesman from MetLife said in an email to DS News. "We strongly disagree with the arguments laid out by the government in its brief and look forward to responding in court next month."
Read More »Foreclosure Inventory, Completions Continue Decline Toward Pre-Crisis Levels
Foreclosure inventory also fell substantially year-over-year in March, declining by 25.7 percent down to about 542,000 mortgages (about 1.4 percent of all mortgages nationwide) – marking the 41st consecutive month of year-over-year declines, according to CoreLogic. In March 2014, there were about 729,000 residential homes, or 1.9 percent of mortgages nationwide, that were in some stage of foreclosure.
Read More »Legislation in New Jersey, Ohio Aimed at Expediting Lengthy Foreclosure Process
A similar bill was re-introduced in the Ohio State House of Representatives last month by Cheryl Grossman, a Republican, and Michael Curtin, a Democrat. Among other provisions, Ohio HB 134 allows the mortgagee to bring a summary foreclosure action against a vacant and abandoned residential property.
Read More »Report: Senator Drafting Proposal to Reform Federal Reserve
Senator Jack Reed (D-Rhode Island) has reportedly included in the draft of the legislation a provision that would make the appointment of the president of the Federal Reserve Bank of New York subject to Senate approval. Currently, the president of each of the 12 regional Federal Reserve Banks is selected by a search committee and subject to approval of the Federal Reserve Board of Governors.
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