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Foreclosures Fall Below Pre-recession Levels

New data shows U.S. foreclosure activity has hit its lowest point since 2006. Now below pre-recession levels nationwide, there was an 11-percent drop in foreclosure filings in Q1 2017. Nearly half of all metro markets have also fallen below pre-recession levels.

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Hensarling Discusses How to Bring Accountability to the CFPB

“The most powerful and least accountable Washington bureaucracy in history” is what Financial Services Committee Chairman Jeb Hensarling called the Consumer Financial Protection Bureau in a blog post on Tuesday. In the post, Hensarling acknowledges the bureau’s important mission, but notes the shortcomings that it has faced.

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GSEs Complete 15K in Foreclosure Prevention Actions

An FHFA report reveals the GSEs completed nearly 15,000 foreclosure prevention actions in January, bringing their total to 3.8 million since the beginning of conservatorship. The report also revealed that GSE foreclosure starts jumped 10 percent for the month, while third-party and foreclosure sales increased 16 percent. The seriously delinquent rate stayed steady, while delinquent loans 30 to 59 days and 60-plus days both dipped.

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Immigrant Homebuyers Helped Post-crisis Bounceback

According to a new report, immigrant homebuyers helped the housing industry recover from the recession in a big way—and it will continue influencing the markets in the years to come. Suburbs, in particular, will see large immigrant homeownership growth, as most are looking for single-family homes in affordable areas. These communities need to be proactive in preparing for more immigrant residents.

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Consumers Slowly Getting Savvier About Finances

wealth

A new study by Equifax finds that Americans are not as financially literate as they want to be, but they are increasingly interested in changing that fact. Survey takers overwhelming wish financial literacy was a mandated school course. They also overwhelmingly understand the importance of paying their bills.

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Foreclosures, Delinquencies Drop Year-Over-Year

CoreLogic released its monthly Loan Performance Insights Report for January 2017, which analyzes rates of delinquency and foreclosure. In January 2017, 5.3 percent of mortgages were delinquent by 30 days or more, a 1.1 percent percentage point decline in the overall delinquency rate year-over-year. Overall, delinquency rates saw steady drops year-over-year.

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Court Finds No Pro-Bank Bias From Judge in Foreclosure Case

In March, a homeowner sued Bank of America and several other mortgage companies for allegedly attempting to illegally foreclose on his property, and went on to claim that the assigned California federal judge has shown a pro-bank bias, citing that the jurist has tossed 56 out of 57 foreclosure-related cases to come before him since 2008, Law360 reports.

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Kashkari Responds to JPMorgan Chase CEO

JPMorgan Chase CEO Jamie Dimon stated in a letter to shareholders that the issue of “too big to fail” is solved. However, Minneapolis Federal reserve President Neel Kashkari disagrees. In an interview with Adam Shapiro on Fox Business that Too Big to Fail has not been solved, and is in fact worse.

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The Week Ahead: What Will We See in the Federal Budget?

This week, the U.S. Treasury will release its Federal Budget Statement. Each month, the Bureau of Fiscal Service releases a report of the monthly receipts/outlays and deficits/surplus of the United States. This comes on the heels of President Trump’s budget cut announcement in March.

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Are HOAs Taking Advantage of Mortgage Servicers?

While Homeowner Association liens for unpaid assessments typically have priority over second mortgages and other junior liens (because the HOA liens may “relate back to” the HOAs’ previously-recorded declarations), first mortgages receive special treatment in various states, such as Minnesota. Despite that special treatment, HOAs often demand payment of substantial bills by lenders foreclosing first mortgages.

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