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DS News Webcast: Thursday 7/23/2015

The foreclosure inventory percentage dropped by 22.5 percent year-over-year in June down to about 1 point 46 percent of all residential mortgages nationwide, according to Black Knight Financial Services' First Look at June 2015 Mortgage Data released today. The number of loans in some state of foreclosure as of June 2015 dropped to about 739,000 year-over-year, the lowest number since 2007, prior to the financial crisis. Even with the decline, however, the foreclosure inventory rate is still three times its normal rate.

The delinquency rate dropped by 3 percent from May to June after two consecutive months of increases, and has fallen by 16 percent year-over-year. The number of mortgage loans in the universe that were delinquent as of the end of June was 2.44 million, a drop of 439,000 since last June. The number of non-current loans for June was 3.18 million, a decline of more than 650,000 loans from a year earlier.

U.S. Representative John Ratcliffe and U.S. Senator Ted Cruz, both Republicans from Texas, have combined to sponsor a bill that would completely abolish the Consumer Financial Protection Bureau, according to announcements on both lawmakers' websites. The lawmakers believe the CFPB, which is now four years old, has had the opposite effect of its intended purpose of protecting consumers from predatory financial activity; rather, they believe the Bureau has made big banks bigger and limits options for consumers.

 

About Author: Jordan Funderburk

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