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Tag Archives: American Bankers Association

The State of Mortgage Lending and Servicing

money on graphs

What trends are impacting the landscape of lending and servicing in 2018? A new survey from the American Bankers Association seeks to provide insights into that topic, having polled 161 banks to assemble its data. The ABA’s 25th Residential Real ...

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Mortgage Delinquencies Up, Still Below 15-Year Averages

Two different reports show small increases in loan delinquencies in the back half of 2017, but the percentages remain comparatively low and bode well for the state of the economy in 2018. The American Bankers Association Consumer Credit Delinquency Bulletin ...

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Personal Income, Spending Surge in August

Personal income grew in August at its fastest pace since February and consumer spending grew faster than July, the Bureau of Economic Analysis reported Friday. The growth matched economist forecasts of a 0.4 percent boost in income and a 0.3 percent increase in spending.

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Risks of Eminent Domain in California: Fitch

In a commentary, Fitch stated the proposed uses of eminent domain in California could negatively affect private label RMBS performance. Recently, the board of supervisors of San Bernardino County voted to form a joint powers authority with California cities Fontana and Ontario to look into the option of using eminent domain to seize underwater mortgages. Fitch said one proposal, which is of particular concern, indicates that only current and delinquent mortgages, not those in foreclosure, would be eligible. Thus, borrowers who would have stayed current on their payments could have their mortgage seized by the local, state, or county government. If eminent domain was to be used in such a way, then holders of the seized homes could experience losses, Fitch said.

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HELOC Delinquency Rate Up, All Other Categories Down: ABA

Out of 11 categories of loan types, only home equity lines of credit (HELOC) rose, according to a report from the American Bankers Association (ABA). The report showed that for the first quarter of 2012, the delinquency rate for open-end home equity lines of credit rose from 1.69 percent to 1.78 percent. Open-end loans are those with a fixed amount of available credit but a balance that changes based on usage. ABA Chief Economist James Chessen attributed the increase to the painful adjustment still underway in the housing sector.

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Industry, Lawmakers Faceoff with Regulators on QRM’s Default Impact

The debate over what constitutes a Qualified Residential Mortgage (QRM) is heating up, with a pivotal argument centered around whether or not the proposed QRM stipulations will actually lower the risk of default. In one corner you have the handful of regulators charged with putting the definition of QRM into the rule book, and in the other corner you have just about everybody else, with consumer advocates joining mortgage bankers in a rare showing, and congressional lawmakers standing firmly alongside them.

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Bankers Advocate Opposition of Mortgage Servicing Amendment

The American Bankers Association has sent a letter to key lawmakers in the Senate, urging them to reject foreclosure legislation proposed by Sens. Jeff Merkley and Olympia Snowe. Their bill, tagged the Regulation of Mortgage Servicing Act, has been introduced as an amendment to a larger economic development bill being considered. It mandates an independent, third-party case review prior to foreclosure, among other things, and the bankers group says it would prolong the market correction by slowing down legitimate foreclosures.

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Sixty Percent Approval Not Enough to Save Controversial Deficit Proposal

The 18 members of the National Commission on Fiscal Responsibility and Reform voted Friday on a proposal to reduce the national deficit by $4 trillion by 2020. Their plan recommended reducing and in some cases eliminating the mortgage interest tax deduction that homeowners have been accustomed to for more than 80 years. Though the commission voted in support of the proposal with an 11-7 vote, those margins did not meet the 14-4 stipulation required to automatically send the recommendations to Congress.

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