Bank of America's number of 60-plus days delinquent first mortgage loans serviced by Legacy Assets and Servicing fell to 132,000 in Q2, a year-over-year decline of 50 percent, while adjusted net charge-offs also declined year-over-year by 26 percent down to $929 million
Read More »Wingspan Portfolio Advisors Files For Bankruptcy
Wingspan Portfolio Advisors filed for Chapter 7 bankruptcy on Tuesday in the United States Bankruptcy Court for the Eastern District of Texas, the court confirmed to DS News. In a Chapter 7 bankruptcy, the company ceases operations while a trustee liquidates a company's assets in order to pay off debt. A company in Chapter 7 bankruptcy continues operations only if the trustee decides to continue.
Read More »House Subcommittee Examines Fed’s Transparency and Accountability
One of the key takeaways from the hearing, according to the Subcommittee, is that the Fed's newly granted powers under Dodd-Frank call into question whether or not the central bank's accountability to Congress, the Judicial System, and the American people.
Read More »Foreclosure Metrics Experience More Double-Digit Declines
On a year-over-year basis, foreclosure inventory—residential homes in some state of foreclosure—declined by 27 percent nationwide, down to about 491,000 homes, according to CoreLogic. This number represents about 1.3 percent of all residential homes with a mortgage nationwide. In May 2014, about 676,000 homes were in foreclosure, comprising 1.7 percent of all mortgages nationwide.
Read More »Earnings Statements Indicate Strong Q2 Results for Chase and Wells Fargo
The net revenue for Chase in Q2, $24.5 billion, was down by 3 percent year-over-year, largely due to a drop in mortgage banking revenue and lower CIB Markets revenue related to business simplification. Chase's mortgage banking net income declined by 20 percent in Q2, down to $584 million.
Read More »More Millennials Are Willing to Sacrifice Conveniences for Homeownership
About 75 percent of millennials, commonly known as generation Y, would rather apply for a mortgage loan with a traditional bank as opposed to an alternative lender or nonbank institution, according to the survey, indicating that millennials think more like their parents when it comes to obtaining financing for a first home.
Read More »Consumer Credit Outstanding Annual Growth Rate Slows
Non-revolving consumer credit outstanding grew at a seasonally adjusted annual rate of 7.0 percent during May (about $174 billion), which was about 0.8 percentage points faster than the rate at which it grew in April.
Read More »Congressional Hearings to Cover Economy, Monetary Policy, and Agencies’ Activities
On Wednesday, July 15, the House Financial Services Committee will receive the testimony of Fed Chair Janet Yellen in a full Committee hearing titled "Monetary Policy and the State of the Economy." Chair Yellen will update the Committee on the progress of the economy toward meeting the four benchmarks for the economy as set by the Full Employment and Balanced Growth Act (Humphrey Hawkins) Act of 1978.
Read More »New York AG Highlights Success of Home Retention Programs
Schneiderman said the three programs his office has created, the Homeowner Protection Program (HOPP), the New York State Mortgage Assistance Program (NYS MAP), and AGScamHelp.com, have benefited tens of thousands of homeowners in New York State by helping them avoid foreclosure and keeping them in their homes.
Read More »Inflation Rate and International Developments Are Areas of Economic Uncertainty
Rosengren said slack in the labor market, or excess supply, may exist despite the recent decline of the unemployment rate to 5.3 percent, which may be a reason why the inflation rate remains subdued. The employment-to-population ratio may be evidence of slack in the labor market, though some of the slack can be attributed to changes in demographics, according to the Boston Fed.
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