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Wednesday, September 30, 2020
Tuesday, September 29, 2020
More New Homes Bought With Non-Conventional Financing in 2019
Non-conventional lending enjoyed a substantial increase in its share of the market for financing new home purchases in 2019. The National Association of Home Builders (NAHB) says, while conventional loans continued to dominate those purchases, its share shrunk from 71.4 percent of the market in 2018 to 65.0 percent in 2019 while non-conventional mortgages increased accordingly, from 28.6 percent to 35.0 percent.
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Thursday, September 24, 2020
What would a contested US election mean for investors?
London(CNN Business)With fewer than six weeks to go before the US election, investors are starting to get antsy. Recent comments from President Donald Trump aren’t helping.
What’s happening: Trump failed to commit on Wednesday to a peaceful transition of power after Election Day, fueling concerns he may not relinquish his office should he lose in November.
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Wednesday, September 23, 2020
Tuesday, September 22, 2020
U.S. economy may face another recession without fiscal aid, Fed’s Evans says
(Reuters) – The U.S. economy risks a longer, slower recovery, if not another outright recession, if Congress fails to pass a fiscal package to support out-of-work Americans and state and local governments, Chicago Federal Reserve President Charles Evans said on Tuesday.
“Fiscal support is just fundamental,” Evans said at a virtual meeting of the London-based Official Monetary and Financial Institutions Forum. His own forecast for the U.S. unemployment rate to fall to 5.5% by the end of next year assumes not just a vaccine for the coronavirus but also a U.S. fiscal package of at least $500 billion or $1 trillion, he said.
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Thursday, September 17, 2020
Mortgage Securities Are Flooding the Market. Thank the Fed.
People are taking out lots of mortgages. The Fed is gobbling them up.
Low mortgage rates have spurred a boom in home refinancing, which in turn has spurred a boom in the issuance of mortgage-backed securities. The value of single-family mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac totaled almost $322 billion in August, a new monthly record, according to an analysis by industry-research firm Inside Mortgage Finance.
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Wednesday, September 16, 2020
Tuesday, September 15, 2020
Plaintiffs’ lawyer Jay Edelson slams $380 million Equifax deal in amicus brief at 11th Circuit
(Reuters) – Jay Edelson is a class action plaintiffs’ lawyer who specializes in privacy cases. His eponymous firm has had a lead role in some of the biggest cases of the past few years, including a $650 million biometric privacy settlement with Facebook in 2020 and a 2019 jury verdict of more than $900 million in a Telephone Consumer Protection Act case against the telemarketer ViSalus. Edelson has a powerful interest, in other words, in the integrity of the class action system.
He claims that Equifax’s $380.5 million data breach settlement undermines public faith in that system, accusing the judge and class counsel of adding to cynicism about the benefits of class actions.
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Thursday, September 10, 2020
Need Credit Help?
#creditrepair #creditscores #credithelp
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Wednesday, September 9, 2020
Consumer Financial Protection Bureau Sues Debt Collectors and Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against Encore Capital Group, Inc. and its subsidiaries, Midland Funding, LLC; Midland Credit Management, Inc.; and Asset Acceptance Capital Corp. The companies, which are headquartered in San Diego, California, together comprise the largest debt collector and debt buyer in the United States, with annual revenue exceeding $1 billion and annual net income exceeding $75 million. Encore and its subsidiaries are currently subject to a 2015 consent order with the Bureau based on the Bureau’s previous findings that they violated the Consumer Financial Protection Act (CFPA), Fair Debt Collection Practices Act (FDCPA), and Fair Credit Reporting Act. The Bureau alleges that Encore and its subsidiaries have violated the terms of this consent order and again violated the FDCPA and CFPA. The Bureau’s complaint seeks injunctions against them, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and civil money penalties.
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Tuesday, September 8, 2020
6 reasons mortgage rates will decline in fall 2020
Mortgage rates are always in the news — and lately, the news for borrowers has been terrific. In early September, the typical 30-year mortgage was priced at 3.10 percent, according to Bankrate’s national survey of lenders. That’s a record low.
But what about the next few months? Where will rates wind up in the fall? Should we look for steeper interest costs or something lower?
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Thursday, September 3, 2020
Use of OFAC Data in Spotlight: Consumer Reporting Agency Sued Again for False Positive Terrorist Watch List Data in Consumer Reports
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) maintains the Specially Designated Nationals (“SDN”) list, which is published to identify suspected terrorists and other bad actors. US persons are generally prohibited from dealing with anyone on the list, so companies and governments regularly run checks against the SDN list and other “terrorist watch list” data to ensure that they are not doing business with such bad actors. Some consumer reporting agencies (“CRAs”) provide these checks to alert users of a possible terrorist in order to prevent prohibited transactions with such individuals. Often these users are legally required to run such checks.
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Wednesday, September 2, 2020
Tuesday, September 1, 2020
Mortgage Rates Today, September 1, 2020 | Rates rise
Several key mortgage rates increased today. The average for a 30-year fixed-rate mortgage cruised higher, but the average rate on a 15-year fixed decreased. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, inched up.
Mortgage rates change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just don’t do so without shopping around first.
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