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Subprime Auto Worries Overblown: N.Y. Fed Economists
The resurgence of subprime auto lending has stoked fears about poor underwriting and drawn parallels to the subprime mortgage debacle , but a group of economists at the Federal Reserve Bank of New York say there is no reason to panic.
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U.S. foreclosure activity increased in July for the first time in four months as lenders scheduled more properties for auction, according to RealtyTrac, which compiles housing market data. more »
The share of mortgage applications for refinance loans has hovered above 50% since the first week in May, but that doesn't mean the mortgage industry is in the midst of another refinance boom, or even a boomlet. more »
Security concerns are commonly cited as the reason for the lack of widespread adoption of mobile banking. But there is risk with every type of payment - lest we forget the growing list of recent major retailer and restaurant card data breaches. more »
Scammers in Ohio are posing as government and law enforcement officials demanding that consumers pay money immediately, according to state regulators. more »
Fair Isaac Co. revealed Thursday that its revamped credit score model will not weigh medical debt as heavily as previous versions, a key change given that medical debt accounts for nearly half of all unpaid collections on consumers' credit reports. more »
Bloomberg News
Many lenders expect FHFA Director Mel Watt to encourage credit availability by easing standards for Fannie Mae and Freddie Mac.
Banks and other lenders appear to be waiting on a regulatory signal from the Federal Housing Finance Agency before approving loans for borrowers with less than stellar credit profiles. more »
Nearly one in four U.S. banks reported they eased mortgage-lending standards for borrowers with strong credit during the second quarter. more »
General Motors' auto-finance arm has received a Department of Justice subpoena related to the underwriting criteria it used on securitized subprime auto loans, the company said Monday. more »
There were 49,000 completed foreclosures nationally in June, down from 54,000 in June 2013, a decrease of 9.9%, according to CoreLogic's latest National Foreclosure Report. more »
WORTH THE RISK? Even if a lender has strong doubts about a borrower's ability to make monthly payments, it may make the loan anyway because technology has made it easier to find and repossess the car, said MVTRAC's Scott Jackson.
Since the collapse of the subprime mortgage market, lenders have all but stopped offering loans that sound too good to be true. But that's not the case with subprime automobile loans, which lenders continue to market aggressively to consumers with imperfect credit. more »
Complaints against collectors logged in the Consumer Financial Protection Bureau’s database rose in June but trailed April's total. more »
A Government Accountability Office report on medical credit cards and related products follows a request from lawmakers who have expressed concerns about medical debt and predatory lending against people with no insurance or not enough insurance. more »

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