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Default Risk Is 'Tolerable' for Borrowers with Middling Credit Scores: Report
It is a bold claim: Banks could potentially originate 300,000 more home loans per quarter without taking on too much more risk.
CONUNDRUM: Laurie Goodman, the director of the Urban Institute's Housing Policy Finance Center, wonders why credit remains tight even though risky loans with unsustainable terms were eliminated by the Dodd-Frank Act.
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New York families victimized by scams such as false promises of loan modifications lose an average of $4,187 per household, 27% higher than the national average of $3,296. more »
Consumer confidence fell in November, interrupting a steady rise in sentiment, but Americans still indicated plans to spend more, according to the Conference Board. The conflict clouds the trickle down expectations for the collection business. more »
"Addressing these concerns by providing tighter definitions and clarity should encourage sellers to serve a broader range of qualified borrowers," said Freddie Mac EVP David Lowman.
Fannie Mae and Freddie Mac last week revised their representation and warranty frameworks to provide lenders clarity on an issue they have long raised as a sticking point in housing reform, and one that some say has made lenders less willing to extend credit. more »
The mortgage delinquency rate continued its robust decline, falling for the 11th straight quarter, according to TransUnion's latest mortgage report. more »
Plaintiffs advocating for spousal rights in existing Home Equity Conversion Mortgages are renewing their motion for class certification, citing circumstances surrounding two instances of foreclosures under interim government policy. more »
Dallas officials are supporting a lender called Community Loan Center of Dallas that is designed to allow participants an alternative to the payday lending industry that the city has long battled and heavily criticized. more »
WASHINGTON — The Department of Justice and the Federal Deposit Insurance Corp. have agreed to launch preliminary investigations into Operation Choke Point. more »
Markind Law Group, a Cherry Hill, N.J. debt collection law firm, has won a court ruling in a case brought by a consumer who argued an arbitration provision included in his sales contract for a Ford Fiesta couldn't be enforced by the firm. more »
A legal association's ethics committee on Wednesday issued an opinion finding that a growing practice by local prosecutors of allowing debt collection agencies to send demand letters - that suggest they came from the prosecutor - violates rules of professional conduct. more »
Hospitals are expected to save $5.7 billion in bad debt and charity care costs this year because of the Act. more »
BUMPY RIDE: Subprime auto lending is "not for the faint of heart" because of its "high margins and higher losses," Capital One CEO Richard Fairbank said.
For many months, subprime auto lenders have been insisting that the industry's boom will not be a precursor to the kind of collapse that knocked out the subprime mortgage business. more »
Two Native American tribes have dropped their federal lawsuit against the state of New York that claimed its' campaign against payday lenders violated their rights as sovereign tribes. more »

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