President Bush has signed the bankruptcy bill, which will make it harder for consumers with median incomes to use the bankruptcy courts to avoid repaying at least a portion of their debts.The president said the bill (S. 256) will stop abuses of the bankruptcy system that have allowed too many people to walk away from their debts. "By making the system fairer for creditors and debtors, we will ensure that more Americans can get affordable credit," the president said at a bill-signing ceremony. The signing of the bill culminates an eight-year effort to reform the bankruptcy code, according to the American Financial Services Association. "The new law will bring sweeping changes to an overburdened, antiquated system while encouraging accountability and responsibility," AFSA president and chief executive Randy Lively said. Personal bankruptcy filings totaled nearly 1.6 million in 2004.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28