One year after the implementation of bankruptcy reforms, credit counselors are finding that consumers contemplating bankruptcy are in such dire financial condition that bankruptcy is their only option, and many are delinquent on their mortgage, according to a survey by the National Foundation of Credit Counseling.On average, consumers signing up for pre-filing counseling have unsecured debt that exceeds their annual income by $11,600. The NFCC also noted that 42% of the credit counseling agencies in the survey reported that 26% to 100% of their pre-filing clients are delinquent on their mortgage payments. (In passing bankruptcy reform, Congress mandated that consumers receive credit counseling before filing for bankruptcy protection.) Bankruptcy filings are estimated to total 600,000 this year, which would be the lowest level in 20 years. However, filings are increasing each month and some estimate it will cross one million in 2007-- due to energy prices and the resetting of adjustable-rate mortgages, according to the NFCC report.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
April 23