Federal Reserve Board Governor Susan Bies says the outlook for mortgage credit quality is "favorable," despite a recent rise in subprime delinquencies."While we continue to expect mortgage delinquencies will remain manageable, lenders should closely monitor future developments," Ms. Bies told the American Bankers Association annual conference. The Fed governor did caution that lenders might have placed too much emphasis on future income growth and collateral values in making nontraditional mortgages. And too many of these interest-only and payment-option adjustable-rate mortgages went to subprime borrowers over the past two years, she said. Separately, the federal banking regulators have issued a consumer information pamphlet on interest-only and option ARMs.
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11