A study by the National Training and Information Centers shows that subprime mortgage defaults nearly doubled in Chicago during the first half of this year compared with the levels recorded in the same period of last year.The Chicago-based organization, which serves as a resource center for community organizations, reported that subprime defaults (loans 90 days or more past due or in foreclosure) jumped to 3,005 in first half of this year from 1,541 last year. "If these families ultimately lose their homes 'for sale' properties will flood the market," the NTIC study says. Defaults on prime loans totaled 2,429 in the first half, up 16% from last year's level. The NTIC study also shows that defaults on "young" subprime loans seasoned less than 24 months doubled to 2,538. Defaults on young loans are "often caused by fraud or abusive lending practices at origination," the study says.
-
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
1h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
3h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
4h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
6h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
6h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18