One-third of low- and middle-income consumers are using their credit cards to pay basic living expenses -- including their monthly mortgage, according to a new study released Oct. 12.However, the study -- sponsored by the Washington-based Center for Responsible Lending and New York-based Demos -- offered no hard dollar figures on the practice. CRL and Demos found that even though consumers are using home equity loans to pay down their credit cards, many households are still carrying huge card balances, increasing their overall debt levels. Researchers said 20% of consumers "who had paid off some credit card debt with a mortgage refinance in the last three years had added $12,000 to their mortgage debt, and at the time of the survey still had average credit card debt of $14,000." (See the Oct. 11 issue of National Mortgage News for full details.)
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16