Subprime mortgage lending contributed an estimated $1.68 billion in spending to Arizona's economy in 2001, according to a study released by the Arizona Financial Services Association.Greg Williams, the AFSA's executive director, said the study shows the economic significance of the industry to Arizona and warned that "over-regulation" could have "dire effects" on a struggling economy. The study, conducted by the Center for Statistical Research, also found that subprime mortgages provide credit chiefly to borrowers with incomes near or above the median household income, the AFSA reported. Moreover, mortgage lending in Arizona is not focused on areas with high concentrations of Hispanics or other minorities, the association said. The AFSA can be found online at http://www.arizonafsa.org.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24