Banking

May’s overall delinquency rate was up over 100% from the prior year.

MatlinPatterson, which once owned more than 60% of the Michigan company, has been paring back its stake in recent years.

Developer Doug Loose says he is "living in a cloud" after recently securing financing through Frankenmuth Credit Union for a portion of his $4.2 million purchase of a damaged condominium complex in Midland, Mich.

Conditions have improved for the first time since November.

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.

While Black homeownership just rose to its highest level in 16 years, it's still the lowest of any racial demographic and 29 percentage points behind white people.

So far, only Tulsa County has opted in, but the Indian Nation Council of Governments is working with officials across the state to get other counties on board.

Deferrals on residential mortgages and home-equity loans have been a common theme at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup since the start of the coronavirus pandemic.

An industry coalition wants to ensure borrowers who took out certain types of loans to fund their education aren’t locked out of access to historically low mortgage rates.

KeyBank, Regions and others are using self-service portals, robotic processing automation and virtual assistants to digitize the collections process and make it more humane in anticipation of rising delinquencies.