Archive for the ‘Legal’ Category

CMBS Delinquency Down in July

Posted on August 14, 2017 by Laura Lam

Though the Trepp CMBS Delinquency Rate climbed steeply in June, it retreated just as quickly in July. The delinquency rate for US commercial real estate loans in CMBS is now 5.49%, a decrease of 26 basis points from the June level. The rate is now only 2 basis points higher than where it stood at the end of May. Delinquency readings for four of the five major property types fell in July, with the lodging sector being the only one to increase, according to Trepp. According to the report, “After hitting a post-crisis low in February 2016, the reading has consistently…

Consumers Grow Pessimistic About Future

Posted on August 07, 2017 by Laura Lam

Consumers grew slightly less optimistic in their future this July, however confidence levels remain historically high, according to the Survey of Consumers conducted by the University of Michigan.  Consumer confidence remained largely unchanged for the month, the survey of consumers  revealed.  But this means Americans appear the most optimistic about the current economic situation in U.S. than they have in 12 years. July consumer sentiment ended up at 93.4, the group said. Meantime, economists expected the July measure of consumer attitudes to fall slightly more, to 93.1, according to a survey from Thomson Reuters.  U.S. consumer sentiment last fell to…

Most Americans Die With Debt

Posted on August 04, 2017 by Laura Lam

You’re probably going to die with some debt to your name. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875. The data is based on Experian’s FileOne database, which includes 220 million consumers. Among the 73% of consumers who had debt when they died, about 68% had credit card balances. The next most common kind of debt was mortgage debt (37%), followed by…

Mortgage Delinquencies Continue to Decline

Posted on July 27, 2017 by Laura Lam

Mortgage delinquencies dropped in April and the economy continued to show improvement, according to the latest Loan Performance Insights Report from CoreLogic.  Nationally, mortgages in some stage of delinquencies, those that are 30 days or more past due including those in foreclosure, dropped to 4.8% of total mortgages in April. This is a decrease of 0.5 percentage points from last year’s 5.3%. The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, decreased to 0.7%, down from April 2016’s 1%. The serious delinquency rate, defined as 90 days or more past due including loans…

Foreclosure Filings Down 20% from Year Ago

Posted on July 26, 2017 by Laura Lam

According to ATTOM Data Solutions’ Midyear 2017 U.S. Foreclosure Market Report the total number of U.S. properties with foreclosure filings during the first half of the year decreased by 20% from the previous year to 428,400, and down 28% from the first half of 2015.  While the amount of foreclosures decreased nationally, 7 states – Texas, Illinois, Connecticut, Oklahoma, West Virginia, Montana and North Dakota – and D.C. saw increases. ATTOM Data Solutions says that default notices, scheduled auctions or bank repossessions were lower in almost all areas but 8 areas saw an increase, led by a 60% rise in the District…

Is the New Household Debt Record Cause for Concern?

Posted on June 14, 2017 by Laura Lam

Last month, the New York Federal Reserve reported that household debt across the nation has hit a dubious milestone in the first quarter: It surpassed the peak debt level of 2008 at $12.7 trillion. Household debt — including mortgages, auto and student loans, and credit cards — rose $149 billion compared with the last quarter of 2016, with nearly all the gain coming from mortgages. Reaching the peak raises questions about whether the backdrop exists again for another financial meltdown.  But the data show the current structure of debt is substantially different from 2008. According to a research officer at…

Electronic Communications: A Growing Compliance Risk

Posted on June 01, 2017 by Laura Lam

The 7th annual Electronic Communications Compliance Survey from Smarsh reveals that finaical firms are struggling to keep up with the multitude of electronic communications channels.  More than half of respondents (52%) cited text messages as their current No. 1 source of non-email content compliance risk. About 33% of respondents cited social media communications as the greatest compliance risk, and 8% cited instant messaging. The survey also found that almost half of firms have no oversight or retention of text messages.  “Firms need to leverage new and emerging channels to communicate with their customers and stay competitive, but they’re failing to manage the risk,”…

Millions of Homes Still ‘Seriously Underwater’

Posted on May 16, 2017 by Laura Lam

Since the housing recovery began a few years ago, millions of homeowners have gotten their heads back above water due to rising home prices.  That said, there are still millions who are still underwater. In its latest report, ATTOM Data Solutions found nearly 5.5 million homes in the “seriously underwater” category at the end of the first quarter. Homes in that grouping have mortgages that are at least 25% more than the homes’ current value.  The report says the number of homes seriously underwater actually rose from the number at the end of the fourth quarter, suggesting a worsening of…

Foreclosure Process Can Take 5 Years in Some States

Posted on May 10, 2017 by Laura Lam

A decade ago, a home in Connecticut could be sold to another party about 12 months after a borrower stopped paying a mortgage.  These days, it’s more like 5 years.  The national average for liquidation timelines in 2016 reached 48 months. In many Northeastern states, including Connecticut, that timeline reached or surpassed the 55-month mark last year, according to data from Fitch Ratings. Sean Nelson, a senior director at Fitch Ratings, said the increase began as a direct result of the mortgage crisis. Loan servicers were not used to dealing with thousands of delinquent borrowers at one time which created…

Foreclosures Continue Descent but Some Cities Still Struggle

Posted on May 03, 2017 by Laura Lam

ATTOM Data Solutions recently released its Q1 and March 2017 U.S. Foreclosure Market Report, which shows first quarter foreclosure activity was below pre-recession levels nationwide and in 102 out of 216 metropolitan statistical areas (47%). Nationwide the report shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 234,508 U.S. properties in the first quarter of 2017, down 11% from the previous quarter and down 19% from a year ago to the lowest level since Q3 2006. The first-quarter foreclosure activity total was 16% below the pre-recession average of 278,912 properties with foreclosure filings each quarter…