Home-equity line-of-credit lenders are required to follow federal laws and rules when they reduce, suspend or terminate the available credit limit, the Office of Thrift Supervision said in a news release today. The federal banking regulator plans to review account management policies and practices to ensure savings institutions are complying. Regulation B requires HELOC creditors to provide a timely adverse action notice that contains specific information about the reasons for the termination, suspension, or reduction of a HELOC account. But it is not considered an adverse action if an applica (more…)
Total delinquency, which includes noncurrent mortgages and 30- to 90-day delinquent loans, amounted to 4.29 percent on all loans secured by real estate as of June 30, the Federal Deposit Insurance Corporation reported. Late payments jumped from 2.03 percent a year earlier. Problem institutions rose to 117 in the second quarter from 90 in the first quarter. (more…)
Consumer confidence continued to rise in August, which economists
largely attribute to a drop in gas prices over the past
several months. However, despite the improvement in recent months, they
say the index remains at depressed levels.
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The minutes of the Federal Open Market Committee’s
(FOMC) Aug. 4-5 meeting show that board members “did not see the current
stance of policy as particularly accommodative.” It also revealed that
most members anticipate the next policy move to be a tightening of rates,
but the timing and extent of any change would depend on evolving
developments.
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