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Mortgage rates tumble in the wake of bank failures

The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday. Mortgage rates loosely follow the…
Educational News

Price Tag of Biden Plan to Overhaul Income-Driven Student Loan Repayments: $230 Billion

The Biden administration’s plan to overhaul a federal student loan repayment program that pegs monthly payments to a borrower’s income would cost $230 billion over 10 years, according to a new estimate from the Congressional Budget Office – nearly double the price tag touted…
Government News

CFPB receives FCRA rulemaking petition on debt collection

On March 3, the CFPB received a rulemaking petition from the National Consumer Law Center (NCLC) in response to forthcoming FCRA rulemaking announced in the Bureau’s Fall 2022 regulatory agenda. As previously covered by InfoBytes, the Bureau announced it is considering pre-rulemaking activity…
Editorial News

Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC

WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:Today we are taking decisive actions to protect the U.S. economy by…
Bankruptcy News

SVB is largest bank failure since 2008 financial crisis

March 10 (Reuters) – Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. California…
Legal News

Mortgage demand from homebuyers drops to a 28-year low

Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up. Mortgage applications to purchase a home dropped 6% last week compared with the previous week,…
Educational News

Legal Fight Over Student Debt a Prelude to Political Battle

WASHINGTON (AP) — Facing the possibility that the Supreme Court will reject President Joe Biden’s plan for student loan forgiveness, the White House is aiming to turn the political heat toward Republicans while deflecting criticism from disappointed borrowers. At stake is…
Government News

CFPB Orders Repeat Offender Portfolio Recovery Associates to Pay More Than $24 Million for Continued Illegal Debt Collection Practices and Consumer Reporting Violations

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law. The CFPB filed…
Editorial News

California Attorney General Announces CCPA Investigative Sweeps

Background On January 27, 2023 (just ahead of Data Privacy Day), California Attorney General Rob Bonta (“AG”) announcedan investigative sweep focused on mobile application providers in the retail, travel, and food service industries. The AG sent out noncompliance letters targeting (a)…
Bankruptcy News

U.S. Household Debt Surges as Young Borrowers Struggle With Loans

US household debt soared by the biggest amount in two decades in the fourth quarter, with younger borrowers in particular struggling to make loan payments amid high inflation and interest rates. Households added $394 billion in overall debt, the largest…