CFPB: Four Tips to Get Back on Track if You’re Behind on Your Auto Loan
Paying your bills on time is critical for maintaining or improving your financial situation. Late payments will show up on your credit report, hurt your credit scores, and limit your ability to get other credit. If you’re having trouble making your car payment, you’re not alone. According to trends in auto loan repayment data ,…
CFPB: Office of Servicemember Affairs Guides Military through Financial Hurdles
We’re releasing our fifth annual servicemember report, The Office of Servicemember Affairs: charting our course through the military lifecycle. Servicemembers matter. We created this report to highlight some of the most common financial struggles servicemembers face during their military careers. These struggles are well documented in the over 74,000 complaints we have handled from the military…
FHFA: Refinance Volume Continued to Slow in First Quarter
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that just over 510,000 refinances were completed in the first quarter of 2017, compared to more than 750,767 in the fourth quarter of 2016. FHFA’s first quarter Refinance Report also shows that 3 percent or 13,425 of the mortgages refinanced from January through March were…
CFPB: Report Finds That 9 in 10 of the Highest-Risk Student Loan Borrowers Were Not Enrolled in Affordable Repayment Plans
Nearly Half of the Highest-Risk Borrowers Not Enrolled in an Affordable Repayment Plan Redefault WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau released an analysis of a student loan industry data sample showing that 9 in 10 of the highest-risk borrowers were not enrolled in federal affordable repayment plans. The analysis looks at hundreds…
Federal Reserve: Are Central Cities Poor and Non-White?
By: Jenny Schuetz, Arturo Gonzalez, Jeff Larrimore, Ellen A. Merry, and Barbara J. Robles1 In the U.S., geography has long been viewed as a proxy for income and race. The terms central city or “inner city” are often used as a short-hand for poor and minority neighborhoods, particularly African-American, while suburban dwellers are assumed to be…
CFPB: New Data Documents a Disturbing Cycle of Defaults for Struggling Student Loan Borrowers
New data shows a staggering number of struggling student loan borrowers are trapped in a cycle of default. Last year, nearly 1.2 million borrowers defaulted on a Federal Direct Loan—more than two borrowers every minute. In total, more than 8 million borrowers in the U.S. are in default on a student loan. A default can…
HUD: Rental Assistance Demonstration Generates $4 Billion in Public-Private Investment in Distressed Public Housing
WASHINGTON – Each year, thousands of units of public housing are demolished and thousands more sit vacant because they are no longer decent, safe or sanitary. Today, the U.S. Department of Housing and Urban Development (HUD) announced that its Rental Assistance Demonstration officially surpassed $4 billion in capital investment in order to make critical repairs and improvements…
CDFI Fund: Update on CDFI Program and NACA Program Funds Availability for FY 2017 Round
The Community Development Financial Institutions Fund (CDFI Fund) will be awarding up to $196 million under the fiscal year (FY) 2017 round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program). This funding was provided in the Consolidated Appropriations Act, 2017 (the Act) that was signed into…