As discussed in a previous post, based on the total number of Americans with a credit score of 649 or lower, up to 35% of all Americans are effectively locked out of the refinance or purchase mortgage market for the foreseeable future (see One Third of All Americans Unqualified). In the past, borrowers who did […]
One Third Of All Americans Unqualified For A Mortgage
August 24, 2010 By Leave a Comment
August 24, 2010 – According to research from Deutsche Bank, the number of Americans with credit scores below 600 has increased to 26% from only 15% prior to the start of the recession. Further examination of credit data reveals that 9% of all Americans have a credit score in the 600-649 range. Based on current […]
Consumers Delinquent On $1.3 Trillion Of Debt
August 23, 2010 By Leave a Comment
August 23, 2010 – Banks nationwide have seen a staggering increase in delinquencies and nonperforming loans as the result of a severe economic recession and housing collapse. Although delinquency rates and defaults are still at horrendous levels, the Federal Reserve Bank of New York’s quarterly report on household debt and credit offers hope that defaults […]
Calls For More Lending To Small Businesses Misguided
August 20, 2010 By Leave a Comment
August 19, 2010 – After another bad jobs report, President Obama called for an increase in lending to small businesses. According to the President, “Small businesses and community banks that loan to small businesses have been lagging behind. If we want this economy to create more jobs more quickly, we need to help them.” The […]