The Bureau of Economic Analysis released it preliminary estimate of first quarter gross domestic product Thursday, and the 0.5% annual growth rate was even weaker than the 1.25% forecast of CUNA’s economists.
The percentage of homes in foreclosure as a share of the overall housing market continues to drop, as only 463,000 homes, or 1.2% of all mortgaged homes were in the foreclosure process in October, according to CoreLogic.
The New York Times published an in-depth look Monday at the effort by big banks to oust and supplant mortgage giants Freddie Mac and Fannie Mae in hopes of capturing their share of the $5.7 trillion U.S. housing loan market.
CUNA’s compliance staff went back to basics in a recent CompBlog entry examining floor rates on variable-rate open-end loans. These rates are governed by the Credit Card Accountability and Disclosure (CARD) Act.