by Tyler Durden
Thursday, Jul 29, 2021 - 07:40 PM
government mandated Covid lockdowns, the Biden administration is now going to be implementing a policy to reduce monthly payments by up to 25% for borrowers with federally backed mortgages who are at the end of forbearance.
The program is going to allow those with mortgages from the Federal Housing Administration to extend the length of their mortgages and lock in lower monthly principal and interest payments, according to the Wall Street Journal. The changes are targeted toward those who took advantage of government forbearance programs that allowed them to skip payments for up to 18 months and still can t make payments on time - which we re guessing is going to amount to precisely
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The red-hot auto market, which shows few signs of slowing down after a year in which prices soared, continues to serve as a rare source of loan growth for U.S. banks.
Ally Financial, one of the nation’s largest auto lenders, reported a record $1.55 billion in net financing revenue during the second quarter. It also made decisions on 3.5 million loan applications for the first time.
More diversified banks also benefited last quarter from the auto boom. At JPMorgan Chase, auto originations jumped by 61% year-over-year to a record $12.4 billion. Fifth Third Bancorp and U.S. Bancorp also reported strong performances in car loans.
Arlington Asset Investment Corp. Announces Closing of Senior Notes Offering prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.