U.S. consumer bureau investigating mortgage servicing problems

WASHINGTON | Wed Aug 21, 2013 1:08pm EDT

WASHINGTON (Reuters) - The U.S. consumer watchdog said on Wednesday it has found problems with mortgage servicing at banks and other financial firms, and in some cases has launched investigations for possible enforcement actions.

Mortgage servicers have made mistakes including sloppy payment processing, poor communications with consumers and insufficient programs to ensure compliance with federal laws, the Consumer Financial Protection Bureau said in a report.

The CFPB did not name any specific firms.

When the bureau's examiners found problems, they alerted the companies and "when appropriate, opened CFPB investigations for potential enforcement actions," the bureau said in a statement.

The consumer bureau was created by the 2010 Dodd-Frank law and given oversight of consumer products including mortgages and credit cards.

Problems with servicing have been a focus for regulators since the 2007-2009 financial crisis, when poor communication with borrowers and such as "robo-signing" foreclosure documents contributed to millions of people losing their homes.

(Reporting by Emily Stephenson; Editing by David Gregorio)

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U.S. consumer bureau investigating mortgage servicing problems

WASHINGTON | Wed Aug 21, 2013 1:08pm EDT

WASHINGTON (Reuters) - The U.S. consumer watchdog said on Wednesday it has found problems with mortgage servicing at banks and other financial firms, and in some cases has launched investigations for possible enforcement actions.

Mortgage servicers have made mistakes including sloppy payment processing, poor communications with consumers and insufficient programs to ensure compliance with federal laws, the Consumer Financial Protection Bureau said in a report.

The CFPB did not name any specific firms.

When the bureau's examiners found problems, they alerted the companies and "when appropriate, opened CFPB investigations for potential enforcement actions," the bureau said in a statement.

The consumer bureau was created by the 2010 Dodd-Frank law and given oversight of consumer products including mortgages and credit cards.

Problems with servicing have been a focus for regulators since the 2007-2009 financial crisis, when poor communication with borrowers and such as "robo-signing" foreclosure documents contributed to millions of people losing their homes.

(Reporting by Emily Stephenson; Editing by David Gregorio)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

U.S. consumer bureau investigating mortgage servicing problems

WASHINGTON | Wed Aug 21, 2013 1:08pm EDT

WASHINGTON (Reuters) - The U.S. consumer watchdog said on Wednesday it has found problems with mortgage servicing at banks and other financial firms, and in some cases has launched investigations for possible enforcement actions.

Mortgage servicers have made mistakes including sloppy payment processing, poor communications with consumers and insufficient programs to ensure compliance with federal laws, the Consumer Financial Protection Bureau said in a report.

The CFPB did not name any specific firms.

When the bureau's examiners found problems, they alerted the companies and "when appropriate, opened CFPB investigations for potential enforcement actions," the bureau said in a statement.

The consumer bureau was created by the 2010 Dodd-Frank law and given oversight of consumer products including mortgages and credit cards.

Problems with servicing have been a focus for regulators since the 2007-2009 financial crisis, when poor communication with borrowers and such as "robo-signing" foreclosure documents contributed to millions of people losing their homes.

(Reporting by Emily Stephenson; Editing by David Gregorio)

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This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

U.S. consumer sentiment weakens in August

A shopper looks through the produce section in a newly opened Walmart Neighborhood Market in Chicago, September 21, 2011.

Credit: Reuters/Jim Young

NEW YORK | Fri Aug 16, 2013 10:11am EDT

NEW YORK (Reuters) - U.S. consumers, bracing for higher interest rates and slightly slower economic growth, were a bit less optimistic in August as sentiment retreated from last month's six-year high, a survey released on Friday showed.

The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment slipped to 80.0 from 85.1 in July, the highest since July 2007.

August's result was well below the 85.5 reading expected by economists.

Consumers' view of current economic conditions showed the biggest decline, and most expected the pace of growth to ease slightly. However, these changes were not large enough to upend "the prevailing view that the economic expansion will continue," survey director Richard Curtin said in a statement.

"Perhaps the most important recent changes have been the increase in home values as well as the jump in the numbers that expect interest rate increases during the year ahead," he added.

Long-term interest rates have risen by more than a full percentage point over the last three months on the view that the Federal Reserve will start scaling back as soon as next month its hefty support for the economy.

That has pushed up mortgage rates, which could sap some of the strength from a housing recovery that has been pushing prices higher for more than a year.

On Thursday, wary investors sold both stocks and bonds in expectation of higher rates, sending benchmark 10-year Treasury yields to a two-year high above 2.8 percent.

The survey's barometer of current economic conditions fell to 91.0 from 98.6. The gauge of consumer expectations slipped to 72.9 from 76.5.

Upper-income households said they anticipated slightly slower income gains in the year ahead due to future inflation, according to the survey.

However, the medium- and long-term inflation outlook overall held steady, with the one-year inflation expectation stable at 3.1 percent and the five-to-10-year inflation outlook unchanged at 2.8 percent.

(Reporting By Steven C. Johnson; Editing by Chris Reese)

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U.S. consumer sentiment weakens in August

A shopper looks through the produce section in a newly opened Walmart Neighborhood Market in Chicago, September 21, 2011.

Credit: Reuters/Jim Young

NEW YORK | Fri Aug 16, 2013 10:11am EDT

NEW YORK (Reuters) - U.S. consumers, bracing for higher interest rates and slightly slower economic growth, were a bit less optimistic in August as sentiment retreated from last month's six-year high, a survey released on Friday showed.

The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment slipped to 80.0 from 85.1 in July, the highest since July 2007.

August's result was well below the 85.5 reading expected by economists.

Consumers' view of current economic conditions showed the biggest decline, and most expected the pace of growth to ease slightly. However, these changes were not large enough to upend "the prevailing view that the economic expansion will continue," survey director Richard Curtin said in a statement.

"Perhaps the most important recent changes have been the increase in home values as well as the jump in the numbers that expect interest rate increases during the year ahead," he added.

Long-term interest rates have risen by more than a full percentage point over the last three months on the view that the Federal Reserve will start scaling back as soon as next month its hefty support for the economy.

That has pushed up mortgage rates, which could sap some of the strength from a housing recovery that has been pushing prices higher for more than a year.

On Thursday, wary investors sold both stocks and bonds in expectation of higher rates, sending benchmark 10-year Treasury yields to a two-year high above 2.8 percent.

The survey's barometer of current economic conditions fell to 91.0 from 98.6. The gauge of consumer expectations slipped to 72.9 from 76.5.

Upper-income households said they anticipated slightly slower income gains in the year ahead due to future inflation, according to the survey.

However, the medium- and long-term inflation outlook overall held steady, with the one-year inflation expectation stable at 3.1 percent and the five-to-10-year inflation outlook unchanged at 2.8 percent.

(Reporting By Steven C. Johnson; Editing by Chris Reese)

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US consumer sentiment reaches 6-year high in July

WASHINGTON (AP) — Americans are more confident about the economy than at any time since July 2007, a survey found, suggesting consumers will spend more and accelerate growth in the months ahead.

The University of Michigan said Friday that its final reading of consumer sentiment in July was 85.1. That's up one point from June but nearly 13 points higher than a year ago.

Rising home prices and steady job gains are boosting household wealth and income. The proportion of Americans who expect their inflation-adjusted incomes to rise in coming year is greater than at any time since late 2007, the survey found. And the percentage of Americans who say their home values have risen is also at a six-year high.

Consumer confidence is closely watched because their spending accounts for 70 percent of growth.

The University of Michigan polls roughly 500 people throughout the month and issues two readings. Americans' expectations for future growth dipped, while their assessment of current conditions improved.

Consumers have been resilient despite paying higher taxes this year. Their spending growth likely slowed in the April-June quarter after rising at the fastest pace in two years in the first quarter.

But with hiring solid and confidence rising, most economists forecast consumers will step up spending and help propel economic growth later this year.

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