Changes to Credit Underwriting Guidelines - How Much Average Debt Is There?

Posted To: Pipeline Press

Among the lengthy list of state and federal regulators, legislative bodies, and agencies that oversee residential lenders, one can’t forget the FTC (Federal Trade Commission). We were reminded of that yesterday when the FTC banned a group of principals of a mortgage relief operation and their companies from the mortgage loan modification and debt relief business. I didn't recognize any of the companies listed - they were mostly law groups in Florida. How much money do you owe others? Last month the Federal Reserve spread the word that U.S. household debt hit $12.29 trillion in the second quarter, up $434 billion from a year earlier as auto loans and credit card debt increased. Auto debt was $1.10 trillion, up $97 billion from a year earlier, while the aggregate credit card limit increased...(read more)

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