HAMP: Foreclosure Help Rate Nudges to 29% of Eligible

The government’s primary foreclosure rescue program has permanently reduced the mortgage payments of more than 170,000 borrowers through February, the U.S. Treasury reported today. But the percentage of those eligible homeowners who are either in the trial phase or approved for permanent status nudged just one point to 29 percent, compared to 28 percent in January and 25 percent in December.

‘Penalty APRs’ Re-Defined with Credit Card Reform

Precisely when and how penalty APRs – or interest rate hikes for late payments – are applied is changing significantly beginning Feb. 22 with the arrival of credit card reform rules. Much to the benefit of card users who may inadvertently miss the due date by a few days, credit card issuers can now longer slap a higher interest rate on existing balances for an undetermined period of time.

Home Equity Loan Delinquencies Set New High in 3Q

Home equity loan delinquencies set a new high to 4.3 percent in the American Bankers Association’s third-quarter report on consumer loans that are late by 30 days or more. The home equity delinquency rate, up 29 basis points from the previous quarter, is a sign of the persistent housing market troubles and unabated foreclosure crisis.

American Express Outrivals Rest in Defaults, Late Pays

American Express outshined credit card competitors in November with declines in defaults and late payments – reaching new lows for the year in those two vital categories. AmEx – the top credit card provider based on purchase volume – said defaults slipped to 7.6 percent in November, from 7.8 percent the previous month, the seventh consecutive monthly drop.

Dip in Jobless Rate Bodes Well for Credit Card Issuers

The dip in the unemployment rate to 10 percent for November is welcome news to the major credit card issuers, who have been seeing steady increases in late payments – a signal of higher charge-off rates ahead.

Fed Offers Vital Credit Card Tips for Black Friday Kick-off

The Federal Reserve wants “Black Weekend” shoppers to use their credit cards wisely, so it is placing 45-second ads to drive the message home in movie theaters through Dec. 3. The ads will appear before movie previews at 12 “highly-attended theaters in major metropolitan areas,” the Fed announced.

Credit Card Delinquencies Highest in Foreclosure Hit States

Credit card delinquencies in the third quarter fell 6 percent, compared to the previous quarter, according to an analysis by TransUnion, one of the three U.S. credit bureaus. The results are somewhat encouraging; however, credit card issuers reported in recent days higher 30-day delinquencies for October.

Credit Card Slump: Up to 33% Fewer Xmas Shoppers to Use Plastic

With Black Friday a few days away, the credit card industry is bracing for a gloomy forecast: Up to one-third fewer Americans say they will put gifts on plastic this holiday season. More shoppers are planning to use debit cards and cash, instead of credit cards, when purchasing gifts.

Mortgage Delinquency Rate Climbs to New Record in 3rd Quarter

The mortgage delinquency rate reached a record 9.64 percent of all loans outstanding for the third quarter of this year, according to the Mortgage Bankers Association. That compares to 9.24 percent in the second quarter of this year, and 6.99 percent in the third quarter of last year.

Troubling Sign: Credit Card Late Payments Rise for September

Consumer behavior resulted in a mixed bag of results for the biggest credit card companies in September, with overall defaults falling, but late payments – referred to as delinquencies – are on the upswing.