Current Industry News
Fed: Household debt rises to record $14 trillion
U.S. household debt rose to a record $14 trillion in the third quarter, led by an increase in mortgage loans, the Federal Reserve Bank of New York said on Wednesday. The current household debt level is $1.3 trillion higher than the previous peak that occurred in 2008’s third quarter. Overall household debt is now 25% above the post-crisis trough in 2013’s second quarter.
FDIC Releases Three Reports Analyzing Growth of Nonbank Lending
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a multi-part analysis of changes in the U.S. banking system since the 1950s, especially changes occurring since the financial crisis in 2008. These analyses address the shift in some lending from banks to nonbanks; how corporate borrowing has moved between banks and capital markets; and the migration of some home mortgage origination and servicing from banks to nonbanks
Auto loan originations near record high, as household debt soars
As U.S. household debt reaches a trillion-dollar milestone, more Americans are taking out vehicle loans. Auto loan balances increased by $18 billion in the third quarter, according to the household debt report released by the New York Fed on Wednesday, to $1.32 trillion. Auto loan originations — at $159 billion — were up slightly year over year, but volume is the second-highest ever recorded. “The data suggest that households are taking advantage of a low-interest-rate environment to secure credit,” Donghoon Lee, research officer at the New York Fed, said in a statement.
Fed: Household debt rises to record $14 trillion
U.S. household debt rose to a record $14 trillion in the third quarter, led by an increase in mortgage loans, the Federal Reserve Bank of New York said on Wednesday. The current household debt level is $1.3 trillion higher than the previous peak that occurred in 2008’s third quarter. Overall household debt is now 25% above the post-crisis trough in 2013’s second quarter.