Current Industry News
U.S. Foreclosure Activity Grows Despite Government Moratorium
Today, ATTOM Data Solutions released its first-quarter U.S. Foreclosure Market Report for 2021, which shows that foreclosure filings were up 9% from the previous quarter but down 78% from a year prior. A total of 33,699 foreclosure filings within the first quarter includes default notices, scheduled auctions, and bank repossessions.
ABA Report Consumer Delinquencies Rose in Fourth Quarter of 2020
After two consecutive quarters of declines, consumer credit delinquencies rose in the fourth quarter of 2020 as the toll of the pandemic-induced recession weighed on the economy, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in each of the 11 loan categories tracked by ABA.
Illinois Extension on Garnishment and Wage Deduction Limits Continues Through April 30
Illinois Gov. J.B. Pritzker has again extended Executive Order 2020-25 , which suspends the issuance of garnishment, wage deductions and post-judgment citations to discover assets. Per the extension, these restrictions will now remain in effect through April 30, 2021.
Consumers Shifted Credit Payment Behaviors in the U.S. and Other Global Markets as a Result of COVID-19
In times of crisis, repayment prioritization of credit products often provides a clearer view of how consumers are meeting the financial burdens they face. A new TransUnion (NYSE: TRU) Global Payment Hierarchy study found that the COVID-19 pandemic had a pronounced effect – in a short period of time – on how people paid their debts, particularly when faced with financial stress.