Credit card debt hit $1 trillion for the first time on record, according to new data, a troubling development as interest rates and delinquencies also rise.
A handful of principal mortgage rates moved up over the last seven days. The average 15-year fixed and 30-year fixed mortgage rates both grew. We also saw a rise in the average rate of 5/1 adjustable-rate mortgages.
On July 31, the District Court for the Central District of California entered judgment in favor of the court-appointed receiver for defendants against the non-party provider of payment processing and escrow services to defendants and its managing member in the amount of $75,000, following a July 10 order requiring defendant to pay $243 million in redress and civil penalties.
On August 1, the U.S. Court of Appeals for the Tenth Circuit upheld a trial court’s order granting summary judgment in favor of a debt buyer holding that claim preclusion barred the plaintiff’s claims brought under the Fair Debt Collections Practices Act (FDCPA) and Utah’s Unfair Claims Settlement Practices Act (UCSPA).
According to ATTOM’s recently released Mid-Year 2023 U.S. Foreclosure Market Report, ATTOM CEO Rob Barber noted, “Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023.
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