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Consumer Credit Increases 5.5% In August, CUs See Rise

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WASHINGTON (10/8/13)--U.S. consumer credit increased a seasonally adjusted 5.5% or $13.6 billion in August, for a total of $3.036 trillion borrowed during the month, according to the Federal Reserve's Consumer Credit report. Money borrowed from credit unions totaled $259.9 billion.
 
The Fed report was released Monday afternoon.
 
At credit unions, borrowing climbed by $3.4 billion to $259.9 billion from the $256.5 billion in July.
 
Overall U.S. revolving credit, which includes credit card spending, declined at an annual rate of 1.25%--or $0.9 billion--in August to $848.9 billion from $849.8 billion in July.
 
Credit unions' revolving credit rose slightly, to $41.1 billion from $40.6 billion in July.
 
Nonrevolving credit--such as loans for cars, mobile homes and college tuition--rose at annual rate of 8%--or $14.5 billion--to about $2.188 trillion in July from roughly $2.173 trillion in July.
 
Credit unions issued $218.8 billion in nonrevolving loans in August, up from $215.9 billion in July.

Fannie, Freddie Foreclosure Prevention Tops 2.9 Million

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WASHINGTON (10/8/13)--The more than 2.9 million foreclosure prevention actions taken since 2008 have helped 2.4 million borrowers stay in their homes, with 1.4 million of those borrowers receiving permanent loan modifications, the Federal Housing Finance Agency reported on Monday.

Foreclosure prevention actions addressed in the report include repayment plans, forbearance plans, charge-offs-in-lieu and loan modifications.

These and other details are contained in the agency's Foreclosure Prevention Report for the second quarter of 2013.

According to the report:
  • Fannie Mae and Freddie Mac completed more than 247,000 foreclosure prevention actions in the first half of 2013, with 117,000 of these coming in the second quarter;
  • The number of delinquent loans dropped nationally, driven by a decline in seriously delinquent loans;
  • Sixty-plus-day delinquent borrowers declined by 7% percent during the second quarter;
  • More than 29,000 short sales and deeds-in-lieu were completed in the second quarter;
  • Foreclosure starts declined by 11% in the second quarter; and
  • Completed third-party sales and foreclosure sales declined by 10% in the second quarter.
For the full report, use the resource link.