Market Spurs Tightening in Underwriting
By Amy Wyeth
Over the past 20 years, market forces have greatly expanded the number and type of residential loans available, but the wide variety of mortgage products on the market now may be headed for a period of contraction and underwriting guidelines are being tightened. Market forces again are partly responsible, especially the recent increase in delinquencies in repayment of subprime loans, with the percentage of subprime loans for which borrowers are behind on payments now in the double digits and increasing.
At Least 60 Bay State Banks Feeling Impact of TJX Breach
By Amy Wyeth
A computer hacker who obtained information on anywhere from 200,000 to millions of consumer debit and credit card accounts from The TJX Cos., possibly as far back as last May, set off a chain reaction of card cancellations, at least one class-action consumer lawsuit and renewed calls for increased protections to both consumers and card-issuers after the company officially announced the intrusion on Jan. 17.
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