Several years ago, the housing market crashed and sent prices and property values tumbling. As a result of the severe downturn, many families in Washington lost their homes to foreclosure. Fortunately, some of those families may now have a chance to buy back their homes due to a new policy.
Four years ago, Senator Elizabeth Warren advocated for the creation of a new agency to help protect consumers from predatory lenders. The agency, The Consumer Financial Protection Bureau, has now fined a used car dealership over its loan collection efforts. While this particular dealership does not have locations in Washington, residents here may have financed cars through similar businesses.
A recent report has shown that there are now more new automobile loans than there have been over the past eight years. This, in turn, may lead to increasing difficulty for some consumers who have taken on new vehicle loan debt. Some families in Washington may already be struggling to juggle their current debt loads.
The housing crisis has led to some changes in the way banking and lending institutions handle delinquent mortgages. Most likely, the decision to walk away from a home and allow it to go into foreclosure is not made without careful reflection. However, Washington families that have been contemplating this step may be encouraged by the recent changes.
A couple has spent years working and putting aside money in their IRA accounts for themselves and also for their children. Now, one of the spouses suffers an accident and dies. The surviving spouse would most likely take a measure of comfort knowing that the money that has been put aside will enable him or her to follow through with their retirement plans. However, in the event of a financial setback, the money in some of those accounts may no longer be protected in a consumer bankruptcy should the need arise. Washington residents may benefit from learning about a new Supreme Court decision.
Though it has been reported that the percentage of American consumers with an account in a third-party debt collection system has fallen during the third quarter of 2013, the average account balance facing collection rose. One economist reported that balances on these accounts increased in "essentially all types of debt."