Fitch said Citigroup would be rated down from BBB, downgrading it from a stable A-plus outlook, to a negative outlook.Fitch is one of the top ratings agencies on the world and has been a major factor in the ratings of major corporations including Citigroup and Bank of America.The bank has also been the subject of a class-action lawsuit.The rating agency said in a statement on Thursday that it had ...
This is a rush transcript.
Stay with us.
A few weeks ago, we asked you to weigh in on whether the mortgage industry is facing a new crisis.
You responded with the usual array of opinions.
You said that, while mortgage fraud and mortgage foreclosure are on the rise, there are also signs that banks are beginning to take some steps to prevent it.
And you said that it would be good for the industry if regulators stepped in.
But your feedback has been very mixed, with some people saying that the industry needs to take steps to protect consumers and that regulators need to step in.
Today, we’re going to explore whether these are the right solutions, and how the mortgage business can best adapt to the changing environment.
But first, a bit of background on what we’re discussing.
What’s the situation?
In January, the Federal Reserve began to scale back its purchases of mortgage-backed securities (MBS) from banks and other financial institutions, after a period of increased lending.
This was done to help prevent a wave of mortgage defaults and asset price collapses that had plagued the financial sector for years.
The Fed was also responding to a growing number of reports of foreclosure scams.
The most recent crisis highlighted some of the concerns with this approach, including the fact that many borrowers, including low-income people and families, are forced into foreclosure through these types of deals.
As a result, banks have begun to reduce the amount of money they can lend to low- and moderate-income borrowers and families.
The federal government has also stepped in, by requiring banks to make mortgage servicing more transparent.
That has meant that borrowers will now have to provide more information to lenders about their finances and other important details.
In addition, the U.S. Department of Housing and Urban Development has launched a program that will make it easier for homeowners to get their mortgage loans paid off.
In the past, homeowners were required to apply for mortgages that were higher-priced than what they had available in their homes.
With the new requirements, banks can now offer mortgage loans that are much lower in price, which means that low- to moderate- income borrowers will no longer have to apply to banks for lower-priced mortgages.
This change in the system has helped to make it much easier for people to get mortgage loans.
But some experts believe that it also has left banks and the industry in a bad place.
Some economists and academics are saying that this change is a bad move that may have led to a significant increase in the amount and type of fraud that is taking place.
One such critic is Kevin Hassett, who served as director of the Federal Housing Finance Agency from 2008 to 2013.
In an interview with The Atlantic, he said that the Federal Deposit Insurance Corporation (FDIC) should have stepped in sooner and has left the market in a better place.
He pointed to the fact, for example, that many mortgage-related charges are based on the total value of a home, not just the value of the mortgage.
This means that the amount a lender charges can be significantly inflated by fraudsters.
Hassett also said that there are some negative consequences to this change in lending.
He noted that banks can no longer use the terms of their mortgages as collateral, which can make it harder for borrowers to refinance their loans.
It also means that homeowners are being pushed into defaulting on their mortgages by their banks, which could result in them having to pay much more money in repossession fees.
That means that people who have a mortgage that they can’t afford can end up paying much more for their homes and may end up needing to move to a smaller, less desirable area.
In fact, one study from the University of Pennsylvania found that in some states, a home is worth $8,500 to $10,000 more in value if the home is sold at auction than if it is bought from a bank.
This, in turn, could increase the amount that homeowners can borrow for a down payment and other financing needs.
This is bad news for the entire economy, because the federal government is already seeing a large amount of home prices being foreclosed.
One way to prevent this is to limit the number of mortgages that can be issued to low and moderate income families.
According to data from the Mortgage Bankers Association, nearly three-quarters of all mortgages issued in 2015 were to families making less than $75,000 per year.
But there are still more than 30 million mortgages outstanding that were not made to people making between $50,000 and $75.000 per day.
What are the implications for consumers?
What are some of these changes in lending practices that you’ve been speaking about?
One of the big changes is that banks now need to make more effort to make sure that people are not using the terms and conditions of their mortgage to make fraudulent payments.
There are other things that they should be doing