Americans beefed up their mortgage balances to a new high, taking advantage of near-zero interest rates.
Expensive quick fixes are helping companies endure COVID-19 but they are not sustainable over a prolonged period of heightened volatility.
A rise in mortgage, auto loan, and credit card balances drives a record amount of post-financial-crisis consumer debt.
The bank also says it is facing multiple inquiries over its use of federal low-income housing tax credits.
The government says the TBW financials audited by Deloitte failed to reflect the mortgage originator's "severe financial distress."
“The current debt level is still manageable and is likely to grow further this year,” one economist says.
The 11.4% decline in April may only be a temporary correction as the underlying housing market remains strong.
U.S. consumers continue to enlarge their balance sheets with automobile and credit card loans, as well as mortgages.
A less favorable economic outlook had some banks tightening standards for commercial and industrial loans in July, said the Federal Reserve.
Banks moderately eased underwriting standards for some mortgages and auto loans in the fourth quarter of 2015 but tightened on C&I loans.
Dan Gilbert fires back at the Justice Department over lawsuit regarding the underwriting of Federal Housing Administration mortgage loans.
