Fed’s High Wire Inflation Fighting Effort Risks Triggering a Recessionary Fall

Imagine a high-wire act performed without a net.  That describes the Federal Reserve’s effort to curb inflation without crashing the economy.  Success will bring applause and relief; failure, a brief downturn, at best, with a prolonged recession the worst case outcome. 

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A Massachusetts court has delivered a ruling that mortgage lenders all over the country have feared.  The Supreme Judicial Court (SJC), the state’s highest court, invalidated two foreclosures, finding that the lenders involved - Wells Fargo and US Bancorp - had not proven that they held the mortgages when the foreclosures were initiated. 

Two customer satisfaction surveys convey different messages to credit unions.  One sends accolades while the other sounds a cautionary note.

 It’s time for New Year’s resolutions and for economic forecasts, which we’ve resolved not to make. But we’ve compiled a bunch of them so you can see what others are predicting, and they are all over the lot – pessimism, optimism, relief, uncertainty, great and not-so-great expectations - you’ll almost certainly find a forecast to support whatever expectations, hopes, or fears, you have for the coming year.

Borrower interest in reverse mortgages is increasing, and so are concerns about them. Citing a long list of those concerns in a recent report, consumer advocacy groups are urging the new Consumer Financial Protection Agency to increase oversight of the loans, which lenders have begun marketing more aggressively as demand for other loan products (including subprime mortgages) has waned.