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first_img Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines, Loss Mitigation, News Sign up for DS News Daily Home / Daily Dose / Older Americans Carrying More Mortgage Debt The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago CFPB Financial Risk Mortgage Debt Senior Citizens 2014-05-08 Krista Franks Brock  Print This Post The Best Markets For Residential Property Investors 2 days ago About Author: Krista Franks Brock Tagged with: CFPB Financial Risk Mortgage Debt Senior Citizens Older Americans Carrying More Mortgage Debt Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Related Articles May 8, 2014 803 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago While the homeownership rate among Americans age 65 and older has remained at a constant 80 percent for the past decade, the percent of older Americans with outstanding mortgage debt has increased since the start of the housing crisis, according to a report released Wednesday by the Consumer Financial Protection Bureau (CFPB).About 30 percent of older Americans hold mortgage debt as of 2011, according to the CFPB, up 8 percentage points from 2001.The rate increased even more dramatically among those age 75 and older. In 2001, 8.4 percent of those 75 and older had outstanding mortgages, while 21.2 percent had outstanding mortgages in 2011, according to the CFPB.About 4.4 million Americans are retired and still paying on their mortgage loans, according to the CFPB.Not only has the percentage of older Americans holding mortgage debt increased but so too has the amount of debt these seniors owe. In 2001, the median outstanding mortgage debt among older mortgage holders was $43,300. As of 2011, the median debt among seniors with outstanding mortgages was $79,000.”A home can be a place of security for older Americans in their retirement years—a roof over their heads as well as a valuable asset,” said Richard Cordray, director of the CFPB.”But as more seniors carry significant mortgages into retirement, they put themselves at risk of losing their nest eggs and their homes,” he added.In fact, the serious delinquency rate among seniors—the rate of those age 65 to 74 who were 90 or more days past due on their mortgages—rose significantly during the financial crisis. Starting at a rate of 0.85 percent in 2007, serious delinquencies among seniors rose to 4.96 percent by 2011.”While delinquency and foreclosure rates have decreased since 2012, foreclosure among older homeowners is still a significant problem,” the CFPB stated.About half of retired seniors with mortgage debt pay more than 30 percent of their household income on housing costs, the CFPB stated.Factors contributing to the rising rate of older Americans with mortgage debt include the refinancing boom of the 2000s, and “a general trend among Americans to buy their first home later in life, provide small down payments on home purchases, and borrow against their home equity to pay for a variety of expenses,” according to the CFPB. The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Applied Business Software Introduces New Servicing Software Next: FHFAOIG Audits GSEs’ Mortgage Insurers Share Save Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

first_imgTony eligibility alert! The Tony Awards Administration committee has made rulings on 14 productions in the 2013-2014 season. Ready? Check out their decisions below: The Glass Menagerie star Celia Keenan-Bolger will be considered eligible in the Best Performance by an Actress in a Featured Role in a Play category. Her co-star, Brian J. Smith, will be considered eligible for the Best Performance by an Actor in a Featured Role in a play category. Big Fish star Norbert Leo Butz will be considered eligible in the Best Performance by an Actor in a Leading Role in a Musical category for his performance. All other eligibility determinations were consistent with the show’s opening night credits. The committee, which will meet a total of four times throughout the season, previously ruled that Soul Doctor star Eric Anderson will be considered eligible in the Best Performance by an Actor in a Leading Role in a Musical category, and also ruled that First Date and Romeo and Juliet will remain consistent with the productions’ opening night credits. A Night with Janis Joplin star Mary Bridget Davies will be considered eligible in the Best Performance By an Actress in a Leading Role in a Musical category. The Snow Geese star Mary-Louise Parker will be considered eligible in the Best Performance by an Actress in a Leading Role in a Play category. Macbeth star Ethan Hawke will be considered eligible in the Best Performance by an Actor in a Leading Role in a Play category, while his co-star Anne-Marie Duff will be considered eligible in the Best Performance by an Actress in a Leading Role in a Play category for her performance. A Time to Kill star Sebastian Arcelus will be considered eligible in the Best Performance by an Actor in a Leading Role in a Play category.center_img View Comments Richard III star Mark Rylance will be considered eligible in the Best Performance By an Actor in a Leading Role in a Play category. The Winslow Boy star Mary Elizabeth Mastrantonio will be considered eligible in the Best Performance by an Actress in a Featured Role in a Play category, while her co-stars Michael Cumpsty and Alessandro Nivola will be considered eligible in the Best Performance by an Actor in a Featured Role in a Play category. For both Waiting For Godot and No Man’s Land, Billy Crudup and Shuler Hensley will be considered eligible in the Best Performance by an Actor in a Featured Role in a Play category. Twelfth Night star Samuel Barnett will be considered eligible in the Best Performance by an Actor in a Leading Role in a Play category. The 2014 Tony Awards can’t come soon enough! Stay tuned for more eligibility rulings throughout the season, then see the live broadcast June 8 on CBS.last_img read more