A Tale of Two Reports on Household Debt

WalletHub, Miami, reported this week that total household debt fell to $17.12 trillion in the first quarter as consumers paid down nearly $140 billion in debt during that period. Separately, the Federal Reserve of New York took a slightly different tack, reporting an increase in total household debt in the first quarter by $148 billion (0.9%) to $17.05 trillion.

Industry Briefs Mar. 12, 2021

HUD approved a Conciliation Agreement between JPMorgan Chase Bank and a Black woman, resolving the woman’s claim that the mortgage lender, relying on an appraisal that she believed was inaccurate, valued her home at an amount lower than its actual worth because of her race.

Fed Cuts Rates Amid Coronavirus Risks

The Federal Reserve yesterday made an emergency cut to the federal funds rate, citing “evolving risks” stemming from the global coronavirus outbreak.