Today’s top news headlines feature the most affordable cities in the U.S. and a series of new regulations that may be placed upon the mortgage industry. Plus, find out why one private school drastically cut the cost of tuition.
Home Affordability Sets New Record
New data shows home affordability reached a new high in the fourth quarter of 2010, with 74 percent of all properties being financially feasible for families earning the median national income. Homes in Indianapolis were found to be the most affordable in the U.S., with only 3 percent of properties being out of reach for the average family. New York, in contrast, offers the least affordable homes in the country.
Private College Cuts Tuition Costs For Students
The New York Times
Sewanee University, a private Tennessee college, announced it will cut its tuition prices by 10 percent beginning in Fall 2011 in a risky move to stay profitable and compete with other universities. As private and public schools have been forced to raise their tuition prices amid economic hardship, Sewanee hopes the reduced tuition will draw more students and make higher education more affordable.
Regulators Consider New Sanctions For Mortgage Servicers
Mortgage loan servicers are likely to face new sanctions and rules within a month, following investigations into the robo-signing controversy involving thousands of foreclosures. A congressional panel said the servicers, including Bank of America and J.P. Morgan Chase, violated state and local foreclosure rules, shedding light on significant shortfalls in the banks’ internal policies.
Majority of Americans Oppose Strategic Defaults
A recent survey reveals a large majority of Americans would not walk away from their mortgages, even if their homes were underwater. The data shows 83 percent of homeowners were “not very” or “not at all” likely to strategically default on their properties, despite the money-saving benefits that may accompany the decision.