Financial News Roundup: CFPB Changes Mortgage Forms, Low-Profit Emergency Rooms Close

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Consumer watchdog agency makes initial changes to mortgage industryToday’s top news headlines feature the first string of changes that will be imposed by the Consumer Financial Protection Bureau and reasons recent graduates are being called the “lost generation.” Plus, find out why busy emergency rooms are closing across the U.S.

CFPB To Simplify Mortgage Forms
The Huffington Post

The Consumer Financial Protection Bureau is making changes in the mortgage industry, beginning with the confusing, redundant and unhelpful paperwork consumers must fill out to gauge their mortgage costs. Currently, borrowers must fill out two similar and complicated forms, but the CFPB plans to create a single standard form for consumers to simplify the process. The new form is still in its earliest stages of development, but the agency plans to have the final form ready by September.

Recent Graduates Dubbed the ‘Lost Generation’ Due To Economy
CNN Money

Recent graduates who began seeking employment during and after the recession are having more difficulty than ever securing a job, paying back loans and beginning their futures, prompting Americans to refer to them as the “lost generation.” In 2010, the unemployment rate for young adults 24 and under reached the highest level recorded since the Labor Department began keeping records, climbing to an unprecedented 9.4 percent.

Despite High Demand, Emergency Rooms In Hospitals Close At Alarming Rate
The New York Times

A large number of emergency rooms in U.S. hospitals are closing down, despite high volumes of patients and a growing demand for doctors. A recent study shows the need for emergency room care rose 35 percent in 2009; however, the number of these spaces in non-rural locations declined to 1,779 during that same period, down from 2,446 in 1990. Researchers concluded hospitals that primarily served the poor or had low profits were more likely to close than more profitable facilities.

Bank of America Helps Chicago Overcome Foreclosure Impact

Bank of America plans to donate a number of foreclosure properties to local government agencies in Chicago, in an effort to help the struggling city overcome the negative ramifications of the economic crisis. Additionally, the bank will cover the costs of tearing down old buildings and will have more transparency in its foreclosure practices. The bank has not released any final numbers that signify the number of donated properties or overall costs for demolishing dilapidated properties.

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