Lots of folks in the mortgage biz like statistics and odds. They may not remember them, but they like them. (As Marcus L. writes, “People still play the lottery even though most of us can’t get the USB in the first time correctly and those odds are 50/50.”) Plenty of home loans are impacted by student debt. For every 100 students who enroll full-time in college or university, 42 percent will graduate within four years and 18 percent more will graduate within six.
This means that 40% of college students get all the benefits of student debt without obtaining a degree. And put another way, of those 60 students of every hundred who graduate, 42 will leave with student loans and five will default on those loans by the age of 33. For the 40 who don’t graduate, 10 will default on those loans. Even more, 10 years down the line, 32% of the college grads end up in careers that didn’t require a college degree in the first place.
Regarding the news about Gateway, the U.S. Government, and FAM… Readers should know that management reports there is no financial impact to FAM as this was prior claim indemnified by Gateway. “You may have seen some news that FAM has settled a pending matter with the Department of Justice and Department of Housing and Urban Development concerning False Claims Act allegations related to HUD-insured loans. This action is related to mortgages originated prior to Finance of America’s purchase of Gateway Funding in 2015.
Finance of America has been fully cooperative with this inquiry and we are pleased that the matter is resolved. There was no admission of liability by FAM and no financial impact to FAM or UFG as a result of the settlement.” Read more…
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