Six years after the start of the foreclosure crisis, American homeowners are paying their mortgages like the housing crash never happened. First-time delinquent home loans fell to 0.84 percent of the 50.2 million mortgages in March, the first month below 1 percent since 2007, before a wave of defaults led to the financial crisis, according to a report Monday by Lender Processing Services Inc. The rate of first-time defaults, defined as loans that went from performing to at least 60 days delinquent, peaked at 2.89 percent in January 2009.
N.Y. to sue banks over mortgage deal
New York state’s attorney general plans to sue Wells Fargo & Co. and Bank of America Corp. over alleged violations of a national mortgage settlement reached last year. Attorney General Eric Schneiderman’s office said Monday it intends to sue the banks for “repeatedly violating the terms” of the settlement. Schneiderman’s office said that since October, it has documented 339 violations of tightened standards aimed at helping homeowners in danger of losing their homes.
Adidas moves to give workers in Asia a voice on labor conditions
German sports gear maker Adidas said Monday it is encouraging workers in factories of some of its Asian suppliers to anonymously share possible grievances directly with the company via text message. The new hotline service will help bridge the communication gap between management and workers, Adidas AG said. Adidas’ efforts to improve control of labor conditions coincide with a renewed debate on working conditions at the suppliers of Western firms in the wake of deadly incidents in Bangladesh’s garment industry, where a factory building collapse last month has claimed more than 600 lives.