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Auto Industry on Road to Recovery from Pandemic
After a series of disruptions in March and April that coincided with the widespread outbreak in the U.S., the auto industry has entered a recovery period, though its path forward remains uncertain.
Failed Background Check, Drug Testing Stall Hiring of Low-Skilled Workers
Many companies seek to add employees as the state economy continues expanding at an above-average pace. But not all can find the workers they need.
Biden Student Loan Relief Plan Allows Increased Borrowing, Less Repayment
The Biden plan is expected to boost participation in the income-driven repayments that lower the payment burden. Imposing a cap on a borrower’s income to qualify for cancellation or increasing the cancellation amount for low-income borrowers could alleviate the regressive nature of broad loan cancellation.
Diverse, Resilient Houston Looking at Moving Beyond Traditional Energy Base
Dallas Fed President Lorie K. Logan met with Houston business and community leaders earlier this month in the first of 12 stops on her 360° in 365 Listening Tour.Di
Journal Article
Subprime Mortgage Performance by Metro Area
Dallas-Fort Worth-Arlington and Houston-Sugar Land-Baytown lead the state with the most securitized, owner-occupied subprime mortgages. These two metros also have a much larger number of problematic loans compared with other Texas metros.
Journal Article
Texas Housing and Mortgage Update
The mortgage crisis precipitated a long-lasting economic recession and sent millions of American homeowners into foreclosure. Now, as retail sales, consumer confidence and employment show encouraging progress almost three years after the recession?s end, the housing market is slowly gaining some momentum.
Journal Article
Texas Housing and Mortgage Update
Texas and other areas in the Eleventh District did not experience a drastic home appreciation or expansion of exotic mortgages in the lead-up to the recent recession; therefore, the region did not get into a mortgage crisis as severe as in some other parts of the nation (Figure 1). However, the region has not been immune to the consequences of the financial system turmoil and the economic slowdown.
Journal Article
Residential Foreclosures in Texas Depart from National Trends
Since 2005, mortgage delinquencies and foreclosures across the U.S. have escalated from historically low levels. In Texas, the number of foreclosures has been among the highest in the nation. However, Texas has the second-largest population among the 50 states and a large number of home mortgages. Its foreclosure rate as a percentage of total mortgages has not ranked high.
Journal Article
The Importance of Filing for the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) encourages work and reduces poverty by rewarding low- and moderate-income working families at tax time. Low-wage workers may receive the EITC even though they owe no tax or are not required to file. When the EITC amount exceeds their tax liability, the Internal Revenue Service (IRS) will still refund the balance.
Journal Article
Alternative Refund Settlement Products May Compromise Asset-Building Goals
High-cost, short-term loans such as the refund anticipation loan (RAL) have historically been popular with low-income filers. RALs are based on the taxpayer's expected refund and are issued at the time of filing. They allow the taxpayer to receive an anticipated refund earlier, in the form of a loan. These products have often been associated with high prices and extra filing costs. Nationwide, 7.2 million taxpayers received RALs in 2009, and 87 percent of those were low income.