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32 HIGH DOWN PAYMENTS ALTER YOUNG HOMEBUYER PRIORITIES More than 60 percent of millennials are looking to achieve the amount of savings or income necessary to live their desired lifestyle, whereas most (55 percent) Gen Xers and baby boomers are instead saving to leave the workforce, according to the latest Merrill Edge Report. e survey found that millennials are more focused on personal achievements, such as dream jobs and traveling, than more "traditional" long-term life milestones, such as marriage and parenthood. "is spring's report shows us, even more, differences between how millennials and their parents view and save for the future," said Aron Levine, Head of Merrill Edge. "Young adults tell us they are willing to do whatever it takes to achieve freedom and flexibility, even if it means working for the rest of their lives. To ensure success, it's increasingly important these younger generations take a hands-on, goals- based approach to their long-term finances and prioritize saving in the short term." is "fear-of-missing-out" philosophy among millennials translates into home purchases. Millennials are less likely than older generations to settle down and are what some call "adventure movers." eir motivations for moving are influenced by a sense of adventure, making these moves relatively short term," said Dr. Jeffrey Arnett, Research Professor in the Department of Psychology at Clark University. "More than any generation before them, millennials have defined their 20s as a period of freedom and instability. is flexibility allows millennials to make moves in search of new job opportunities or adventures, even if they don't plan to stay in the long run." e Mayflower Mover Insights Survey found that 41 percent of millennials are what they call "vacation movers," or movers who do not intend to settle permanently. e survey also found that 53 percent of millennials are likely to make a temporary move within the next five years. Bank of America CEO Brian Moynihan pointed to high down payments and the amount of time required to save for these payments as another reason millennials are not quite settling yet. Millennial lifestyles change over time, and a lower down payment could make a difference in the long run. "If you require a 20 percent down payment, it takes more time," said Moynihan on CNBC. SUPREME COURT DEEMS LATE BANKRUPTCY CLAIMS NOT SUBJECT TO FDCPA LAWSUITS e Supreme Court recently ruled that under the Fair Debt Collection Practices Act (FDCPA), debt collectors that knowingly pursue stale debt in bankruptcy proceedings do not run the risk of facing potential consumer protection lawsuits, according to Law360. e ruling came after the high court voted 5-3 to overturn an Eleventh Circuit decision which had found Midland Funding LLC, a purchaser of unpaid debt, potentially liable under the FDCPA. According to the Supreme Court, Midland Funding is no longer liable under the Act for attempting to collect on bankruptcy on decade-old credit card debt, which Law360 noted had become time-barred after six years. Justice Stephen G. Breyer stated that Midland's attempts to collect on clearly expired claims were not "false, deceptive, or misleading," and according to Breyer, the firm's proof of claim falls within the U.S. Bankruptcy Code's definition of "claim." "e law has long treated unenforceability of a claim (due to the expiration of the limitations period) as an affirmative defense," Breyer wrote. "And we see nothing misleading or deceptive in the filing of a proof of claim that, in effect, follows the code's similar system." In March 2014, plaintiff Aleida Johnson filed for Chapter 13 protection, but Midland Funding filed a proof of claim for a payment of $1,879 in unpaid credit card debt during Johnson's bankruptcy. According to Johnson, the last credit card transaction on the account had occurred in May 2003, and in Alabama where the claim occurred, the statute of limitations for collecting on overdue debt is six years. While a federal judge had originally dismissed the claims on the grounds that the bankruptcy code authorizes all creditors to file proof of claims at any time, the Eleventh Circuit stepped in to say that the Bankruptcy Code and FDCPA go hand-in-hand. e Supreme Court majority voted to repeal the Eleventh Circuit's decision, though the three dissenting, Justices Sonia Sotomayor, Elena Kagan, and Ruth Bader Ginsburg, called Midland's actions in collecting stale debt "unfair" and "unconscionable." "It is said that the law should not be a trap for the unwary," they said in their dissent. "Today's decision sets just such a trap." of U.S. markets experienced housing prices jump 40 percent since the year 2000. Source: State of the Nation's Housing 2017 report by the Joint Center for Housing Studies of Harvard STAT INSIGHT 16%

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