National Mortgage Professional, July 14, 2020–Navi PersaudNew home purchase mortgage applications increased by 54.1% compared to one year ago, according to the Mortgage Bankers Association’s Builder Applications Survey. Compared to …
Category: Top National News
‘This Is Not a Normal Recession’: Banks Ready for Wave of Coronavirus Defaults
Wall Street Journal, July 14, 2020–Ben Eisen, David Benoit (subscription)The largest U.S. banks signaled that the worst of the coronavirus recession is yet to come, opting to stow away tens …
What Chase, Wells 2Q Earnings Say About the Mortgage Market
National Mortgage News, July 14, 2020–Brad Finkestein (subscription)While bleak in some regards, Wells Fargo and JPMorgan Chase’s second-quarter earnings do contain some positive indicators for the mortgage lending industry. The …
An Indicator that Presaged the Housing Crisis is Flashing Red Again
Washington Post, July 14, 2020–Andrew Van DamThe Mortgage Bankers Association reports 4.1 million households were in forbearance as of July 5. To be sure, many applied after the April period …
The Black Women Activists Who Paved The Way For BLM
NPR, July 14, 2020–Kevin Gavin, Doug Shugarts, Julia ZenkevichJoel Kan, associate vice president of Economic and Industry Forecasting at the Mortgage Bankers Association, says that lending standards are tightening as …
Under the Current CRA Rules, Banks Earn Most of Their CRA Credit through Community Development and Single-Family Mortgage Lending
Urban Institue, July 2020–Laurie Goodman, Ellen Seidman, Jun ZhuWhile the analysis finds only modest changes from 2016 to 2018, the researchers are concerned that CRA lending in 2020 will be …
Big Banks Prepare for Protracted Recession, Report Significant Drop in Profits
Washington Post, July 14, 2020–Renae MerleThe recession triggered by the coronavirus pandemic will be deeper and longer than initially expected, according to three big banks that reported significant decreases in …
Commercial Real Estate Investments In Recessionary Times
Forbes, July 14, 2020–Dennis BethelTo better understand the performance of commercial real estate, let’s look to the past. Over the last 40 years, there have been five distinct recessions.https://www.forbes.com/sites/forbesrealestatecouncil/2020/07/14/commercial-real-estate-investments-in-recessionary-times/#73b71c966af9
Online Mortgage Marketplace Optimal Blue Set to Go Up for Sale
Barron’s July 13, 2020–Luisa BeltranOptimal Blue, of Plano, Texas, produces more than $50 million in earnings before interest, taxes, depreciation and amortization, or Ebitda. The company is expected to sell …
Wells Fargo Buys $14B of Delinquent Mortgages Tied to Pandemic
American Banker, July 13, 2020–Kate Berry (subscription)Wells Fargo has purchased $14 billion of delinquent government-backed mortgages this month, leading the pack among servicers beginning to feel the balance-sheet pinch of …