Category: Top National News

HousingWire, Mar. 13, 2019–Alcynna LloydThe Census Bureau announced construction spending during January was estimated at a seasonally adjusted annual rate of $1.28 trillion, rising 1.3% from the revised December estimate of $1.26 trillion.

American Banker, Mar. 13, 2019–Hannah Lang (subscription)The House Financial Services Committee debated a package of legislation Wednesday to reform and reauthorize the National Flood Insurance Program, a program that both Republicans and Democrats agree needs substantial changes.

Reuters, Mar. 12, 2019–Imani Moise, Pete SchroederDemocratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Executive Tim Sloan for proof the bank has put a string of consumer abuse scandals behind it at a tense Congressional hearing that saw Sloan firmly on the defensive.

Wall Street Journal, Mar. 11, 2019–Nick Timiraos (subscription)Federal Reserve Chairman Jerome Powell said he was supportive of regulators’ continuing efforts to improve the way they implement the Community Reinvestment Act, a 1977 law that requires federally insured banks to promote lending to borrowers in low- and moderate-income areas.

The Oregoninan, Mar. 12, 2019–Elliot NjusLawmakers have proposed eliminating the state’s piece of the popular mortgage interest deduction for second homes and reducing it for high earners. Eliminating the write-off in those cases would raise $150 million.

National Mortgage News, Mar. 12, 2019–Brad Finkelstein (subscription)The Securities Industry and Financial Markets Association approved changes to its good delivery guidelines that ease the path to the government-sponsored enterprises issuing uniform mortgage-backed securities starting on June 3.

HousingWire, Mar. 12, 2019–Jessica GuerinThe suit alleges that the National Association of Realtors has driven up costs to sellers and has stifled competition by requiring brokers to offer buyer broker compensation when listing a property on an MLS site.

National Mortgage Professional, Mar. 12, 2019–Phil HallMillennials have a very distinctive approach to handling their credit, according to a new study released by TD Bank’s Consumer Spending Index. The study found one-quarter of Millennials do not know their credit score, while half of this youthful demographic use between 31 percent to 90 percent of their credit limit, far above the recommended utilization rate of 30 percent or less.

WTOP, Mar. 11, 2019–Jeff Clabaugh”The past couple of weeks seeing an increase in the average loan size suggests that some move-up buyers are entering the market and even some activity at the higher end pushing up that loan size,” said Mike Fratantoni, chief economist with the Mortgage Bankers Association.

The Mortgage Reports, Mar. 11, 2019–Aly J. YaleMore and more Americans are becoming homeowners–and younger generations are leading the charge. According to new data, owner households grew by more than 1 million last quarter, marking the eighth quarter in a row to see such growth.