Category: Top National News

American Banker, Oct. 10, 2018–Neil Haggerty (subscription)”I’m really disappointed in kind of the reactions of the states to our report,” said Craig Phillips, counselor to Treasury Secretary Steven Mnuchin, at a conference in Washington Wednesday. “In no way are we trying to undermine the role of state regulation and definitely there is a collaboration between states and the federal.”

CNBC, Oct. 11, 2018–Silvia AmaroProminent officials have praised the U.S. Federal Reserve, its chairman and its independence, amid new attacks from President Donald Trump.

Scotsman Guide, Oct. 9, 2018–Victor WhitmanJPMorgan Chase & Co. and Movement Mortgage this month were the latest companies to announce layoffs of hundreds of mortgage workers due to a downturn in business. Many more people in the industry can expect to lose their jobs in the coming months, Fannie Mae says.

CNBC, Oct. 9, 2018–Diana OlickMillennials are in their prime homebuying years, and they’re used to cheap credit. So they might be in for a rude awakening as mortgage rates jump.

Wall Street Journal, Oct. 9, 2018–Craig Karmin, Laura Kusisto, Dana Mattioli (subscription)Lennar Corp. is in advanced talks to sell its real-estate lending unit, looking to offload the business at a time when the nation’s largest home builder and its peers are struggling alongside a stagnant housing market. The Miami-based company is in discussions with the private-equity firm Stone Point Capital LLC for the sale of Rialto Capital.

National Mortgage News, Oct. 9, 2018–Bonnie Sinnock (subscription)D.R. Horton is selling more homes, but its cancellation rates also are higher in the company’s preliminary quarterly results, a sign that rising mortgage rates may be affecting the market.

Mortgage Daily, Oct. 9, 2018On Tuesday, the Justice Department announced it agreed to a settlement with HSBC that includes a $765 million civil penalty involving subprime residential mortgage-backed securities.

Mortgage Daily, Oct. 9, 2018CoreLogic said mortgage delinquency and foreclosure rates fell again in July to lows last seen before the financial crisis.

Wall Street Journal, Oct. 9, 2018–Suzanne Kapner, Lillian Rizzo, Soma Biswas (subscription)Sears Holdings Corp. has hired M-III Partners LLC to prepare a bankruptcy filing that could come as soon as this week, as the cash-strapped company that once dominated American retailing faces a debt payment deadline.

National Mortgage Professional, Oct. 9, 2018–Phil HallThe construction industry added 23,000 net new positions in September, according to the Associated Builders and Contractors’ latest analysis of Bureau of Labor Statistics data.