Category: Top National News

Reuters, June 28, 2018–Lucia MutikaniThe U.S. economy slowed more than previously estimated in the first quarter amid the weakest consumer spending in nearly five years, but growth appears to have since regained momentum on the back of a robust labor market and tax cuts.

CNBC, June 27, 2018–Diana OlickHomebuyers are pulling away from this summer’s expensive and competitive housing market, even as interest rates settle. Total mortgage application volume fell 4.9 percent, seasonally adjusted, last week compared with the previous week, according to the Mortgage Bankers Association.

American Banker, June 27, 2018–Edward J. Pinto, Tom LaMalfaThe authors say Fannie Mae and Freddie Mac, while still in conservatorship and with the blessing of the Federal Housing Finance Agency, are once again expanding into new products and programs with abandon–and in the process potentially adversely affecting industries, businesses and careers.

National Mortgage News, June 27, 2018–Hanna Lang (subscription)The Trump administration’s plan to end the conservatorship of Fannie Mae and Freddie Mac marked its first effort to solve a problem left over from the financial crisis, but ultimately raised more questions than it answered.

Mortgage Daily, June 27, 2018Ditech Holding Corp. is considering steps that could include the sale of the company. It’s not the first time that Ditech’s chief has overseen a large distressed mortgage firm.

Charlotte Observer, June 27, 2018–Deon RobertsBank of America Corp. intentionally failed to maintain homes it foreclosed on in black and Latino neighborhoods across dozens of U.S. markets while consistently caring for similar properties in white neighborhoods, according to a federal lawsuit filed this week.

Mortgage Daily, June 27, 2018Freddie Mac is updating its requirements to allow all comparable sales from outside new condominium projects when there have been no sales yet.

HousingWire, June 27, 2018–Jessica GuerinUnion Home Mortgage is on a roll. The Ohio-based lender made its second asset acquisition in six weeks, announcing it purchased assets from NOIC Inc./Concord, a mortgage company that does business as Concord Mortgage Group, NOIC Home Mortgage Lender, and Ownium, and operates in 11 states.

National Mortgage News, June 27, 2018–Elina Tarkazikis (subscription)Commerce Home Mortgage and its parent company, The Capital Corps, are acquiring Oregon-based retail mortgage banking company LoanStar Home Loans as a move to expand access to capital throughout the Northwest and Texas.

Associated Press, June 28, 2018–Juliet LindermanDuring a three-hour hearing, HUD Secretary Ben Carson faced harsh questioning from Democrats on the House Financial Services Committee who were less convinced of his commitment to upholding the tenets of the Fair Housing Act, which marks its 50th anniversary this year.