HousingWire, Apr. 16, 2018–Kelsey RamirezEven as downside risks mount, Fannie Mae continues to predict strong economic growth for 2018, according to its Economic and Strategic Research Group’s April 2018 Economic and Housing Outlook report.
Category: Top National News
New York’s Commercial Property Market Comes Storming Back
Wall Street Journal, Apr. 16, 2018–Keiko Morris (subscription)A rise in sales of office towers, apartment buildings and warehouses after a two-year dive signals confidence in New York’s real estate market. Manhattan transactions more than doubled to $8.9 billion.
Earnings Jump at BofA as Originations Sink
Mortgage Daily, Apr. 16, 2018Quarterly earnings climbed at Bank of America Corp., while home-lending activity tumbled. The company stopped reporting mortgage earnings and servicing.
Q2 Mortgage Refinance Outlook Increases
Mortgage Daily, Apr. 16, 2018The second-quarter forecast for refinance originations has been raised–though the gain came at the expense of expected second-half production.
New Home Purchase Apps Rise But Lag Year-Ago Levels
National Mortgage News, Apr. 13, 2018–Bonnie Sinnock (subscription)New home purchase applications were 14% higher than the previous month, but they were 2.6% lower than they were in March 2017, according to the Mortgage Bankers Association’s Building Application Survey.
Wells Fargo Faces $1B Fine from Federal Regulators over Mortgage, Auto Loan Abuses
USA Today, Apr. 13, 2018–Kevin McCoyFederal regulators are seeking a $1 billion payment from Wells Fargo to settle problems with mortgage and auto loan issues, along with compliance risk management concerns, the bank said Friday as it reported its first-quarter earnings.
Mortgage Origination Volume Creates Drag on JPMorgan Chase Earnings Growth
HousingWire, Apr. 13, 2018–Kelsey RamirezIn the first quarter, JPMorgan Chase saw a significant increase in its earnings from both the previous quarter and previous year–despite the drag from its mortgage origination volume.
Citigroup Profit Beats on Strength in Consumer Banking, Equity Trading
Reuters, Apr. 13, 2018–Sweta Singh, David HenryCitigroup Inc. reported a higher-than-expected quarterly profit on Friday, driven by strength in its consumer banking business and a surge in equities trading.
House Clears Bill That Makes It Easier to Soften Volcker Rule
Bloomberg, Apr. 13, 2018–Elizabeth DexheimerThe House passed legislation Friday that would make the Federal Reserve the sole regulator in charge of the Volcker Rule, a change that Wall Street banks have sought for years because they believe it will make complying with the controversial provision less burdensome.
First Republic Earnings, Mortgage Assets Increase
Mortgage Daily, Apr. 13, 2018Although quarterly home lending was significantly lower at First Republic Bank, residential asset holdings expanded and earnings were stronger.