Reuters, Feb. 21, 2018–Lucia MutikaniU.S. home sales unexpectedly fell in January, leading to the biggest year-on-year decline in more than three years, as a chronic shortage of houses lifted prices and kept first-time buyers out of the market.
Category: Top National News
JPMorgan Chase to Build Giant New Midtown NYC Headquarters
Wall Street Journal, Feb. 21, 2018–Keiko Morris, Cara Lombardo (subscription)JPMorgan Chase & Co. plans to build a new 2.5 million square-foot headquarters at 270 Park Ave. in New York City, the first major project under a city rezoning plan designed to rejuvenate the building stock in one of its biggest job centers.
Refi Market Share Starts the Year at 12-Month High
National Mortgage News, Feb. 21, 2018–Elina Tarkazikis (subscription)Refinance mortgages accounted for 45% of mortgage volume, the highest share in a year, according to Ellie Mae’s Origination Insights Report.
Fed Minutes Show Confidence Improving on Growth, Price Outlook
Bloomberg, Feb. 21, 2018–Craig TorresFederal Reserve officials grew more positive on the economic outlook, citing “substantial underlying economic momentum,” and were increasingly optimistic about achieving their inflation target, according to minutes of last month’s policy meeting.
Supreme Court Limits Protections for Corporate Whistleblowers
Los Angeles Times, Feb. 21, 2018–David G. SavageThe Supreme Court sharply limited the legal protections for corporate whistleblowers on Wednesday, ruling they are not shielded from being fired under the Dodd-Frank Act unless they have reported a potential fraud to the Securities and Exchange Commission.
Homeownership is Still Financially Better than Renting
Urban Institute, Feb. 21, 2018–Laurie Goodman, Christopher MayerThe authors state homeownership is not the universal panacea, but the financial returns on homeownership have been more beneficial than renting for most homeowners and will likely remain so if current patterns continue.
Mortgage Applications On the Decline
CNBC, Feb. 21, 2018 (video)On CNBC’s Squawk Box, MBA Chief Economist Mike Fratantoni discusses why borrowing has slowed down because of interest rates that continue to rise.
U.S. Treasury Recommends Preserving Dodd-Frank Bank Resolution Regime
Reuters, Feb. 21, 2018–Pete SchroederThe U.S. Treasury Department has recommended preserving powers created after the 2007-2009 financial crisis that allow regulators to step in and wind down a failing bank, in a win for big banks and overseas regulators who had lobbied for the United States to keep it.
Making Sure that the Senate’s Access and Affordability Proposal Works
Urban Institute, Feb. 21, 2018–Jim Parrott, Laurie GoodmanA draft bill to overhaul the housing finance system being considered in the Senate Banking Committee could provide a meaningful improvement of the way in which Americans support affordable homeownership. But the authors say it needs to overcome several critical design challenges that could undermine its effectiveness if mishandled.
IRS Clarifies Home Equity Interest Deductibility
Mortgage Daily, Feb. 21, 2018The Internal Revenue Service issued a clarification about the deductibility of interest that is paid on home-equity and junior-lien products.