Bloomberg, Feb. 16, 2018–Patrick ClarkAs Wall Street’s rental-home industry matures from its early days of frenzied homebuying after the foreclosure crisis, upstarts such as Promise are turning to cheaper houses that have largely been cast aside by big, established landlords.
Category: Top National News
U.S. Producer Prices Rise in January; Industrial Output Falls
Reuters, Feb. 15, 2018–Lucia MutikaniU.S. producer prices accelerated in January, boosted by strong gains in the cost of gasoline and healthcare, offering more evidence that inflation pressures were building up.
Eight Takeaways from MBA’s CREF/Multifamily Convention and Expo 2018, Day Two
National Real Estate Investor, Feb. 14, 2018–Elaine MisonzhnikAs the annual MBA’s CREF/Multifamily convention got underway this week in San Diego, attendees expressed a healthy level of appetite for originating new loans and a desire to lend the same amount or more this year than they did in 2017.
Stock Jitters and Higher Interest Rates Drive Weekly Mortgage Applications Down 4.1%
CNBC, Feb. 14, 2018–Diana OlickLast week’s wild ride in the markets and another rise in interest rates were likely the cause of a 4.1 percent weekly drop in mortgage application volume. The seasonally adjusted count from the Mortgage Bankers Association was just 3.5 percent higher than a year ago.
Blackstone Mortgage Trust Grows Portfolio to Record $11B
The Real Deal (N.Y.), Feb. 14, 2018–Konrad PutzierThe mortgage real estate investment trust issued $1.2 billion in new loans in the fourth quarter and $4.8 billion over the entire year–up 37 percent from 2016.
Wells Fargo Customer-Repayment Efforts Questioned
Wall Street Journal, Feb. 14, 2018–Gretchen Morgenson (subscription)In a Feb. 13 letter to Timothy Sloan, Wells Fargo’s chief executive, Elizabeth Warren, a Democratic Senator from Massachusetts, posed almost a dozen questions about the bank’s troubled customer-remediation programs.
Fannie Mae Absorbs $6.5B Q4 Loss
National Mortgage Professional, Feb. 14, 2018–Phil HallFannie Mae reported a net loss of $6.5 billion in the fourth quarter of 2017 and stated that it will need $3.7 billion from the Treasury Department. Timothy J. Mayopoulos, president and CEO of Fannie Mae, blamed the government-sponsored enterprise’s dismal fourth quarter data on a “one-time accounting charge” tied to the recent tax reform legislation.
Jeffrey Taylor, Former Wells Fargo Reverse Executive, Dies at 75
National Mortgage News, Feb. 14, 2018–Bonnie Sinnock (subscription)Jeffrey Taylor, a former Wells Fargo reverse mortgage executive and founder of Wendover Funding, has died following a battle with cancer, according to a funeral home notice online. He was 75.
CFPB Requests Information on Its Supervision Processes
HousingWire, Feb. 14, 2018–Kelsey RamirezThe bureau announced it is seeking comments and information from interested parties to assess the effectiveness and efficiency of its supervision program. The agency asks whether any changes to the program would be appropriate.
Little Impact on Home Purchases From Rising Rates
Orange County Register (Calif.), Feb. 14, 2018–Jeff CollinsConventional wisdom says home sales will slow this year as mortgage rates rise. But two reports out this week indicate rising rates–even if they go above 5 percent–are unlikely to have a big effect on home sales.