National Real Estate Investor, Jan. 31, 2018–Beth Mattson-TeigInvestors and developers in the Low-Income Housing Tax Credit market are adapting to a dramatic drop in pricing over the past year and expecting more uncertainty ahead.
Category: Top National News
Agency MSRs Being Auctioned
Mortgage Daily, Jan. 31, 2018Mortgage servicing rights on 1,176 Fannie Mae, Freddie Mac and Ginnie Mae loans with a collective unpaid principal balance of $361 billion are being offered for sale.
Beleaguered Fintech SoFi Slashes Mortgage Lending Staff
San Francisco Business Times, Jan. 31, 2018–Mark CalveySoFi cut 5 percent of the workers in its mortgage operations this week, primarily affecting the fintech’s offices in Healdsburg and Utah.
Walter Investment Will Stay in Bankruptcy a Little Longer than Expected
HousingWire, Jan. 31, 2018–Ben LaneAccording to Walter, it now anticipates exiting bankruptcy no earlier than Friday, Feb. 2. Walter originally filed for bankruptcy back in December.
CEO of Banned Lender Seckel Capital Charged with Lying to HUD
HousingWire, Jan. 31, 2018–Ben LaneThe Department of Justice announced Wednesday that it is charging John Seckel with four counts of making false statements to HUD.
U.S. Private Sector Added 234,000 Jobs in January
Wall Street Journal, Jan. 31, 2018–Austen Hufford (subscription)Firms across the country added 234,000 workers in January, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics.
Mortgage Rates to Approach 5% by Year-End: MBA
Mortgage Professional America, Jan. 30, 2018–Francis MonfortMortgage interest rates may approach 5% by the end of 2019 and exceed 5% in 2019 and beyond, according to Mortgage Bankers Association Chief Economist Mike Fratantoni.
Trump Admin Disassembling Much of Cordray’s Legacy
Tribune News Service, Jan. 30, 2018–Stephen KoffFrom the lips of President Trump to the computer keyboard of his budget director, Mick Mulvaney, leading Republicans have now personally blamed one Obama appointee–Richard Cordray–for representing so much of what they are trying to change.
Homeownership Rate Rose in 2017 for First Time Since 2004
Wall Street Journal, Jan. 30, 2018–Laura Kusisto (subscription)The U.S. homeownership rate rose in 2017 for the first time in 13 years as young households overcame significant hurdles to purchase homes in growing numbers and one of the deepest wounds from the housing crisis began to heal.
Lawmakers Press Mnuchin over GSE Reform, Reg Relief and Cyber Threats
National Mortgage News, Jan. 30, 2018–John Heltman (subscription)During a Senate Banking Committee hearing, Mnuchin said reform of Fannie Mae and Freddie Mac is a top priority of the Trump administration. While he declined to spell out many details of the administration’s views, he said keeping the 30-year fixed-rate mortgage is essential and that requires backing by a government guarantee.