Wall Street Journal, Oct. 30, 2017–Chris Kirkham, Laura Kusisto (subscription)Lennar Corp. agreed to buy CalAtlantic Group Inc. for $5.7 billion, creating the country’s largest home builder by revenue in the latest affirmation of a U.S. economic expansion now in its ninth year.
Category: Top National News
CFPB Launches Mortgage Performance Tool to Track Delinquencies
National Mortgage News, Oct. 30, 2017–Brian Collins (subscription)The Consumer Financial Protection Bureau has launched a new mortgage performance tool that tracks delinquencies on mortgage loans down to the county level.
Cordray Pleads Directly with Trump to Save CFPB’s Arbitration Rule
HousingWire, Oct. 30, 2017–Ben LaneConsumer Financial Protection Bureau Director Richard Cordray took an extraordinary step on Monday, pleading directly with President Donald Trump in a last-ditch effort to save the Bureau’s controversial arbitration rule.
U.S. Consumer Spending Grows at Fastest Pace Since 2009, Savings Drop
Reuters, Oct. 30, 2017–Lucia MutikaniU.S. consumer spending recorded its biggest increase in more than eight years in September, likely as households in Texas and Florida replaced flood-damaged motor vehicles, but underlying inflation remained muted.
MBA President: GSE Reform is Within Reach
Scotsman Guide, Oct. 27, 2017–Victor Whitman”Actions may take shape that will motivate members of Congress, particularly on the Senate Banking Committee, which I think is the most important voice on the subject to begin moving forward,” said MBA President and CEO David Stevens, CMB.
Barclays and U.S. Renew Talks Over Toxic Mortgages Lawsuit
Bloomberg, Oct. 27, 2017–Stephen MorrisBarclays Plc and the U.S. Justice Department, engaged in a legal battle over the suspected fraudulent sale of mortgage securities a decade ago, have revived discussions about reaching an out-of-court settlement.
Average Q3 Price of Newly Built Home is $374K
National Mortgage Professional, Oct. 27, 2017–Phil HallThe average price of a newly constructed single-family home that sold during the third quarter was $374,000, according to new data from Redfin, which also found newly built homes sold at an average premium of $87,000 in the third quarter compared to existing homes.
Inside Cordray’s Ill-Fated Gamble on CFPB Arbitration Rule
National Mortgage News, Oct. 26, 2017–Kate Berry (subscription)The stunning defeat of the Consumer Financial Protection Bureau’s arbitration rule didn’t have to happen. That was the message from critics and former agency officials who say the bureau erred in how it designed the final rule, putting too much emphasis on class action litigation as a panacea for consumers.
Ellie Mae Ekes Out Profit Gains, Despite Drop in 3Q Originations
National Mortgage News, Oct. 27, 2017–Bonnie Sinnock (subscription)Ellie Mae’s third-quarter net income increased to $14.5 million from $13.8 million a year ago but fell from $18.8 million in the second quarter, when its tax accounting changed.
MBA Chairman on Trade Group’s Top 3 Priorities for Next Year
HousingWire, Oct. 27, 2017–Brena SwansonFresh into his new position as chairman of the Mortgage Bankers Association, Colonial Savings President Dave Motley discusses the next big initiatives for the association heading into 2018.