Associated Press, Oct. 11, 2017Under President Trump’s tax proposal, some Americans would likely be steered away from this tax break. The plan would also eliminate many existing itemized deductions, so that some people who now itemize might end up paying more.
Category: Top National News
Fed on Track to Raise Rates Despite Weak Inflation, Minutes Show
Wall Street Journal, Oct. 11, 2017–David Harrison (subscription)Most Federal Reserve officials believed at their meeting last month that they likely would raise short-term interest rates again this year, though some said their decision would hinge on whether inflation picks up in coming months.
Over 172,000 Homes at Risk from Wildfires in Napa and Santa Rosa
National Mortgage News, Oct. 11, 2017–Elina Tarkazikis (subscription)More than 172,117 homes with a combined reconstruction cost value of over $65 billion are at some level of risk from the California wildfires blazing through the metropolitan areas of Napa and Santa Rosa, according to CoreLogic’s hazard risk analysis.
Rising Prices Narrow Home Value Perception Gap in September
National Mortgage News, Oct. 11, 2017–Brad Finkelstein (subscription)The gap between what consumers think a home is worth and its appraised value narrowed in September because of rising prices due to the continued inventory shortage, Quicken Loans said.
Criminal Charges Dropped Against Bank But Not Execs
Philadelphia Inquirer, Oct. 11, 2017–Joseph N. DiStefanoWilmington Trust Corp. agreed Tuesday to pay $60 million and help federal prosecutors with their criminal case against four of its former top executives. As a result, the bank avoids a federal trial on charges it illegally concealed hundreds of millions of dollars in bad loans to developers from its own investors, bank examiners and the federal TARP bailout program during the last decade’s mortgage-finance crisis.
Predicting the Death of the Mall, One J.C. Penney at a Time
Bloomberg, Oct. 11, 2017–Rachel Evans, Claire BostonData analysis firm System2 identified an additional 197 J.C. Penney stores at risk of closing after the embattled retailer announced plans to shutter as many as 140 shops. System2 LLC said the outlets–from San Bernardino, Calif. to an Omaha, Neb. suburb–have a 64-plus percent likelihood of closing.
Marketplace Home Lender Hiring Dozens in PA
Mortgage Daily, Oct. 11, 2017As LendingHome has grown, so has its payroll. Headcount has gone from 85 people in May 2015 to more than 250 employees as of December 2016.
Opinion: Mortgage Insurance is a Vital Backstop
Scotsman Guide, Oct. 11, 2017–Linsdey JohnsonThe author, with U.S. Mortgage Insurers, says private mortgage insurance must be part of any comprehensive GSE reform effort. (MBA mention)
Rent-to-Own Operator Vision Property Management Shut Down in Wisconsin
HousingWire, Oct. 11, 2017–Ben LaneA Wisconsin state court effectively ended rent-to-own operator Vision Property Management’s ability to operate in the state, as the company’s battle with the state continues.
Black Americans Twice as Likely as Whites to Default on Student Debt
Bloomberg, Oct. 11, 2017–Shahein NasiripourNearly half of black Americans who borrowed from the federal government to attend college defaulted on their student loans-more than double the rate among white student debtors, according to new data from the Department of Education.