Wall Street Journal, Oct. 2, 2017–Andrew Ackerman, Emily Glazer (subscription)Wells Fargo & Co. Chief Executive Timothy Sloan is expected to apologize for the bank’s phony account scandal Tuesday and tell Senate lawmakers that his firm has rehired about 1,800 employees who left over shortcomings with its sales practices.
Category: Top National News
Genworth Examining Options for Mortgage Insurance Options
National Mortgage News, Oct. 2, 2017–Brad Finkelstein (subscription)Genworth Financial is evaluating options for its private mortgage insurance business as its proposed acquisition by China Oceanwide was delayed for a third time.
Manhattan Condos Are Barely Yielding More Than Government Treasuries
Bloomberg, Oct. 2, 2017, Oshrat CarmielNewly purchased condos that were listed for lease in the second quarter brought their owners a median return of 2.5 percent, according to an analysis released Monday by property-listings website StreetEasy.
PrimeLending Discloses New President
Mortgage Daily, Oct. 2, 2017Steve Thompson has been promoted to president from his role as executive vice president of national production. Thompson originally joined PrimeLending in 2011.
Equifax Failed to Patch Security Vulnerability in March–Former CEO
Reuters, Oct. 2, 2017–David ShepardsonEquifax Inc. was alerted in March to the software security vulnerability that led to hackers obtaining personal information of more than 140 million Americans but took months to patch it, its former CEO said in testimony to be delivered to Congress on Tuesday.
Psst, Heard About That Deal? CompStak to Bring its Crowdsourcing Model to Sales
The Real Deal (New York), Oct. 2, 2017–Hiten SamtaniCompStak, the real estate information firm that shook up the clandestine world of office leasing by introducing crowdsourced comps, is now taking on the investment-sales space.
HomeStreet Scales Back Mortgage Business
Mortgage Daily, Oct. 3, 2017Slowing mortgage production is behind HomeStreet Inc.’s decision to eliminate dozens of jobs and scale back on several home-lending centers.
Mortgage Tax Fight Tests Clout of Home Industry
The Hill, Oct. 3, 2017–Megan R. WilsonThe power of the real estate and home building industries is being put to the test in a fight with Republicans over a key tax break for homebuyers–the mortgage interest deduction.
SEC Says First-Ever Cryptocurrency Backed By Real Estate is a Fraud
HousingWire, Oct. 2, 2017–Ben LaneAccording to the Securities and Exchange Commission, REcoin and its initial coin offering were a fraud designed to bilk unwitting investors.
Manhattan Resale Home Prices Set a Record, Even After Discounts
Bloomberg, Oct. 3, 2017–Oshrat CarmielThe price of Manhattan resale homes hit a record in the third quarter, but sellers shouldn’t get too bullish. It took some discounting to get there.