National Mortgage News, Oct. 12, 2017–Brian Collins (subscription)The Federal Housing Administration forward mortgage program is “doing extremely well,” and recent changes to its reverse mortgage program “will stop the bleeding” in losses to the agency, Housing and Urban Development Secretary Ben Carson said Thursday.
Category: Top National News
Strong Economic Growth Pushes Mortgage Rates Higher
Washington Post, Oct. 12, 2017–Kathy OrtonAfter a month of incremental increases, fixed mortgage rates took their biggest leap since this summer. “Data released last week, on balance, suggested continued strong economic growth,” said Joel Kan, a Mortgage Bankers Association economist. “In combination with hawkish comments from some Fed officials, this pushed rates up.”
MBA Predicts Plunge in New Home Sales; Hurricanes Blamed
Mortgage News Daily, Oct. 12, 2017–Jann SwansonThe Mortgage Bankers Association said a significant decline in new home sales occurred last month. However, like much of the other September housing data that has been released so far, it appears that Hurricanes Harvey and Irma are behind much of the downturn.
Goldman Sachs to Buy Mortgage Lender Genesis Capital
Reuters, Oct. 12, 2017–Olivia OranGoldman Sachs Group Inc has agreed to buy private mortgage lender Genesis Capital LLC as the Wall Street bank looks to new businesses for growth while trading revenue remains sluggish.
Senators Seek Mortgage Relief for Victims
Associated Press, Oct. 12, 2017Nevada’s two U.S. senators want mortgage payment relief for family members of victims of the Las Vegas massacre as they deal with medical and funeral costs.
Are 3% Down Mortgage Programs for First-Time Homebuyers Only?
The Mortgage Reports, Oct. 12, 2017–Peter G. MillerSome great mortgage programs are available only to first-time homebuyers. But that’s not the whole story.
Mortgage Banking Creates Drag on JPMorgan’s Better-than-Expected Earnings
HousingWire, Oct. 12, 2017–Kelsey RamirezJPMorgan Chase kicked off another earnings season on Thursday, as it reported third quarter earnings that surpassed experts’ expectations. But the news wasn’t all good, especially in the mortgage banking sector, where earnings fell by 17 percent.
Citi Earnings Beat Boosts Stock
MarketWatch, Oct. 12, 2017–Andrea RiquierThe bank had revenue of $18.2 billion in the quarter, vs. $17.8 billion a year ago. Analysts surveyed by FactSet had forecast $17.9 billion.
Distressed Investors Are Already Buying Houston Homes for 40 Cents on the Dollar
Bloomberg, Oct. 12, 2017–Prashant GopalDuring hurricanes Harvey and Irma, wind and water damaged almost 1.8 million homes, causing uninsured flood losses of as much as $57 billion, according to CoreLogic Inc., a real estate data firm. Homeowners without federal flood insurance are most likely to be desperate. Those with policies don’t yet know how much they’ll get for their losses, which is key to deciding whether it makes sense to sell.
Fixed Interest Rates on Home Loans Jump
Mortgage Daily, oct. 12, 2017–Sam GarciaFreddie Mac reported in its Primary Mortgage Market Survey for the week ended Oct. 12 that fixed interest rates on 30-year mortgages averaged 3.91 percent.