HousingWire, Sept. 13, 2017–Ben LaneFannie Mae initially announced the sale last month, originally stating that the sale would include a pool of about 11,000 loans totaling nearly $2.5 billion in unpaid principal balance.
Category: Top National News
Pandit Says 30% of Bank Jobs May Disappear in Next Five Years
Bloomberg, Sept. 13, 2017 (updated)–Chanyporn ChanjaroenVikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years.
Surging Gasoline Prices Boost U.S. Producer Inflation
Reuters, Sept. 13, 2017–Lucia MutikaniThe Labor Department said on Wednesday its producer price index for final demand increased 0.2 percent last month after slipping 0.1 percent in July.
Refinance Outlook Raised by Mortgage Bankers
Mortgage Daily, Sept. 13, 2017The Mortgage Bankers Association said single-family loan originations are expected to reach $465 billion. Lending activity is then expected to fall to $370 billion in the fourth quarter.
Guaranteed Rate Adding 100 California Jobs
Mortgage Daily, Sept. 12, 2017Following a successful recruiting campaign in its home town, Guaranteed Rate will run the same campaign in Southern California.
U.S. Probing High-Pressure Mortgage Sales That Target Veterans
Bloomberg, Sept. 14, 2017–Joe LightGinnie Mae is investigating lenders for allegedly pressuring veterans and members of the military into unneeded mortgage refinances–unsavory conduct that not only leads to higher consumer costs but has consequences for one of the world’s largest bond markets.
Fannie Mae, Freddie Mac Cut Mortgage Modification Interest Rate to Lowest Level of 2017
HousingWire, Sept. 13, 2017–Ben LaneFor the third time this year, Fannie Mae and Freddie Mac are lowering the benchmark interest rate for standard mortgage modifications. And unlike last time, both of the government-sponsored enterprises are changing their respective benchmark rates at the same time.
Has the Fed Found a Better Long-Term Mortgage Product?
National Mortgage News, Sept. 13, 2017–Brian Collins (subscription)This mortgage is built around the cost of funds, or COFI, index published by the Federal Home Loan Bank of San Francisco. It reduces the incentive for borrowers to refinance and theoretically makes it profitable for banks to hold these fixed-rate mortgages in portfolio.
Couple Launches Video to Raise Awareness of Prostate Cancer
Smith Mountain Laker (Va.), Sept. 12, 2017–Karen DillonMBA President and CEO David Stevens talked about his diagnosis, the importance of cancer research and a YouTube video he and Mary recorded and released for National Prostate Cancer Awareness Month.
Houston’s Unsinkable Housing Market Undaunted by Storm
New York Times, Sept. 12, 2017–Annie Correal, Conor DoughertyMost Houston buyers are keeping deals on track, builders are expected to barrel ahead and owners of elevated homes may find their properties more valuable.