Barron’s, Aug. 30, 2017–Amey StoneMajor flooding in Texas is putting at risk about $19.4 billion in properties financed by commercial mortgage-backed securities, according to Morningstar Credit Ratings.
Category: Top National News
Why Millennials are Less Creditworthy Now than Gen Xers were in 2001
National Mortgage News, Aug. 30, 2017–Elina Tarkazikis (subscription)Millennial credit scores are lower than when Generation X consumers were coming of age, reflecting changes in credit consumption and other consumer behaviors.
What Do HUD’s Reverse Mortgage Changes Mean for FHA Mortgage Insurance Premiums?
HousingWire, Aug. 30, 2017–Brena SwansonMortgage insurance premium cuts and HECM both impact the FHA’s flagship fund, the Mutual Mortgage Insurance Fund. The fund insures mortgages made by the FHA on single-family homes and pays the lender if the borrower defaults.
Harvey Could Reshape How and Where Americans Build Homes
Bloomberg, Aug. 30, 2017–Christopher FlavelleHurricane Harvey has highlighted a climate debate that had mostly stayed out of public view — a debate that’s separate from the battle over greenhouse gas emissions, but more consequential to the lives of many Americans. At the core of that fight is whether the U.S. should respond to the growing threat of extreme weather by changing how and, even where, homes are built.
U.S. Second-Quarter GDP Growth Revised Up, Fastest in Over Two Years
Reuters, Aug. 30, 2017–Lucia MutikaniGross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.
ADP: Businesses Add Robust 237,000 Jobs in August
USA Today, Aug. 30, 2017–Paul DavidsonPayroll processor ADP said the private sector added a robust 237,000 jobs in August. That would appear to possibly signal a third straight month of strong hiring in the Labor Department’s closely watched employment report Friday.
Jump in Default Risk on New Mortgage Originations
Mortgage Daily, Aug. 30, 2017VantageScore reported risk of default on new quarterly mortgage originations turned significantly higher as production plunged, though seasonal factors played a role.
CMBS Delinquency Down 2nd Consecutive Month
Mortgage Daily, Aug. 30, 2017For the second month in a row, the performance of securitized commercial real estate loans improved. Industrial loans led the decline in late payments, said Trepp LLC.
Direct Homebuyer Opendoor Getting into Mortgage Business
HousingWire, Aug. 30, 2017–Ben LaneThe company is currently piloting a mortgage program in Phoenix, touting its ability to save homebuyers when they buy one of Opendoor’s properties.
States Preparing to Pick up Slack if CFPB Backs Down
National Mortgage News, Aug. 30, 2017–Lalita Clozel (subscription)As Republicans policymakers pursue efforts to revamp the Consumer Financial Protection Bureau and replace its leadership, state agencies are already preparing to fill any vacuum that might ensue if the CFPB steps back.