Wall Street Journal, Dec. 3, 2017–Josh Barbanel (subscription)Work on an 800-foot-tall tower in East Midtown that has been under construction for six months was halted last week following a vote by the New York City Council to limit skyscrapers in the area, in a win for a grass-roots group that sought to block the project.
Category: Top National News
Will Bad Blood over CFPB Hamper Reg Relief Bill?
National Mortgage News, Dec. 1, 2017–Ian McKendry (subscription)The ill will generated between Democrats and Republicans in the controversy over appointing an acting chief for the Consumer Financial Protection Bureau adds a new wrinkle to congressional talks over a bipartisan regulatory relief deal.
Trump Picks Hensarling Aide to Help Mulvaney Lead CFPB
HousingWire, Dec. 1, 2017–Ben LaneWhile Democrats vow that they’re not ready to hand the leadership of the Consumer Financial Protection Bureau over to Mick Mulvaney without a fight, the Trump administration is moving forward with helping Mulvaney staff up in his new position.
Walter Investment Files Bankruptcy
Mortgage Daily, Dec. 1, 2017Walter Investment Management Corp. has filed for bankruptcy as expected. The company hopes to wipe out nearly $1 billion in outstanding debt.
Refis Lead Recovery in Weekly Mortgage Business
Mortgage Daily, Dec. 1, 2017New residential lending activity during the past seven days took a big leap from the holiday week. Leading the week-over-week improvement was surging refinance business.
Cash Back for Cash Buyers
UExpress, Dec. 1, 2017–Lew SichelmanA good number of buyers have been robbing their piggy banks lately, hoping that paying cash will help them beat out the competition for any decent houses still left on the market.
Short-Term Stores Now a Permanent Fixture in New York Retail
Wall Street Journal, Dec. 3, 2017–Keiko Morris (subscription)Landlords are becoming more flexible as retail sector changes and vacancies rise.
Fixed Mortgage Rates Move Lower But Appear to Be Headed Higher
Washington Post, Nov. 30, 2017–Kathy OrtonFixed mortgage rates retreated this week but strong economic data and comments by the incoming and outgoing Federal Reserve chairs left many anticipating higher rates.
Loan Production Expenses Hurt Bank Profits
Mortgage News Daily, Nov. 30, 2017–Jann SwansonMortgage bank profits declined in the third quarter when compared to the second quarter, but remained substantially higher than in the two quarters that preceded it, the Mortgage Bankers Association said.
To Better Assess the Risk of FHA Programs, Separate Reverse and Forward Mortgages
Urban Institute, Nov. 30, 2017–Edward Golding, Laurie GoodmanFormer HUD official and Urban Institute exec say Congress could take a positive step by removing the HECM portfolio from the MMI Fund.