HousingWire, Sept. 12, 2017–Ben LanePaul Mangione, the former head of subprime mortgage trading at Deutsche Bank who stands accused over overseeing systemic mortgage bond fraud during the run-up to the financial crisis, says that the government kowtowed to public pressure to see individuals held responsible for the financial crisis by filing lawsuit against him that is wrong, unfair and without merit.
Category: Top National News
Consumers Remain Too Optimistic When Estimating Home Value
HousingWire, Sept. 12, 2017–Kelsey RamirezHomeowners continue to overestimate their home values, however the gap continues to narrow, according to the latest National Home Price Perception Index from Quicken Loans.
U.S. Job Openings at Record High; Qualified Workers Scarce
Reuters, Sept. 12, 2017The monthly Job Openings and Labor Turnover Survey, or JOLTS, released by the Labor Department on Tuesday showed the labor market continued to tighten amid a scarcity of workers.
One Beneficiary From Hurricane Harvey: Self-Storage Landlords
Wall Street Journal, Sept. 12, 2017–Esther Fung (subscription)Storage operators, which typically rent units ranging from 5 feet by 5 feet to as large as 10 feet by 25 feet, often report stronger demand following a natural disaster as residents look for a place to keep their belongings while they focus on rebuilding their property.
New Home Purchase Mortgage Applications Up in August
National Mortgage Professional, Sept. 12, 2017–Phil HallMortgage applications for new home purchases in August rose by seven percent from July and were up 6.8 percent compared to August 2016, according to the latest Mortgage Bankers Association Builder Application Survey.
Equifax Breach Sparks Congressional Free-for-All
National Mortgage News, Sept. 12, 2017–Ian McKendry, John Heltman (subscription)A mishmash of lawmakers from different parties and committees are wading into the aftermath of Equifax’s megabreach, with some using it to advance their policy agendas while others are calling for possible criminal prosecution.
Wells Fargo Announces New Round of Layoffs in Charlotte Area
Charlotte Observer, Sept. 11, 2017–Deon RobertsWells Fargo has made more layoffs within its Fort Mill mortgage operation, according to a notice filed with the state of South Carolina. The layoffs stem from the closure of Wells’ reverse-mortgage servicing operating unit, a move impacting 120 jobs.
RMBS Exposure to Irma Could be High for a Single Storm
National Mortgage News, Sept. 11, 2017–Bonnie Sinnock (subscription)Private-label residential mortgage-backed securities could have more potential exposure to Hurricane Irma than any recent storm, and the hurricane also could have implications for agency and government markets.
In Harvey’s Wake, Houston Rethinks Real Estate Development
Wall Street Journal, Sept. 11, 2017–Douglas Belkin, Shibani Mahtani (subscription)Now, after Hurricane Harvey killed at least 50 people and caused roughly $180 billion in damage, a battle is shaping up over how best to oversee real-estate development in Houston.
Lima One Capital Buys RealtyShares’ Residential Invenstor Lending Business
HousingWire, Sept. 11, 2017–Ben LaneLate last week, Lima One Capital, a lender for residential real estate investors, announced that it acquired RealtyShares’ residential lending business.