Category: Top National News

Financial Times, July 12, 2017–Joe Rennison (subscription) Wells Fargo has been sued by Pimco for withholding money allegedly owed to bond investors, in a dispute that could have implications for billions of dollars still locked up in US mortgage securities created before the financial crisis.

Wall Street Journal, July 13, 2017–Josh Barbanel (subscription)Manhattan renters preparing to sign an apartment lease might want to ask the landlord to cut a deal first. Although the market usually tightens during the peak spring and summer seasons, landlords are offering more concessions even as rents remain high.

National Mortgage News, July 12, 2017–Kevin Wack (subscription)U.S. banks are paying a sizable price for failing to modernize their mortgage application processes in the internet age, according to a study from researchers at some of the nation’s top business schools.

Reuters, July 11, 2017–Jonathan StempelA federal judge granted the Federal Deposit Insurance Corp. permission to revive lawsuits against Citigroup Inc, Bank of New York Mellon Corp and U.S. Bancorp that he had dismissed last September, to recoup more than $695 million of losses on soured mortgage debt that a failed Texas bank once owned.

HousingWire, July 11, 2017–Ben LaneSindeo CEO Nick Stamos confirmed the details of Renren’s acquisition of the company and said that the company is committed to continuing its previously shuttered operations.

HousingWire, July 11, 2017–Kelsey RamirezHomeowners got better at predicting their home values for the first time in months, according to the National Home Price Perception Index from Quicken Loans.

Bloomberg, July 11, 2017–Craig Torres, Jeanna Smialek, Christopher CondonJanet Yellen is getting ready to feel the heat, and not just because it’s July in Washington. The Federal Reserve chair, during her semiannual testimony to Congress over the years, has been quizzed on topics ranging from the Volcker rule to God’s plan for interest rates.

Bloomberg, July 11, 2017–Joe LightTwenty-five years ago, Brian Weaver was told at a seminar that the real estate appraisal profession would be killed off by technology in five years. It didn’t happen. But he now thinks the forecast wasn’t exactly wrong-just early.

Los Angeles Times, July 11, 2017–David LazarusConsumers had good reason to celebrate Monday after the Consumer Financial Protection Bureau, after years of preparation, issued a rule blocking credit card companies, banks and other financial firms from putting roadblocks in the way of customers joining class-action lawsuits. It’s a big deal. But the party won’t last.

Wall Street Journal, July 11, 2017–Esther Fung (subscription)Grocery chain expansions are likely to spark robust construction in the coming years, analysts said, bucking the overall trend in retail development.