Washington Examiner, July 10, 2017–Joseph LawlerThe situation facing banks today is one of the many far-reaching repercussions of the 2008 financial crisis, which the government’s investigators concluded was in part kicked off by a decline in lending standards. (MBA mention)
Category: Top National News
Mortgage Applications Rise 1.4%, Defying Higher Rates
CNBC, July 6, 2017–Diana OlickMore borrowers applied for home loans last week, even as interest rates made their largest five-day jump since just after the presidential election, the Mortgage Bankers Association said.
Mortgage Rates Surge Higher as Markets Fret over Federal Reserve Monetary Strategy
Washingon Post, July 6, 2017–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.96 percent with an average 0.6 point. (MBA mention)
U.S. Fed Buys $3.7 Billion of Mortgage Bonds, Sells None
Reuters, July 6, 2017The Federal Reserve bought $3.683 billion of agency mortgage-backed securities in the week from Jun. 29 to Jul. 5, compared with $5.107 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.
‘If Not Now, When?’ Fed’s Powell on GSE Reform
National Mortgage News, July 6, 2017–John Heltman, Kate Berry (subscription)Federal Reserve Gov. Jerome Powell, who heads the agency’s supervisory committee, called on lawmakers Thursday to move more quickly in crafting legislation to reform the government-sponsored enterprises, saying that “we’re almost at a now-or-never moment here.”
Monthly Bankruptcies by Consumers Decline
Mortgage Daily, July 6, 2017Compared to a month earlier, the number of consumers who resorted to bankruptcy last month was down by 4 percent.
Insurance Startup Covered Plans Expansion after Capital Raise
HousingWire, July 6, 2017–Ben LaneCovered Insurance, a Denver-based startup that connects consumers and mortgage lenders to insurance providers, announced recently that it completed a seed round of funding in which the company raised $700,000.
Manhattan Home Sales Surge as Cuts Bring Prices to Buyers’ Level
Bloomberg, July 6, 2017–Oshrat CarmielPurchases of resale homes jumped 16 percent from a year earlier to 2,597, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Buyer interest was fueled by average price cuts of 6.1 percent across all property types.
Mortgage Bankers, Trade Groups Want Meeting with Sessions over DOJ’s Fair Lending Enforcement
HousingWire, July 6, 2017–Ben LaneSeveral of the largest trade organizations in banking want to meet with Attorney General Jeff Sessions to discuss how the Trump administration’s approach to fair lending laws and if the current administration plans to enforce those laws any differently than the previous administration did.
HSBC Cutting Nearly 200 Florida Jobs
Tampa Bay Times, July 6, 2017–Malena CarolloMortgage lender HSBC announced another round of significant layoffs for its Brandon office–197 employees.