HousingWire, June 28, 2017–Brena SwansonSmall lender and affordable housing association groups worked together to create a joint release of GSE reform principles in order to ensure the safety of their respective members; the Mortgage Bankers Association earlier this year issued its own GSE reform white paper.
Category: Top National News
12 Cities Where Homebuyers Have Max Purchase Power
National Mortgage News, June 28, 2017–Austin Kilgore (subscription)With tighter available inventory, finding a great deal on a home is proving more difficult. But the combination of home prices and local wages is making some markets more attractive than others.
Less Than One-Third of Millennials Are Homeowners
National Mortgage Professional, June 27, 2017–Phil HallLess than one-third of Millennials are homeowners, but the homeownership rates among this youthful demographic are significantly lower in expensive coastal cities and pricey college towns, according to a new data analysis from ABODO.
Apartment Market Has Tepid Second Quarter
Wall Street Journal, June 27, 2017–Laura Kusisto (subscription)The national vacancy rate climbed to 4.4% for the quarter from 4.2% a year earlier, according to data released by Reis Inc. Nonetheless, average rents across the U.S. increased 3% year-over-year in the second quarter.
CFPB Fines Four California Credit Repair companies for Misleading Customers
HousingWire, June 27, 2017–Ben LanePrime Credit, IMC Capital, Commercial Credit Consultants and Park View Law, formerly known as Prime Law Experts, and several executives in charge of the various companies will pay more than $2 million for the alleged illegal actions.
Not Another Financial Crisis ‘In Our Lifetimes:’ Fed’s Yellen
Reuters, June 27, 2017–William Schomberg, Marc Jones, Lindsay Dunsmuir, Jason LangeU.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be a run on the banking system at least as long as she lives.
San Francisco’s Housing Slowdown Could Spread
Wall Street Journal, June 27, 2017–Laura Kusisto (subscription)San Francisco, once the hottest housing market in the U.S., is now one of the coolest, in a reversal that could presage a broader slowdown if more buyers decide it isn’t worth chasing rapidly rising prices.
5 Highest Appreciating Home Markets Include 3 Ds
Mortgage Daily, June 27, 2017–Sam GarciaDallas with 8.4 percent year-over-year appreciation, Denver with 8.2 percent and Detroit with 7.4 percent rounded out the top five, led by Seattle and Portland.
U.S. to Impose Additional Tariffs on Canadian Lumber Imports
National Mortgage News, June 27, 2017 (subscription)The U.S. will impose further punitive tariffs on imports of softwood lumber from Canada, escalating a longstanding trade dispute that’s already led to higher timber prices.
Bank Unloads Mortgage Business
Mortgage Daily, June 27, 2017On Tuesday, New York Community Bancorp disclosed an agreement to sell the mortgage banking business, which it inherited through AmTrust. The buyer in the transaction, Freedom Mortgage Corp., will pick up both the origination and servicing platforms.