Category: Top National News

American Banker, July 5, 2017 (subscription)HSBC Holdings is in talks to resolve a U.S. probe into its sale of toxic mortgage bonds a decade ago, according to people familiar with matter, a negotiation that could offer an early look at how the Trump Justice Department will deal with global banks.

HousingWire, July 5, 2017–Ben LaneThe Department of Justice announced Prospect Mortgage will pay more than $4 million to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with Federal Housing Administration standards.

National Mortgage News, July 5, 2017–Kate Berry (subscription)The battle over the future of housing finance may turn on whether whatever reforms or replaces Fannie Mae and Freddie Mac will bypass small banks, delivering more market share and power to the biggest banks.

Bloomberg, July 5, 2017–Craig TorresA divided Federal Reserve policy committee couldn’t reach agreement in June on the timing of when to begin shrinking its massive balance sheet, according to minutes of the meeting.

NY1, July 5, 2017Keller Willams has been using ‘SoHa’ to describe the South Harlem area between 110th and 125th streets. But the effort to rebrand Harlem touched off a backlash, especially among long-time residents who consider the neighborhood’s status as a center of African-American culture and politics threatened by gentrification.

Reno Gazette-Journal, July 5, 2017–Jason HildalgoA Nevada Association of Realtors report said homeowner association-initiated foreclosures in Reno and Las Vegas totaled more than $1 billion. The Mortgage Bankers Association said such foreclosures result in higher loan fees, interest rates and down payments.

Mortgage Daily, July 5, 2017Proceeds from the sale of the mortgage servicing rights, which was originally announced back in December, amounted to $333.1 million.

Mortgage Daily, July 5, 2017–Sam GarciaMultiple mortgage service providers have recently integrated their offerings into a loan origination system.

NPR, July 5, 2017–Jim Zarroli Revenue from President Trump’s office buildings is falling. The problem: commercial real estate prices are declining. In New York, buildings are rising and older properties have to compete harder.

The Mortgage Bankers Association’s Weekly Applications Survey, which normally comes out Wednesday morning, will be delayed until this Thursday, July 6 because of the Tuesday Independence Day holiday, which altered normal data collection deadlines.