HousingWire, May 9, 2016–Lane, Ben
The benchmark interest rate set by Fannie Mae and Freddie Mac for standard mortgage modifications will drop to its lowest level ever later this week, as the government-sponsored enterprises adjust their standards to match the market’s “historically low” interest rates.
Reuters, May 9, 2016–Saphir, Ann
Minneapolis Federal Reserve Bank President Neel Kashkari on Monday signaled his support for the cautious and patient approach to rate hikes laid out by Fed Chair Janet Yellen, saying the current stance of monetary policy is “about right.”
Bloomberg, May 6, 2016–Molla, Rani
On Aug. 31, major market indices will no longer bundle REITs inside of “financials” as an industry classification. Instead, they will reside in a new category called, surprise, surprise, “real estate.”
Wall Street Journal, May 10, 2016–Glazer, Emily
The nation’s most valuable bank and the third largest by assets is planning to unveil a loan product Tuesday that is geared to small-business customers that have recently been gravitating to faster online lenders.
Mlive.com, May 9, 2016–Thibodeau, Ian
Detroit officials selected a group that includes a Dan Gilbert company to build a massive, mixed-use development in Brush Park and Eastern Market. The project would expand the Quicken Loans founder’s growing real estate influence outside Downtown, where he owns more than 80 properties.
Miami Herald, May 9, 2016–Herrera, Chabeli
In a $794 million deal, SBE acquired Morgans’ 13 properties across the U.S., including the 194-room Delano, which SBE will take direct ownership of, the Mondrian South Beach and the Shore Club Miami Beach hotel for a short time.
Bloomberg, May 6, 2016–Onaran, Yalman
A new accounting rule that will force banks to set aside provisions for bad loans long before they sour could cannibalize profits and eat into capital at U.S. lenders.
National Mortgage News, May 6, 2016–Collins, Brian
Nonbank mortgage lenders and brokers added 900 new employees to their payrolls in March after cutting 2,100 in the month prior.
24/7 Wall Street, May 6, 2016–Ausick, Paul
Based on the latest data from CoreLogic’s mortgage fraud risk index, mortgage lenders in the Miami metropolitan area face the highest risk for attempts to commit fraud.
Wall Street Journal, May 6, 2016–Kirkham, Chris
At Paradise at Ironwood Crossing, a 2,100-home master-planned community southeast of Phoenix, new houses starting as low as $170,000 are snapped up within weeks of hitting the market.
