Wall Street Journal, Apr. 27, 2016–Torry, Harriet
A gauge of business investment–orders for nondefense capital goods excluding aircraft–declined 1.1% in the first quarter, the Commerce Department said Tuesday, suggesting firms are hesitant to spend on staples like computers, machinery and electrical appliances.
National Mortgage News, Apr. 27, 2016–Finkelstein, Brad
Clayton Holdings reported a $3.7 million pretax first-quarter loss, but Radian’s mortgage insurance business had pretax income of $140 million, a 10% increase over the prior year.
Reuters, Apr. 27, 2016–Dunsmuir, Lindsay; Lange, Jason
The Federal Reserve held interest rates unchanged on Wednesday and while it left the door open to a hike in June, its statement implied that it was in no hurry to follow on from its December rate rise.
Washington Post, Apr. 27, 2016–Harney, Kenneth R.
Fannie Mae, a dominant player in the mortgage market, will soon begin evaluating how all loan applicants have managed their credit over the previous two years: how much they owed in revolving debt each month, the minimum payment allowed on each debt and how much they actually paid. Mortgage credit reports acceptable to Fannie will need to include such “trended credit data” on every applicant.
National Mortgage News, Apr. 27, 2016–Berry, Kate
Consumer Financial Protection Bureau Director Richard Cordray reiterated in a recent letter to Sen. Bob Corker, R-Tenn., that lenders are allowed to fix non-numerical clerical errors for up to 60 days after the issuance of a corrected mortgage disclosure form.
HousingWire, Apr. 27, 2016–Swanson, Brena
According to the Consumer Financial Protection Bureau’s latest monthly complaint report, the Bureau has handled 223,100 mortgage complaints since July 21, 2011, making mortgage the second most-complained-about product after debt collection, representing 26% of total complaints.
HousingWire, Apr. 28, 2016–Lane, Ben
Less than one day after posting a massive loss for the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlement and is now forbidden from taking foreclosure actions on more than 17,000 loans. But it’s not all bad news for Ocwen; The NMS stated that Ocwen has provided 23,000 borrowers with more than $2 billion in consumer relief, which fulfills its consumer relief obligation.
Wall Street Journal, Apr. 28, 2016–Strasburg, Jenny
Deutsche Bank AG said Thursday that first-quarter net income beat analysts’ expectations despite being pressured by difficult market conditions and the impact of the bank’s decision to exit certain areas.
Housing Wire, Apr. 26, 2016–Stevens, David
We are in a housing crisis. This statement is not meant to invoke a sense of shock; it’s simply an expression of fact.
Post and Courier, Apr. 26, 2016–Morici, Peter
The Federal Reserve has kept a watchful eye on labor markets. But as it meets this week to chart interest rate policy, it would do well to recognize that inflation is heating up, too.
