The Real Deal Los Angeles, Apr. 15, 2016–Mashayekhi, Rey
Real estate investor Sam Zell sais the U.S. economy is “doing pretty well,” but said the cycle “in the ninth inning.”
Category: Top National News
Freedom Mortgage to Pay $113M to U.S. Government in Settlement
ABC News, Apr. 15, 2016
Freedom Mortgage agreed to pay the U.S. government $113 million to settle allegations that it failed to comply with federal rules.
How Private Is Your Tax Return?
Wall Street Journal, Apr. 15, 2016–Saunders, Laura
Legitimate businesses are putting pressure on the electronic tax system in other ways. The Mortgage Bankers Association, for example, wants borrowers to have faster ways to get tax-return information to lenders, and MBA Vice President Rick Hill says some members would be willing to pay more to speed things up. The group is sponsoring the $21,000 in prizes in the IRS’s contest to design online taxpayer accounts, which could help in this effort.
The Big Banks’ Post-Mortgage-Crisis Immaculate Correction
MarketWatch, Apr. 15, 2016–Riquier, Andrea
Nearly eight years after the subprime bubble burst, dragging the U.S. economy and much of the global financial system down with it, America’s big banks want you to know that all that dirty business is behind them.
Fannie Mae Keeps 2016 Positive Outlook, Sees Mortgage Originations Falling 9%
24/7 Wall Street, Apr. 15, 2016–Ogg, Jon C.
Fannie Mae has released its April 2016 Economic & Housing Outlook, which sees little change for 2016, despite a slow first-quarter scenario. That may sound good on the surface, but there remains some additional concern over the key housing component for the economy.
Homeowners Fight Mortgage-Interest Overcharges
Worcester Telegram (Mass.), Apr. 15, 2016–Harney, Kenneth R.
For years it was widely considered a massive, government-sanctioned rip-off of home mortgage borrowers. Then it was banned by the Consumer Financial Protection Bureau. And now it’s the subject of class-action suits that accuse four large banks of illegally collecting millions of dollars in excess mortgage interest payments from their customers.
Citi’s Good Week Continues as Shares Rise Despite Profit Drop
Wall Street Journal, Apr. 15, 2016–Rexrode, Christina; Redegeair, Peter
Citigroup Inc. executives said Friday they were disappointed in the bank’s 27% drop in first-quarter profit. Investors felt otherwise.
FHA Holding Firm on Premium Reduction, But for How Long?
National Mortgage News, Apr. 15, 2016–Collins, Brian
HUD is continuing to reject calls to slash the annual premium for the Federal Housing Administration despite a renewed push by the National Association of Realtors. But some predict the FHA may eventually cave in.
U.S. Industrial Output Falls, Signals Weak GDP Growth
Reuters, Apr. 15, 2016–Mutikani, Lucia
U.S. industrial production fell more than expected in March as manufacturing output dropped by the most in a year and mining maintained its downward trend, the latest indication that economic growth braked sharply in the first quarter.
Home Equity Loan Balances Fall Again in Q4 ’15
Banking Exchange, Apr. 15, 2016–Garber, Kate; Iyer, Venkatesh
Home equity loans and lines of credit declined on the balance sheets of the nation’s largest banks during the fourth quarter of 2015, as pay-downs of equity lines and balances outpaced new originations. “Large banks had been leading providers of HELOCs pre-crisis, so it is not surprising that they are seeing these trends to an even greater extent,” said Mike Fratantoni, chief economist with the Mortgage Bankers Association.