National Mortgage News, Apr. 1, 2016–Collins, Brian
Nonbank mortgage lenders and brokers cut 2,200 full-time employees from their payrolls in February, following a layoff of 2,000 workers in the prior month.
Category: Top National News
First American Mortgage Snaps Up Valuation Veteran Forsythe Appraisals
HousingWire, Apr. 1, 2016–Swanson, Brena
First American Mortgage Solutions, a subsidiary of First American Financial Corp., acquired Forsythe Appraisals, supplementing its existing valuation capabilities.
Too Big to Fail and Too Weird to Finance
Bloomberg, Apr. 1, 2016–Levine, Matt
The MetLife decision counts as a loss for the post-crisis system of trying to create systemic stability by prudentially regulating (and/or shrinking) too-big-to-fail firms. The GE application surely counts as a victory.
Manhattan Real Estate Breaks New Price Records
CNBC, Apr. 1, 2016–Frank, Robert
Reports of the demise of luxury real estate in Manhattan may have been greatly exaggerated–or perhaps just early.
Manufacturing Sector Grows for First Time in Six Months
Associated Press, Apr. 1, 2016–Boak, Josh
The Institute for Supply Management said Friday that its manufacturing index rose to 51.8 last month from 49.5 in February.
U.S. Construction Spending Retreats in February
Associated Press, Apr. 1, 2016–Crutsinger, Martin
U.S. construction spending fell in February by the largest amount in three months. Weakness in nonresidential construction and government offset the strongest month for home construction in more than eight years.
Amid Finger Pointing, Problem of ‘Zombie Homes’ Worsens
Buffalo News (N.Y.), Apr. 2, 2016–Glynn, Matt
The state Department of Financial Services found delays at different steps of the legal process, with each side blaming the other for repeated postponements. New York, like about half of all states, has a judicial process for foreclosures, meaning the cases wind through court, with a judge overseeing the proceedings.
Move Wants $2 Billion in Damages from Zillow for Alleged Trade Secret Theft
HousingWire, Apr. 1, 2016–Lane, Ben
One of the most contentious fights in the history of real estate listings is going nuclear, thanks to a “staggering” claim of damages from Move in its trade secret theft lawsuit against Zillow.
GE Files to End Fed Oversight After Shrinking GE Capital
Wall Street Journal, Mar. 31, 2016–Mann, Ted
General Electric Co. formally asked to be released from supervision by the Federal Reserve on Thursday, saying it has sufficiently shrunk its once-massive financial services arm so it would no longer pose a systemic threat to the financial system.
Mortgage Rates Flat this Week But May Be Heading Lower
Washington Post, Mar. 31, 2016–Orton, Kathy
Mortgage rates were essentially flat this week, according to the latest data released Thursday by Freddie Mac.