U.S. consumer spending grew at a fairly healthy pace over the past two months, pointing to underlying strength in domestic demand that could strengthen the case for the Federal Reserve to hike interest rates on Thursday.
Category: Top National News
Business Inventories Rise 0.1% in July
Business inventories rose 0.1% in July to a seasonally adjusted $1.81 trillion, the Commerce Department said Tuesday.
Senate Push to Jumpstart GSE Reform Goes Nowhere Fast
Sen. Bob Corker’s, R-Tenn., “Jumpstart GSE Reform” package would reverse the recent Fannie Mae and Freddie Mac CEO compensation increase and prohibit the U.S. Treasury from selling or otherwise disposing of its shares in the government-sponsored enterprises without Congressional consent. The bill was fast-tracked in the Senate, but now Sen. Sherrod Brown, D-Ohio, reportedly placed hold on the package.
Economist Morici: Fed Hike Would Not Affect Mortgage Rates
Peter Morici, an economist and business professor at the University of Maryland, does not expect mortgage rates to rise substantially if a Fed rate hike is announced.
Senator Warren Said to Pull Support for Fannie Shareholder Bill
Sen. Elizabeth Warren, D-Mass., is withdrawing her support for a Republican bill that had been on the fast track to bar the Treasury Department from selling Fannie Mae and Freddie Mac preferred shares.
Dollar Steady as Traders See Low Chance of U.S. Rate Hike
The dollar held close to a three-week low against a basket of major currencies on Monday ahead of this week’s Federal Reserve meeting, as investors bet interest rates would be kept at their record lows until at least December.
USAA Mortgage Relocating Jobs
USAA Mortgage today announced it is relocating 120 positions in its Addison, Texas office to its offices in Phoenix and Tampa, Fla.
FHA’s New Performance Metric Could Open the Credit Box
A continued decline in Federal Housing Administration lending to those with less-than-perfect credit has led many, including ourselves, to suspect that the way FHA evaluates lender performance has had at least a partial role in restricting access to mortgages. But FHA’s new “Supplemental Performance Metric” announced recently could open up lending to borrowers with lower credit scores.
Bubble, Bubble? Number of Overvalued Markets Doubles Since First Quarter
A new report from CoreLogic identifies 14 of the top 100 markets in the U.S. as currently overvalued, double the number as of the end of the first quarter.
MBA Launches TRID Resource for Consumers and Lenders
The Mortgage Bankers Association launched a set of resource guidelines to educate both consumers and lenders and their business partners needing to comply with the new “Know Before You Owe” or TILA/RESPA Integrated Disclosure regulations that will go into effect on Oct. 3.