National Mortgage News, Feb. 11, 2016–Stevens, David
MBA President and CEO says given the exclusivity of its members, the Federal Home Loan Bank system is failing to serve the marketplace as well as it could.
Category: Top National News
‘We Are Running Under the Radar’: Morgan Stanley in $3.2 Billion Mortgage-Bond Pact
Bloomberg, Feb. 11, 2016–Smythe, ChristieMorgan Stanley agreed to pay $3.2 billion to end a joint federal-state investigation into its handling of mortgage-backed securities, the fourth deal to be struck in a probe of the big U.S. banks’ role in the subprime mortgage meltdown and the financial crisis it spawned.
Mortgage Rates Fall Amid Uncertainty in Global Markets
Washington Post, Feb. 11, 2016–Haynes, Dion
Mortgage rates slid for the sixth straight week, driven down nearly to last year’s low by continued uncertainty and volatility in the global financial markets.
On Jumbo Home Loans, Lower Down Payments for High Earners
Wall Street Journal, Feb. 11, 2016–Martin, Anya
Banks and other lenders are loosening 20% down payment requirements on jumbo loans-especially for Henrys. The acronym stands for “high earner, not rich yet.”
Redwood Trust Shifts Away from Fannie, Freddie Conforming Loans
HousingWire, Feb. 11, 2016–Lane, Ben
Seeking to rid itself of two business segments that are dragging on the real estate investment trust’s bottom line, Redwood Trust announced recently that it will be discontinuing the acquisition and aggregation of conforming loans for sale to Fannie Mae and Freddie Mac, and will also discontinue commercial loan originations for distribution in commercial mortgage-backed securities.
Low U.S. Jobless Claims Underscore Labor Market Strength
Reuters, Feb. 11, 2016–Mutikani, Lucia
Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market remains on solid footing despite slowing economic growth and a stock market rout.
Congress Approves Permanent Internet Access Tax Ban
Reuters, Feb. 11, 2016–Cowan, Richard
The Senate on Thursday passed legislation placing a permanent ban on states’ taxing Internet access, sending the measure to President Barack Obama for signing into law.
San Francisco Real Estate ‘Overvalued’ According to New Report
SFGate, Feb. 11, 2016–Landes, Emily
As San Francisco home prices continue to rise, a new report is calling the local market “overvalued” by about 16 percent.
MBA: New Home Purchases Soared in January
HousingWire, Feb. 11, 2016–Barraza, Cynthia
Even though new home purchases dropped 6% in December, for January the Mortgage Bankers Association’s Builder Application Survey shows mortgage applications for new home purchases, increased by 14%.
U.S. Fed Buys $6.6 Bln of Mortgage Bonds, Sells None
Reuters, Feb. 11, 2016
The Federal Reserve bought $6.582 billion of agency mortgage-backed securities last week, but sold no securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.