Category: Top National News

Years after the great American housing bust, mortgages akin to the so-called liar loans — which were made without verifying people’s finances — are creeping back into the market. And, like last time, they’re spreading risks far and wide via Wall Street.

Stung by a wave of investor criticism, Bank of America is stepping up efforts to convince shareholders that Chief Executive Brian Moynihan should remain chairman.

Mortgage rates moved higher ahead of the holiday weekend, according to the latest data released Thursday by Freddie Mac. This week’s rise follows last week’s decline, and it seems unlikely that the market’s skittishness will abate soon.

Mortgage credit availability increased in August according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association.

Homes are selling at the fastest pace in nearly 10 years as low mortgage rates, rising rents, loosening loan guidelines, and eager sellers combine to shape the hottest housing market of the decade.

Los Angeles has dropped a lawsuit accusing JPMorgan Chase, the largest U.S. bank, of discriminatory mortgage lending, ending the first of the city’s four lawsuits accusing major banks of driving up foreclosures among minority borrowers. 

David Hochberg joined the show to discuss the state of the mortgage business. The industry is definitely improving.

The Institute for Supply Management’s nonmanufacturing purchasing managers index fell to 59.0 in August from 60.3 in July. The July figure was the highest level since the composite index’s inception in January 2008.

The number of Americans filing new applications for unemployment benefits rose more than expected last week, but the underlying trend remained consistent with a strengthening labor market.

Wells Fargo has named Michael DeVito head of mortgage production, making him responsible for its retail and correspondent lending divisions.