GlobeStreet.com, March 20, 2023–Jack RogersThe collapse of Silicon Valley Bank is disrupting affordable housing projects across the Bay Area—where the shuttered bank was the primary lender to non-profits.https://www.globest.com/2023/03/20/svb-collapse-disrupting-bay-area-affordable-housing-projects/?
Category: Top National News
Where Stress Is Showing in the $20 Trillion Commercial Real Estate Market
Bloomberg podcast, March 20, 2023–Joe Weisenthal, Tracy AllowayMarkets are suddenly on edge due to strains in the financial system. But banks aren’t the only source of stress. Pockets of the …
Blend Reports Massive Losses as Cost-Cutting Continues
National Mortgage News, Mar. 17, 2023–Andrew Martinez (subscription)Blend Labs was hit especially hard by the mortgage market’s woes last year, posting a $763.8 million net loss over 2022.https://www.nationalmortgagenews.com/news/blend-reports-massive-losses-as-cost-cutting-continues
UBS Agrees to Buy Credit Suisse for More than $2 Billion, Financial Times Reports
Reuters, Mar. 19, 2023–Steania Spezzati, Oliver Hirt, John O-DonnellThe deal is valued at more than $2 billion, after UBS increased its offer, the Financial Times earlier reported.https://www.reuters.com/business/crunch-time-credit-suisse-talks-ubs-seeks-swiss-assurances-2023-03-19/
Black Leaders in Banking: Q/A with Wells Fargo’s Kristy Fercho
Afro News, Mar. 18, 2023–Word in BlackKristy Fercho is head of Diverse Segments, Representation and Inclusion and head of Wells Fargo Home Lending. As the leader of DSRI, she is …
A Landlord Got a Low Appraisal. He Is Black, and So Are His Tenants
New York Times, Mar. 18, 2023–Debra KaminHis allegations of discrimination mirror those of other Black property owners around the country who say that appraisers who are white are using their …
Biden Calls for Tougher Punishments for Executives of Failed Banks
American Banker, Mar. 17, 2023–Claire Williams (subscription)President Biden called on Congress to pass a number of measures that would expand the Federal Deposit Insurance Corp.’s ability to punish the executives …
Lower Interest Rates Fuel California Home Sales to a Five-Month High
Mortgage Professional America, Mar. 17, 2023–Miko PadaduanIn a positive sign for the California real estate market, home sales in the state rose to an annualized rate of over 250,000 for …
Mortgage Execs Confident in Warehouse Lines Amid Bank Turmoil
National Mortgage News, Mar. 17, 2023–Andrew Martinez (subscription)The failures of Signature Bank and Silicon Valley Bank have already rocked mortgage rates but aren’t expected to rattle warehouse lines of credit …
Fear of Layoffs Is Changing How People Buy Homes
Wall Street Journal, Mar. 17, 2023–Veronica Dagher (subscription)More home buyers are putting an unusual escape clause into their contracts: If they lose their job before closing, they can back out …