Detroit Free Press, Mar. 2, 2023–JC ReindlThe nation’s top two mortgage lenders — both headquartered in metro Detroit — shed thousands of jobs as the mortgage business lurched from boom …
Category: Top National News
…3% Mortgage Rates Will Loom Large over the Housing Market for Years to Come
Fortune, Mar. 2, 2023–Alena BotrosHomeowners who’ve locked in lower mortgage rates are choosing not to sell, tightening available inventory. That means that the market is losing buyers looking to move …
Fannie Mae Halts Financing for 6,102 Condos in Laguna Woods
Orange County Register, Mar. 2, 2023–Jeff LazersonThe community, according to its HOA management firm, has a nearly $1 billion insurance deficit, prompting the mortgage giant to pull it from its …
Citigroup Cuts Hundreds of Jobs, Including in Investment Banking and Mortgage Units
Bloomberg, Mar. 2, 2023–Jennifer SuraneCitigroup Inc. is cutting hundreds of jobs across the company. Staffers across the firm’s operations and technology organization and US mortgage-underwriting arm are also among those …
Americans Need to Be Richer Than Ever to Buy Their First Home
Bloomberg, Mar. 2, 2023–Paulina CacheroThe pandemic boom has given way to higher mortgage rates and tight inventory, further squeezing entry-level house hunters.https://www.bloomberg.com/news/articles/2023-03-02/will-home-prices-fall-first-time-buyers-face-a-costly-housing-market?srnd=premium#xj4y7vzkg
Majority of Hispanic Americans Own a Home as Incomes Rise
National Mortgage News, Mar. 2, 2023–Alex Tanzi (subscription)A majority of Hispanic Americans now own a home, a milestone that was reached in part thanks to demographics and income growth.https://www.nationalmortgagenews.com/articles/majority-of-hispanic-americans-own-a-home-as-incomes-rise
Former Executive Cites Lawyer’s Own Legal Woes In Fraud Conviction Appeal
National Mortgage Professional, Mar. 2, 2023–Mike SavinoA former reverse mortgage executive is out on bond while he appeals his conviction and 44-month federal prison sentence for defrauding investors. Michael Hild, …
Fannie Mae Launches Survey to Make Multifamily Properties Greener
Mortgage Professional America, Mar. 2, 2023–Candyd MendozaThe survey partners include Conservice, CRE Finance Council, Enterprise Community Partners, Mortgage Bankers Association, National Apartment Association, National Council of State Housing Agencies, National …
Mortgage Rates Jump Back Over 7% as Inflation Fears Drive Yields Higher
CNBC, Mar. 2, 2023–Diana OlickGrowing fears that inflation is not cooling off are pushing bond yields higher. Mortgage rates loosely follow the yield on the U.S. 10-year Treasury. (MBA mention)https://www.cnbc.com/2023/03/02/mortgage-rates-back-over-7percent.html
Americans Need to Be Richer Than Ever to Buy Their First Home
Bloomberg, March 2, 2023–Paulina CacheroThe U.S. housing market has softened a bit after years of soaring prices and frantic bidding wars, but there’s little reprieve for buyers trying to crack …