Reuters, Sept. 14, 2022–Jonathan StempelWells Fargo & Co. reached a $94 million settlement to resolve class-action claims it sent more than 200,000 struggling mortgage borrowers into forbearance during the COVID-19 …
Category: Top National News
Mortgage Bankers Petition White House for an FHA Premium Cut
National Mortgage News, Sept. 14, 2022–Brad Finkelstein (subscription)A quartet of housing industry trade groups have reached out to the National Economic Council, incalling on the White House advisory panel to …
Mortgage Demand from Homebuyers Falls 29% Since Last Year, as Interest Rates Surge Past 6%
CNBC, Sept. 14, 2022–Diana OlickMortgage demand appears to have nowhere to go but down, as interest rates go up. Application volume dropped 1.2% last week compared with the previous week, …
Summers: Recession in 2023, CRE in Good Shape to Sail Through It
GlobeSt.com, Sept. 14, 2022–Jack RogersOn a day when a stubbornly high inflation rate threw cold water on everyone’s hope for a soft landing for the US economy, former US Treasury …
Inflation Rose 0.1% in August Even with Sharp Drop in Gas Prices
CNBC, Sept. 13, 2022–Jeff CoxThe consumer price index, which tracks a broad swath of goods and services, increased 0.1% for the month and 8.3% over the past year. Excluding volatile …
Wells’ Game Plan in Home Mortgages: Consumer and Wealth Clients Mostly
Inside Mortgage Finance, Sept. 13, 2022–Brandon IveyWells Fargo, once the 600-pound gorilla of residential finance, is no longer actively working to be the nation’s largest home lender, bank Chief Financial …
Mortgage Credit Availability Falls in August
MReport, Sept. 13, 2022–Eric PeckThe Mortgage Bankers Association reports that mortgage credit availability was on the decline in August, as the MBA’s Mortgage Credit Availability Index, fell by 0.5% to …
Home-Buying Strategies in a Changing Market
Washington Post, Sept. 13, 2022–Harriet EdelsonDespite current challenges, the right tools can enable buyers to land a property. (MBA mention)https://www.washingtonpost.com/business/2022/09/13/home-buying-strategies/
FHFA’s Study of Federal Home Loan Banks Welcome
National Mortgage News, Sept. 13, 2022–Paul Manchester (subscription)Lenders are eliminating what they consider to be riskier loans from their offerings, the Mortgage Bankers Association said.https://www.nationalmortgagenews.com/opinion/fhfas-study-of-federal-home-loan-banks-welcome
California Couple Held Off Foreclosure for 13 Years in Mortgage Servicer Nightmare
National Mortgage News, Sept. 13, 2022–Kate Berry (subscription)A California couple that hasn’t made a mortgage payment since 2009 will finally be forced out of their $1.7 million home after a …