Bloomberg, Aug. 11, 2022–Allison SchragerThe central bank created major distortions in a market where many Americans have most of their wealth. Why?https://www.bloomberg.com/opinion/articles/2022-08-11/fed-s-damage-to-housing-market-may-last-years#xj4y7vzkg
Category: Top National News
Fitch Downgrades PacWest, Citing ‘Deterioration’ of Capital Ratio
National Mortgage News, Aug. 11, 2022–Alissa Kline (subscription)The rating agency has revised the long-term issuer default rating for PacWest Bancorp and its banking subsidiary, Pacific Western Bank, from “BBB” to …
Former Hotels Become Multifamily Housing
Multifamily Executive, Aug. 11, 2022–Leah DraffenThe need for more than four million units by 2035 is pushing multifamily developers to get creative in their use of existing buildings, especially former …
Fannie, Freddie Both Pass 2022 Stress Tests Despite Misalignment on Risk Rating
American Banker, Aug. 11, 2022–Kyle Campbell (subscription)Fannie Mae and Freddie Mac, the government-backed mortgage companies, would face a combined credit loss of more than $17 billion under this year’s stress …
Fed Officials Say More Rate Hikes Needed, Despite Slowing Inflation
Reuters, Aug. 11, 2022–Ann Saphir, Howard SchneiderSlowing U.S. inflation may have opened the door for the Federal Reserve to temper the pace of coming interest rate hikes, but policymakers left …
CMG Introduces New Nationwide Home Loan Division
MortgageOrb, Aug. 11, 2022–Arian FineThe retail division of CMG Financial, a mortgage banking firm headquartered in California, has launched a new unit: CMG Home Loans.https://mortgageorb.com/cmg-introduces-new-nationwide-home-loan-division
Home Point Slips into the Red as Price War Intensifies
National Mortgage News, Aug. 11, 2022–Bonnie Sinnock (subscription)The company’s net loss of $44 million followed a profitable first quarter in which it earned $11.9 million. Over the second quarter last …
U.S. Home Prices Jumped to Record High in Second Quarter
Wall Street Journal, Aug. 11, 2022–Nicole Friedman (subscription)Home prices continued to climb across nearly all the U.S. in the second quarter, when buyer demand started to fade due to higher …
Average Mortgage Debt Rose 14% over the Past 5 Years
Independent Tribune (N.C.), Aug. 11, 2022–Dom DiFurioAverage mortgage debt held by American homeowners has risen 14%, according to Experian data. At the end of 2021, the average mortgage balance was …
Your Local Housing Market Just Shifted–These 2 Interactive Maps Show How Fast
Fortune, Aug. 11, 2022–Lance LambertForecast models produced by the Mortgage Bankers Association, Fannie Mae, Freddie Mac, CoreLogic, and Zillow all have U.S. house prices moving higher over the coming year.https://fortune.com/2022/08/11/housing-market-inventory-shifts-2022/