The Lede
Top National News
Why Legacy Mortgages Still Boost Foreclosure Totals
OurBroker.com, Nov. 2, 2015--Miller, Peter G.
Marina Walsh, the Vice President of Industry Analysis with the Mortgage Bankers Association, said that "legacy loans continued to account for the majority of all troubled mortgages.
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In Mortgages, Here We Go Again? Not Quite
Wall Street Journal, Nov. 2, 2015--Light, Joe
Homes over the past few months have sold at their quickest pace since 2007. But despite low mortgage rates and government efforts to expand mortgage access, borrowers with anything but strong credit scores are still relatively absent, according to Black Knight Financial Services.
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The Mortgage Market Is Heating Up, but Only for Some Borrowers
The Fiscal Times, Nov. 2, 2015--Herron, Janna
If you have a blemished credit score, tough luck on getting a mortgage to buy a home. The recent rise in home purchases using a mortgage is largely dominated by Americans with high credit scores, according to a new study.
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Supreme Court Rejects Appeal from Shareholders Over S&P Mortgage Ratings Before Housing Crisis
Associated Press, Nov. 2, 2015
The Supreme Court won't hear an appeal from shareholders who claim the Standard & Poor's ratings firm made false statements about its ratings of risky mortgage investments that helped trigger the financial crisis.
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Ellie Mae Bought Mortgage Returns After Previous Vendor Failed, CEO Says
St. Louis Business Journal, Nov. 2, 2015--Feldt, Brian
Ellie Mae said last week it expected a third-quarter loss of $3.3 million to $3.8 million, compared with a profit of $4.3 million in the prior-year quarter, partly on costs associated with its acquisition of St. Louis software startup Mortgage Returns.
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CMBS Default Rate Declines in Third Quarter: Fitch Ratings
National Mortgage News, Nov. 2, 2015--Peters, Andy
Defaults on commercial mortgage-backed securities declined from the end of the third quarter, compared to the previous quarter, according to Fitch Ratings.
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House Vote on GSE CEO Pay Limits Delayed Two Weeks
HousingWire, Nov. 2, 2015--Lane, Ben
The chief executive officers of Fannie Mae and Freddie Mac will have to wait two more weeks to see if Congress will vote to install limits on their compensation, after a busy Congressional calendar delayed a scheduled vote on the compensation packages of Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton.
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U.S. on Track to Grow 1.9 Percent in Fourth Quarter: Atlanta Fed
Reuters, Nov. 2, 2015--Leong, Richard
The U.S. economy is on track to grow 1.9 percent in the fourth quarter with expected weaker consumer spending and equipment investment growth following a private report on U.S. manufacturing in October, the Atlanta Federal Reserve's GDPNow forecast model showed on Monday.
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Manufacturing in U.S. Stagnated in October on Weak Exports
Bloomberg, Nov. 2, 2015--Chandra, Shobhana
The Institute for Supply Management's index was little changed at 50.1, the weakest since May 2013, after 50.2 in September, a report from the Tempe, Arizona-based group showed Monday.
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U.S. Construction Spending Rises 0.6 Percent in September to Highest Level in 7-1/2 Years
U.S. News & World Report, Nov. 2, 2015--Wiseman, Paul (Associated Press)
U.S. construction spending rose 0.6 percent in September to the highest level since March 2008, pushed up by a surge in apartment building.
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Fed Survey: Banks Report Uneven Demand for Loans
Wall Street Journal, Nov. 2, 2015--Davidson, Kate
Banks reported uneven demand for loans from businesses and households in the third quarter, a Federal Reserve survey found, and most said they maintained the same underwriting standards and terms as they had in the spring.
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RBC to Launch Revamped Jumbo-Mortgage Strategy for City National
Wall Street Journal, Nov. 2, 2015--Trichur, Rita; Ensign, Rachel Louise
Royal Bank of Canada is planning to use its $5 billion acquisition of City National Corp. to plot new growth in the U.S. jumbo mortgage market.
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