The Lede
Top National News
Millennials are Moving, But Mortgages Don’t Follow
CNBC, May 2, 2016--Olick, Diana
It is the No. 1 barrier to entry for young, would-be homebuyers: credit. Millennials are the first generation to come of age in a post-almost-apocalyptic housing market, where lenders, eight years later, are still paying billions in reparations for mortgage misconduct and outright fraud. Millennial homebuyers are also paying a price.
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Real Estate: Are There Limits To Housification?
OurBroker.com, May 2, 2016--Miller, Peter G.
Housification--the effort to continually raise homeownership levels--seems to have a natural limit within the US. The homeownership rate stood at 63.5 percent for the first quarter of 2016, the very same level we had 50 years ago.
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Goldman Sachs $272 Million Mortgage Pact Approved By Judge
Bloomberg, May 2, 2016--Van Voris, Bob
A federal judge approved Goldman Sachs Group Inc.'s $272 million settlement with investors who claimed the bank misled them about the safety of billions of dollars worth of residential mortgage-backed securities.
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Market for Mortgage Servicing Rights Heats Up
National Mortgage News, May 2, 2016--Collins, Brian
Servicing rights are high-yielding assets, making them attractive investments for hedge funds, real estate investment trusts and banks.
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Texas Housing Inventory Officially Hits All-Time-Low
HousingWire, May 2, 2016--Swanson, BrenaAccording to the 2016-Q1 Texas Quarterly Housing Report released by the Texas Association of Realtors, housing inventory fell to a record low 2.8 months, a decline of 0.6 months from first quarter 2015.
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U.S. Manufacturing Shows Signs of Stability as Export Orders Rise
Reuters, May 2, 2016--Mutikani, Lucia
U.S. factory activity expanded at a more moderate pace in April due in part to a slowdown in new orders, but a rise in export orders to a near 1-1/2-year high and signs an inventory overhang drag was fading offered hope for the manufacturing sector.
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U.S. Construction Spending up 0.3 Pct., Led by Home Building
Associated Press, May 2, 2016--Crutsinger, Martin
U.S. construction spending advanced in March to its highest level in more than eight years. Gains in home building and nonresidential construction offset a drop in government projects.
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BofA Says It Settled Seattle Bank Mortgage Suit for $190 Million
Bloomberg, May 2, 2016--Keller, Laura J.
Bank of America Corp. said it reached a $190 million agreement to resolve a six-year-old legal claim from Federal Home Loan Bank of Seattle over mortgage-backed securities sold before the financial crisis.
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New Fed Bailout Prevention Rule to Reach Beyond Banks
Wall Street Journal, May 3, 2016--Tracy, Ryan; Burne, Katy
Asset managers such as Pacific Investment Management Co. look set to lose hard-fought protections against the cost of a bank failure, when the Federal Reserve on Tuesday proposes yet another rule aimed at preventing taxpayer bailouts for financial firms.
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New York’s Fairway Supermarket Files for Bankruptcy
Wall Street Journal, May 3, 2016--Yung, Chester
New York supermarket chain Fairway Group Holdings Corp. said late Monday it had filed for chapter 11 bankruptcy protection, months after warning of the possibility of breaching its loan agreement.
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The Bank of China Takes Manhattan
Wall Street Journal, May 2, 2016--Cui, Carolyn; Huang, Daniel
Bank of China is preparing to move its U.S. headquarters this fall to a new 450-foot-tall glass tower overlooking Bryant Park, leaving the low-slung brick building on New York City's East Side that has been its home for 35 years.
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An Add-On Aimed at Coaxing More Millennials into Mortgages
National Mortgage News, May 2, 2016--Stewart, Jackie
Amalgamated Bank in New York has started offering down payment insurance to homebuyers in a move it hopes will set it apart with highly mobile millennial borrowers.
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Deadline Approaching for FHA’s Electronic Appraisal Delivery Portal
HousingWire, May 2, 2016--Ramirez, Kelsey
Beginning June 27, mortgages will be required to use a new web-based Electronic Appraisal Delivery portal, according to a release by the U.S. Department of Housing and Urban Development.
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Residential Finance News
Commercial/Multifamily News
MBA News
FFIEC Cybersecurity Assessment Tool Deep Dive Workshop May 12
MBA Education presents its popular FFIEC Cybersecurity Assessment Tool Deep Dive Workshop on Thursday, May 12 at Jones Day in Dallas.
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