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Google Searches for ‘Mortgage Rates’–a Tour through Financial Market History
MarketWatch, Sept. 7, 2018--Andrea RiquierGoogle searches are often a bit more benign--but still reveal a lot. MarketWatch took a look at the history of Americans' searches for the term "mortgage rates" over the past 14 years, which was the longest back in time we could take that search. The pattern that emerges reads like a consumer history of the American economy and financial markets in a particularly edgy moment in time.
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Nonbank Mortgage Employment Inches Down as Housing Market Loses Steam
National Mortgage News, Sept. 7, 2018--Bonnie Sinnock (subscription)The number of workers employed by nonbank mortgage lenders and brokers reversed course and inched lower in July, as affordability constraints and limited income gains reduced demand.
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Highland Capital Is Close to $300 Million Rental-Home Deal
Bloomberg, Sept. 7, 2018--Patrick Clark, Gillian TanHighland Capital Management LP, the asset manager founded by Jim Dondero and Mark Okada, is under contract to buy a portfolio of single-family rental homes managed by VineBrook Partners LLC for more than $300 million, according to people with knowledge of the deal.
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Loan Innovations Keep Coming
UExpress, Sept. 7, 2018--Lew SichelmanMost recently, at least four companies--Finance of America, Longbridge Financial, One Reverse Mortgage and Reverse Mortgage Funding--have rolled out proprietary home equity conversion mortgages to compete directly with reverse loans insured by the Federal Housing Administration.
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Mortgage Biz Off 4 Wks in Row Despite Purchase Bump
Mortgage Daily, Sept. 7, 2018New mortgage business retreated for the fourth consecutive week, with the holiday dragging down the latest seven-day period. according to the Mortgage Daily U.S. Mortgage Market Index.
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MSRs on Nearly $2 Bil in Ginnie Mae Loans for Sale
Mortgage Daily, Sept. 7, 2018Servicing rights are being marketed on a nearly $2 billion Ginnie Mae portfolio with an elevated delinquency rate and a moderate coastal concentration.
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The Financial Crisis Made Us Afraid of Risk-For a While
Wall Street Journal, Sept. 8, 2018--Greg Ip (subscription)Ten years ago this month, the failure of Lehman Brothers exposed how cavalier the world had been towards risk. Households had bought homes they thought could never go down in price, banks had made loans they thought would never default and repackaged them into securities to make them seem riskless and governments, convinced depressions were a thing of the past, had stood by.
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Advisory Boards are Back at CFPB, But with Fewer Members
American Banker, Sept. 7, 2018--Kevin Wack (subscription)After firing the members of a consumer advisory panel earlier this year, the Consumer Financial Protection Bureau has reconstituted the panel in a way that excludes national advocacy organizations.
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A Legacy of the Financial Crisis? The Makings of the Next One
Washington Post, Sept. 7, 2018--Roger LowensteinIn a happier world, we would be celebrating the bank bailouts of 10 years ago. They stopped a scary downward spiral, averted a longer-lasting depression and quickly led to a recovery that endures today. Instead, the bailouts poisoned American politics, specifically by destroying the then-moderate center of the Democratic Party and shifting the base of the Republican Party into the netherworld of conspiracist paranoia.
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A Decade After the Financial Crisis, Many Americans are Still Struggling to Recover
Los Angeles Times, Sept. 9, 2018--Jim PuzzangheraAmid the chaos caused by Lehman's collapse, the big banks got hundreds of billions of dollars in bailouts. Aggressive stimulus efforts by Washington officials injected trillions of dollars more into the financial markets and the economy, helping to end the recession, trigger record bank profits and fuel a historic stock market boom. But there were no big bailouts for lower- or middle-income Americans.
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Rental Glut Sends Chill Through the Hottest U.S. Housing Markets
Bloomberg, Sept. 7, 2018--Prashant GopalRenters are gaining the upper hand in urban centers across the U.S. as new amenity-rich apartment buildings constructed in response to big rent gains in previous years are forced to fight for customers.
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