The Lede

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Ocwen: Profitability May Still Be a Year Away
National Mortgage News, Aug. 6, 2019--Bonnie Sinnock (subscription)Steeper rate declines contributed to a deeper quarterly net loss at Ocwen Financial, forcing it to extend its timeline for returning to profitability.
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New York Sues Rent-to-Own Operator Vision Property Management for Predatory Lending
HousingWire, Aug. 6, 2019--Ben LaneThe New York Department of Financial Services and New York Attorney General Letitia James sued Vision Property Management and the company's CEO, Alex Szkaradek, for allegedly operating an "illegal, unlicensed mortgage-lending business profiting from predatory subprime home loans at the expense of some of the most vulnerable New Yorkers."
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Moody’s Predicts Rise in Lender Profits
HousingWire, Aug. 6, 2019--Jessica GuerinA recent report from Moody's revealed that banks reported a 0% net change in residential mortgage underwriting standards in the second quarter of 2019. And, with interest rates falling, it expects standards to "remain stable and possibly to tighten modestly."
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Down Payment Issues Lead Millennials to Seek FHA Mortgages
National Mortgage News, Aug. 6, 2019--Brad Finkelstein (subscription)FHA insured three-quarters of the mortgages obtained by millennial homebuyers as most had trouble saving up for a 20% down payment, according to a study by online financial marketplace LendEDU.
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U.S. Labor Market Slowing as Job Openings, Hiring Fall
Reuters, Aug. 6, 2019--Lucia MutikaniU.S. job openings and hiring fell in June, suggesting that demand for labor was cooling in tandem with a slowing economy, which could provide another reason for the Federal Reserve to cut interest rates again next month.
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One Reason Housing is So Expensive in California? Cities, Counties Charge Developers High Fees
Los Angeles Times, Aug. 6, 2019--Liam Dillon A long-awaited study detailing how much cities and counties charge developers to build housing in California found that such costs are often hidden, vary widely across the state and have slowed growth.
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