The Lede

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SEC Calls for Orderly Transition Away From LIBOR
National Mortgage Professional, July 15, 2019--Phil HallThe Securities and Exchange Commission called on market participants to "proactively manage their transition" away from the London Interbank Offered Rate, which is set to expire in 2021. In June, the Mortgage Bankers Association's LIBOR Outreach Committee found 92 percent of the commercial and multifamily mortgage lenders it polled have already begun planning for the transition away from LIBOR, with 77 percent already including adjusted LIBOR fallback language in all new loan documents.
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Citigroup Reports Profit, Revenue Boost
Wall Street Journal, July 15, 2019--Telis Demos (subscription)Strong U.S. consumer banking gave Citigroup Inc. a boost in the second quarter, helping it overcome slow trading and corporate activity.
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Wave of Hispanic Buyers Boosts U.S. Housing Market
Wall Street Journal, July 15, 2019--Laura Kusisto, Ben Eisen (subscription)Hispanics are experiencing the largest homeownership gains of any ethnic group in the U.S., a turnaround for the population hardest hit by the housing bust that could help buoy the market for years.
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Life Insurers Upped Mortgage Investments Risky in Case of Downturn
National Mortgage News, July 15, 2019--Brad Finkelstein (subscription)Life insurance companies increased their mortgage investments to levels higher than historical norms, creating more potential danger for their portfolios in the event of a real estate downturn, a Fitch Ratings report said.
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Trade Groups Cast Doubt over FHA’s Attempt to Remove Lending Roadblocks
HousingWire, July 15, 2019--Jessica GuerinIn two letters sent recently to HUD, four trade groups--the Housing Policy Council, the Mortgage Bankers Association, the American Bankers Association and the Bank Policy Institute--cast doubt on the proposed revisions to the FHA's lender guidelines.
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Realogy Slapped with Class Action Suit for Securities Fraud
HousingWire, July 15, 2019--Jessica GuerinAccording to the suit filed Thursday by The Rosen Law Firm in the U.S. District Court of New Jersey, Realogy filed false and misleading statements with the Securities and Exchange Commission by not disclosing that it was engaging in "anticompetitive behavior by requiring property sellers to pay a buyer's broker an inflated fee."
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Nomura to Pay $25 Million Over Mortgage Bond Traders’ Lies
Bloomberg, July 15, 2019--Matt RobinsonA Nomura Holdings Inc. unit will repay customers about $25 million to settle U.S. regulators' allegations that it failed to supervise traders who made false statements in negotiating sales of mortgage securities.
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