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Lawmakers Unveil Competing Flood Insurance Bill
National Mortgage News, July 16, 2019--Hannah Lang (subscription)The bill is sponsored by three senators, Bob Menendez, D-N.J., John Kennedy, R-La., and Bill Cassidy, R-La., and several members of the House, including Reps. Frank Pallone, D-N.J., and Bill Pascrell, D-N.J. It would take further steps to ensure that flood insurance is kept affordable while improving technology to combat flood risks, the lawmakers said during a press conference Tuesday.
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Lack of Affordable Housing is Fueling a Reverse Migration from Big Cities
Washington Post, July 16, 2019--Michele LernerWhile the lack of listings continues to plague some housing markets, affordability is the biggest issue for renters, first-time buyers and move-up buyers. The search for affordable housing is driving a new migration pattern as today's financial woes push people from high-cost coastal cities to the middle of the country and the South.
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Fed Interest Rate Cuts to Usher in New Era for Home Buyers
The Mortgage Reports, July 16, 2019--Erik J. MartinA Fed rate cut is expected this year, even as early as July 31. That means mortgage interest rates should drop, making it more affordable to buy a home.
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Goldman Sachs Reports Lower Profit, Revenue
Wall Street Journal, July 16, 2019--Liz Hoffman (subscription)Goldman Sachs Group Inc.'s quarterly profit fell 6% as the cost of the Wall Street bank's pivot toward Main Street began to weigh.
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Quicken Celebrates Record-Shattering Q2
National Mortgage Professional, July 16, 2019Quicken Loans said the second quarter marked the company's best quarter in its 34-year-old history.
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FDIC Plan Would Ease Requirement for Banks Selling Mortgage Securities
Wall Street Journal, July 16, 2019--Lalita Clozel (subscription)The Federal Deposit Insurance Corp. on Tuesday released a plan that would ease disclosure requirements implemented in 2010 after the financial crisis that discouraged banks from packaging and reselling mortgage-backed securities, a nearly $10 trillion market.
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KeyCorp Discloses $90M Exposure from Suspected Fraud
American Banker, July 16, 2019--Paul Davis (subscription)KeyCorp in Cleveland warned that it faces $90 million in exposure to a client suspected of committing fraud.
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Former Freddie Mac CEO Says GSEs Should Be Regulated Like Utilities
HousingWire, July 16, 2019--Kathleen HowleyTwo weeks into his new gig as a senior fellow at Harvard University's Joint Center for Housing Studies, Donald Layton, who was the CEO of Freddie Mac until the end of June, is speaking out--in favor of regulation.
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