Reuters, Nov. 2, 2022–Chavi Mehta lays off about 18% of workforceProperty-selling platform Opendoor Technologies Inc (OPEN.O) is laying off about 550 employees, Chief Executive Officer Eric Wu said on Wednesday.https://www.reuters.com/technology/opendoor-technologies-lays-off-about-18-workforce-2022-11-02/
Category: Top National News
Is the U.S. Headed Toward a Housing Crash? Experts Say It’s Not 2008
The Hill, Oct. 31, 2022–Adam BarnesAnalysts argue these market trends are a symptom of a correction after two years of massive growth and several key elements present during the 2008 …
Despite Headwinds, Record year Expected for M&A Transactions
HousingWire, Oct. 31, 2022–Connie KimBy the end of 2022, roughly 50 merger or acquisition transactions will be announced or closed, which is 50% more than 2018 — the record year …
Beset by Federal Lawsuit, Kansas City Home Lender Exits the Business after 71 Years
Kansas City Star, Oct. 31, 2022–Mike HendricksKansas City-based James B. Nutter & Co., one of the nation’s largest private mortgage lenders that since its founding in 1951 helped hundreds of …
Expanded-Credit MBS Issuance Off by Almost 20%
Inside Mortgage Finance, Oct. 31, 2022–Brandon IveyIssuers came to market with $9.9 billion of securities backed by expanded-credit mortgages in the third quarter, a sequential decline of 19.6%, according to …
What the Midterm Elections Mean for the Housing Market…
MarketWatch, Oct. 30, 2022–Aarthi SwaminathanIn mid-October, a federal appeals court said that the Consumer Financial Protection Bureau, a financial watchdog agency, was unconstitutional due to its funding. And “that could …
A Court Just Ruled that CFPB’s Funding is Unconstitutional, and that Could be ‘Catastrophic’ for Mortgage Market
CNBC, Oct. 28, 2022–Stephanie Dhue“We do like to settle rules that give us some safe harbors for the way that we make mortgages and we don’t want that to all …
Finance of America Casualties, Branches Rescued by California Lender
National Mortgage News, Oct. 28, 2022–Maria Volkova (subscription)California-based American Pacific Mortgage scooped up close to half of Finance of America’s recently laid off employees and about 40 of its offices, …
Redwood Limiting Acquisitions of Jumbo Mortgages
Inside Mortgage Finance, Oct. 28, 2022–Brandon IveyWith demand for jumbo mortgage-backed securities exceptionally weak, officials at Redwood Trust said this week that the real estate investment trust “intentionally maintained light …
Lenders Must Avoid ‘Dark Pattern’ Practices, Legal Experts Say
National Mortgage News, Oct. 27, 2022–Andrew Martinez (subscription)David Shirk, a mortgage banking lawyer and managing member of Washington, D.C.-based Shirk Law. PLLC. Shirk and Tom Clerici, chief technology officer at …