Reuters, Aug. 1, 2022–Elizabeth Ditts MarshallAs high inflation forces Americans to spend more on gas and bills, young and low-income consumers are starting to feel financial pressure.https://www.reuters.com/business/finance/inflation-begins-strain-finances-young-low-income-americans-2022-08-01/
Category: Top National News
Fannie Mae Says It’s $262B Short Of Being Fully Capitalized
National Mortgage Professional, July 29, 2022–David KrechevskyFannie Mae reported second-quarter net income of $4.7 billion, up 6.8% from $4.4 billion in the first quarter but down 34.7% from $7.2 billion …
Ginnie MBS Delinquent Loan Buyouts Plummet
Inside Mortgage Finance, July 29, 2022–Brandon Ivey (subscription)Only $2.58 billion of delinquent mortgages were repurchased from Ginnie MBS in the second quarter, a 65.4% decline from the previous quarter.https://www.insidemortgagefinance.com/articles/225276-ginnie-mbs-delinquent-loan-buyouts-plummet?
Rocket is the Latest to Launch a New Home-Equity Product
National Mortgage News, Aug. 1, 2022–Spencer Lee (subscription)The Detroit-based lender announced a new home-equity loan on Monday, which is already available to consumers, according to a company spokesperson.https://www.nationalmortgagenews.com/news/rocket-is-the-latest-to-launch-a-new-home-equity-product
Some Wins for Mortgage Industry in Bill Supported by Manchin
Inside Mortgage Finance, Aug. 1, 2022–Brandon IveyAccording to the Mortgage Bankers Association, the bill includes language to preserve the deferred tax treatment of mortgage servicing rights. The House included a …
New ‘Second Mortgage’ Could Help Self-Employed Borrowers Weather a Recession
Orange County Register, July 28, 2022–Jeff LazersonBusiness owners may be able to ride out a possible recession by tapping their home equity, thanks to a new “second mortgage” product that …
Mr. Cooper’s Earnings Slide From Q1 But Benefit From Servicing
National Mortgage News, July 27, 2022–Brad Finkelstein (subscription)Mr. Cooper’s second quarter profits, which marked big declines from both the same quarter in 2021 and the previous period this year, were …
New Home Sales Make it Clear: Housing is in a Recession
HousingWire, July 26, 2022–Logan MohtashamiTuesday’s report on new home sales came in as a miss of estimates and prior revisions were all negative. This data line confirms what we all …
Xactus Adds Flood Services With MassiveCert Purchase
National Mortgage News, July 26, 2022–Brad Finkelstein (subscription)Xactus, which through a series of deals evolved into one of the largest trimerge credit report providers, has moved into the flood services …
Act Quickly to Avoid Foreclosure
The Housing Scene (UExpress), July 15, 2022–Lew SichelmanExperts say that a 2008-style housing crash is unlikely to happen now, if only because lending standards are much tighter than they were …