Reuters, Aug. 2, 2022–Lindsay DunsmuirU.S. household debt increased to a record $16.15 trillion in the second quarter, driven mostly by a $207 billion jump in mortgage balances, with credit card …
Category: Top National News
What a Recent Recission Case Win Means for Other Servicers
National Mortgage News, Aug. 1, 2022–Brad Finkelstein (subscription)Mortgage servicers took a big win home from the U.S. Court of Appeals for the Fourth Circuit, which ruled borrowers had to return …
Inflation Spurs U.S. Consumers to Spend More on Credit Cards
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/
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 …