Washington Post Writers Group, Sept. 24, 2018–Kenneth R. HarneyPrices are up, interest rates are rising, and it’s tough for a lot of people to qualify to buy a home. So what do some of them do? A growing number of them fake it.
Category: Top National News
Why It Will Be Hard to Find New CEOs for Fannie and Freddie
National Mortgage News, Sept. 24, 2018–Bonnie Sinnock (subscription)The return to financial stability at Fannie Mae and Freddie Mac resolves a big problem from the past, but each government-sponsored enterprise must now turn to a task that will shape its future: picking a new CEO.
Chase Philadelphia Expansion Includes Mortgages
Mortgage Daily, Sept. 24, 2018A major expansion planned by JPMorgan Chase & Co. in the Delaware Valley over the next few years includes plans for its mortgage business.
CFPB to Open Southeast Regional Office in Atlanta Next Year
National Mortgage News, Sept. 21, 2018–Kate Berry (subscription)The move will align the Consumer Financial Protection Bureau with other prudential regulators that already have a regional presence in Atlanta, including the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
Wells Fargo Plans to Cut Staffing Up to 10% in Three Years
Bloomberg, Sept. 20, 2018–Hannah LevittWells Fargo & Co. plans to trim its workforce by about 5 percent to 10 percent within the next three years as Chief Executive Officer Tim Sloan works to pull the bank clear of a series of customer-abuse scandals and prop up a lagging stock price.
What Beyoncé and These Billionaires Have in Common: Massive Mortgages
Wall Street Journal, Sept. 20, 2018-Katherine Clarke (subscription)Entertainers Beyoncé and Jay-Z and billionaire hedge-fund executive Ken Griffin have something in common: They are among a small but growing number of ultraluxury home buyers who are borrowing tens of millions of dollars for home purchases.
FHA Delinquency Tumbles, Endorsements Edge Up
Mortgage Daily, Sept. 20, 2018FHA reported a monthly up tick in new business, though a dip will likely follow. Single-family delinquency tumbled 48 basis points.
Home Equity Seen as Go-To Source to Cover Household Bills
National Mortgage Professional, Sept. 19, 2018–Phil HallTapping into home equity to keep pace with regular household expenses is being viewed as an acceptable strategy by a growing number of homeowners, according to a new study from Bankrate.com.
Ellie Mae: Refis Just Went Positive for the First Time Since in 2018
HousingWire, Sept. 19, 2018–Jeremiah JensenAccording to Ellie Mae’s Origination Insight Report, the percentage of refinances closed went up for the first time in 2018 in August. By the end of August, refis closed increased from July’s rate of 29% to 32%.
Student Debt Crushes Homeownership Dreams
HousingWire, Sept. 19, 2018–Jessica GuerinStudent loan debt has racked up a collective $1.5 trillion bill for 44 million Americans, and it’s crushing homeownership dreams, according to a recent survey by NeighborWorks America.