Mortgage Daily, Apr. 17, 2018While there was no month-over-month change in serious mortgage delinquency, there was a year-over-year improvement. Miami saw a significant increase.
Category: Top National News
A Bubble in Commercial Real Estate May Be About to Pop
Business Insider, Apr. 17, 2018–Wolf RichterBanks are ramping up the extension of commercial real estate loans. CRE prices peaked in 2016 and are now flat-lining, which is partially due to the downturn of malls and traditional retail. Office and lodging buildings have been hit hard too.
Q2 Mortgage Refinance Outlook Increases
Mortgage Daily, Apr. 16, 2018The second-quarter forecast for refinance originations has been raised–though the gain came at the expense of expected second-half production.
Home Prices Up for 24th Consecutive Month
National Mortgage Professional, Apr. 16, 2018–Phil HallHome prices climbed for the 24th consecutive month in March while home sales fell for a fourth consecutive month, according to the latest RE/MAX National Housing Report.
Wells Fargo Faces $1B Fine from Federal Regulators over Mortgage, Auto Loan Abuses
USA Today, Apr. 13, 2018–Kevin McCoyFederal regulators are seeking a $1 billion payment from Wells Fargo to settle problems with mortgage and auto loan issues, along with compliance risk management concerns, the bank said Friday as it reported its first-quarter earnings.
Why the Dodd-Frank Rollback Has Some Small Banks Yawning
Wall Street Journal, Apr. 15, 2018–Ryan Tracy, Christina Rexrode (subscription)Smaller banks say deregulation bill doesn’t go far enough and mainly benefits the biggest regional banks.
Elizabeth Warren, Mick Mulvaney Spar in Senate Testimony over CFPB
CBS News, Apr. 12, 2018Massachusetts Democratic Sen. Elizabeth Warren grilled Office of Budget and Management Director Mick Mulvaney on Thursday over his numerous votes to abolish the Consumer Financial Protection Bureau.
Appeals Court Skeptical of Mulvaney’s Ability to Independently Lead CFPB
Wall Street Journal, Apr. 12, 2018–Lalita Clozel (subscription)An appeals court appeared skeptical Thursday that the interim director of the Consumer Financial Protection Bureau could independently run the bureau given his other role as head of the White House’s Office of Management and Budget.
Zillow Intends to Buy and Flip Homes
Wall Street Journal, Apr. 12, 2018–Laura Kusisto, Rolfe Winkler (subscription)Real-estate listings company Zillow Group is getting into the business of buying and flipping homes, a risky and untested business model for the online service that could disrupt the traditional brokerage business.
Subprime Mortgages Make A Comeback–with a New Name and Soaring Demand
CNBC, Apr. 12, 2018–Diana Olick Subprime mortgages–home loans to borrowers with sketchy credit who put little to no skin in the game. Following the epic housing crash, they disappeared, due to strong, new regulation, and zero demand from investors who were badly burned. Barely a decade later, they’re coming back with a new name–nonprime–and, so far, some new standards.