Inman, Dec. 19, 2017–Bryan WalshAnalysts worry that if insurers start to pull out of flood-prone seaside communities, it could cause a crisis worse than 2008.
Category: Top National News
Bankrupt Toys ‘R’ Us Weighs Closing at Least 100 Stores
Bloomberg, Dec. 18, 2017–Lauren Coleman-Lochner, Matthew TownsendToys “R” Us Inc., which filed for bankruptcy in September, is considering closing at least 100 U.S. stores in the face of weak holiday sales.
Long-Term Mortgage Delinquency Back to Pre-Financial Crisis Levels
Curbed (Vox Media), Dec. 15, 2017–Jeff AndrewsHome mortgages that are in some stage of delinquency dropped from 5.2 percent a year ago to 5 percent in September, according to a new report from CoreLogic, an information intelligence company that serves the real estate and mortgage finance sectors.
Homeowners Have Had It Good. Too Good, Says the Tax Bill
New York Times, Dec. 16, 2017–Conor DoughertyThe bill will increase many homeowners’ monthly housing costs by scaling back deductions that allow them to reduce mortgage interest and property taxes. And by roughly doubling the standard deduction, it reduces the incentive to buy homes by making far fewer homeowners eligible for preferential tax treatment.
A Home Buyer’s Nightmare: Moving to a Flood Zone Without Knowing It
Wall Street Journal, Dec. 17, 2017–Laura Kusisto (subscription)There are no federal laws requiring home sellers to disclose if their properties previously have been flooded.
Fewer Borrowers Get HARP Refinances in October
National Mortgage News, Dec. 15, 2017–Elina Tarkazikis (subscription)The Home Affordable Refinance Program recorded a 45% drop in volume in October from the previous year as it continunes to wind down, according to the Federal Housing Finance Agency.
House Leader Budges on GSE Reform
Scotsman Guide, Dec. 13, 2017–Victor WhitmanHouse Financial Services Committee Chairman Jeb Hensarling recently signaled that he is willing compromise on housing-finance reform, but MBA President and CEO David Stevens says the plan Hensarling now endorses could create issues for smaller lenders.
MBA: Significant Turning Point for CMBS Market
Mortgage Professional America, Dec. 13, 2017–Steve Randall The third quarter saw a resurgence of commercial/multifamily mortgage debt outstanding with a $45.4 billion increase to $3.11 trillion, the Mortgage Bankers Association reported.
Wells Fargo Trims Staff in Its Giant Mortgage Unit
Wall Street Journal, Dec. 14, 2017–Emily Glazer (subscription)Wells Fargo & Co. laid off about 60 employees in its mortgage division as the bank continues to reshuffle parts of its business following heightened regulatory scrutiny.
Nearly 5 Million Americans in Default on Student Loans
Wall Street Journal, Dec. 13, 2017–Josh Mitchell (subscription)The number of Americans severely behind on payments on federal student loans reached roughly 4.6 million in the third quarter, a doubling from four years ago, despite a historically long stretch of U.S. job creation and steady economic growth.