The Lede
News and Trends
CoreLogic: Lowest Delinquency Rates in 11 Years
CoreLogic, Irvine, Calif., said just 4.3 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March, down by 0.1 percent from a year ago.
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The Empty House Next Door: Paper Examines ‘Hypervacancy’
In a new study by the Lincoln Institute of Land Policy, Cambridge, Mass., The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, researcher Allan Mallach said hypervacancy--defined as areas in which at least one in five properties are vacant within a given area--have disrupted neighborhoods and housing markets.
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‘Stable’ Outlook for REITs
Real estate investment trust property-level fundamentals should remain positive at least through 2018, reported Fitch Ratings, New York.
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MBA News
Top National News
Future of Genworth PMI Unit Takes Shape after Feds OK Acquisition
National Mortgage News, June 11, 2018--Brad Finkelstein (subscription)Genworth Financial's mortgage insurance business, which had slipped in market share, has more certainty about its future prospects after a federal government committee approved the holding company's acquisition by China Oceanwide.
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Landlords Are Practically Giving Malls Away
Bloomberg, June 12, 2018--Sarah Mulholland (subscription)As they battle the rise of e-commerce, U.S. mall owners are trying to clear their books of fading centers so they can focus on the most-profitable ones. That's proving difficult, with just a shallow pool of investors who are willing to take on a declining mall and even fewer who would pay what the landlords want.
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U.S. Bancorp Is The Only Major U.S. Bank Still Reporting Mortgage Servicing Growth
Forbes, June 8, 2018--Trefis TeamThe trend of a sequential decline in the total mortgage servicing portfolio for the five largest U.S. banks continued in the first quarter. U..S. Bancorp has bucked this trend over the years, though.
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Mulvaney’s Defense of CFPB Upheaval: I’m Trying to Fix Leaks
American Banker, June 8, 2018--Kate Berry (subscription)Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, said Friday that the agency fired more than 60 members of three advisory boards because the boards were simply too big. Mulvaney also said he wants some future advisory board meetings to be held in private because he fears information will be leaked to the media.
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PHH ‘Extremely Gratified’ By CFPB Dismissal
Mortgage Daily, June 8, 2018PHH Corp. is celebrating the Consumer Financial Protection Bureau's dismissal of a closely watched case involving alleged violations of the Real Estate Settlement Procedures Act.
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Expert: Big Banks will Pass Stress Tests this Year
HousingWire, June 8, 2018--Kelsey RamirezTrepp, a provider of data, analytics and technology to the global securities and investment management industries, is predicting most, if not all, of the nation's 38 largest banks will past this year's test, despite the harsher test.
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Home Lending Profits Plunge Despite Higher Revenues
Mortgage Daily, June 6, 2018The Mortgage Bankers Association said although mortgage bankers pushed up quarterly revenues, rising expenses resulting from slowing originations dragged them into the red. Wholesale lenders suffered the most.
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Mortgage Banks in The Red For Q
Mortgage News Daily, June 6, 2018--Jann SwansonThe Mortgage Bankers Association said on Wednesday that independent mortgage banks and mortgage subsidiaries of chartered banks reported net production losses in the first quarter of 2018, for only the second time since MBA began tracking the data in 2008.
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Angelo Mozilo and His Doomed Mortgage Machine
CNN, June 6, 2018--Matt EganAngelo Mozilo of Countrywide Financial got rich selling the American Dream. Then he became the face of America's mortgage nightmare.
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Mick Mulvaney Guts 3 CFPB Advisory Boards
HousingWire, June 6, 2018--Jeremiah JensenActing Director of the Consumer Financial Protection Bureau Mick Mulvaney gutted three CFPB Advisory Boards today. The Consumer Advisory Board, Community Bank Advisory Council, and the Credit Union Advisory Council were all disbanded.
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