Feed aggregator

Mortgage deduction helps housing lobby, but not homeowners

National Mortgage News - Wed, 11/15/2017 - 09:10
The battle lines are drawn between those seeking to protect the mortgage interest deduction and a legislative effort to greatly reduce its use. Hopefully, this is a battle that taxpayers will win.

Feds accuse Northwest Trustee of illegally foreclosing on veterans

National Mortgage News - Wed, 11/15/2017 - 09:10
The U.S. Justice Department has sued the largest foreclosure trustee in the Pacific Northwest, claiming it illegally foreclosed on at least 28 military members or veterans in the past six years.

After periodic drops of 20 percent, bitcoin tends to come back even stronger

IEHI News feed - Tue, 11/14/2017 - 14:57
``The last four times bitcoin fell more than 20 percent this year, it gained an average 61.5 percent in the following four weeks, according to Genesis Global Trading.''

Houston home sales register post-Harvey rally

National Mortgage News - Tue, 11/14/2017 - 14:54
Two months after Hurricane Harvey, buyers in the Houston area are returning to the housing market in impressive numbers.

Chicago selling $1 vacant lots to develop affordable housing

National Mortgage News - Tue, 11/14/2017 - 14:54
A new city program approved by the Chicago City Council will offer vacant lots to affordable housing developers for $1 each.

Equifax's earnings drop 27%; mortgage services revenue flat

National Mortgage News - Tue, 11/14/2017 - 14:54
Equifax reported earnings that were 27% lower and mortgage services revenue was 2% lower on a year-to-year basis after revealing a major breach and taking steps to improve security.

Venezuela's Bondholder Meeting Is a Bust as S&P Declares Default

IEHI News feed - Tue, 11/14/2017 - 14:54
Venezuela's grand gathering with creditors Monday lasted all of 30 minutes and didn't produce anything of substance. To make matters worse, S&P Global Ratings declared the country in default while Fitch Ratings cited missed payments by the state oil company prompting a fresh selloff in the nation's bonds.

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Very little was announced and nothing was resolved, according to attendees who said they left just as confused about the government's intentions as they were going in. Vice President Tareck El Aissami was the only official to speak, and devoted most of his prepared remarks to railing against Donald Trump and global financiers who he said have conspired to keep the country from making debt payments on time. He pledged the nation would continue to honor its obligations and work with bondholders to find new ways to get them their money, but offered no concrete proposals for restructuring.

President Nicolas Maduro had summoned holders of some $60 billion of bonds issued by the government and state oil company Petroleos de Venezuela SA to begin a renegotiation as the nation's cash crunch worsens, sanctions make it difficult to transfer money and delayed payments pile up.

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The nation, home to the world's largest oil reserves, owed investors about $200 million and failed to make those payments by the end of a 30-day grace period, S&P said in the statement in which it lowered the country's rating to SD. Plagued with payment delays and running low on cash -- and with most of its debt trading near 30 cents on the dollar -- it's the first time in recent years the government has exceeded the buffer period on its bonds.

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Investors in Venezuela's $5 billion of bonds maturing in 2019 and 2024 can organize to demand that the nation immediately pay back all they're owed, and down the line, holders of the nation's other debt, which have cross-default provisions, could choose to do the same... they risk setting off what could be the start of one of the messiest debt restructurings ever. S&P said there was a 50 percent chance Venezuela will default again within the next three months.

Ray Dalio Buys $500 Million In Gold EFTs In Q3

IEHI News feed - Tue, 11/14/2017 - 13:59
``The filing confirms Dalio's view on gold, as he started recommending investors have between 5% and 10% of the yellow metal in their portfolio. ''

Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders

IEHI News feed - Tue, 11/14/2017 - 13:56
There's a growing rift in car debt: Delinquent subprime loans are nearing crisis levels at auto finance companies, while loan performance at banks and credit unions continues to improve, data from the Federal Reserve Bank of New York show.

Almost 9.7 percent of subprime car loans made by non-bank lenders -- including private-equity-backed firms catering to car dealers -- were more than 90 days past due in the third quarter, the highest rate in more than seven years, according to the New York Fed's quarterly report on household debt and credit. That's more than double the 4.4 percent delinquency rate for subprime loans made by traditional banks, a number that's been falling pretty steadily since the end of the financial crisis.

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Auto finance companies have long dominated the subprime lending area, originating and holding more than 70 percent of auto loans for the riskiest borrowers, according to the New York Fed. Their share has almost doubled since 2011 and now comprises more than $200 billion after years of booming car sales and fierce competition. Meanwhile, many traditional banks have been trimming their portfolios to curb exposure to riskier auto loans.

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There's $1.2 trillion in auto loans outstanding in the U.S., up $23 billion from the previous quarter. About 20 percent of new car loan originations are subprime, meaning the borrowers have a credit score below 620, according to the Fed report.

Walter's bankruptcy likely by the end of November

National Mortgage News - Tue, 11/14/2017 - 11:51
Walter Investment Management Corp. is looking to file for bankruptcy protection by Nov. 30, after lining up $1.9 billion of debtor-in-possession warehouse financing.

Banks seek level playing field for CRE construction lending

National Mortgage News - Tue, 11/14/2017 - 11:51
A bill that would ease Basel III capital requirements on commercial real estate loans could level the playing field between depository and nonbank lenders and spur more construction lending if it passes in the Senate.

CRE market outlook takes slight dip nationwide: Moody's

National Mortgage News - Tue, 11/14/2017 - 11:51
The supply-demand outlook in commercial real estate markets took a slight dip nationwide for the first time since early 2016 and financing for some CRE property types is getting more difficult to arrange.

People on the move: Nov. 10

National Mortgage News - Tue, 11/14/2017 - 11:51
Mortgage industry hiring and new job appointments for the week ending Nov. 10.

How GOP tax bill would set back affordable housing efforts

National Mortgage News - Tue, 11/14/2017 - 08:47
The elimination of private activity bonds “would throw gasoline on a housing shortage," said John Chiang, California's treasurer.

Did CFPB's Cordray fake out Trump and GOP?

National Mortgage News - Tue, 11/14/2017 - 08:47
If CFPB Director Richard Cordray does not leave soon — as has been widely expected — it may be that he has used rumors of his possible political aspirations to successfully keep Trump from firing him.

Senate tax bill breaks with House over mortgage interest deduction

National Mortgage News - Tue, 11/14/2017 - 08:47
The Senate tax proposal released Thursday would cap the mortgage interest deduction for properties worth $1 million, a reversal from the House plan that would have limited the deduction to $500,000.

Miami Beach Realtor convicted in $20M mortgage fraud

National Mortgage News - Tue, 11/14/2017 - 08:47
Marco Laureti owned several real estate and mortgage businesses, a real estate license, a mortgage broker's license and a house on San Marino.

As lack of homebuilding nears crisis, Fannie offers help

National Mortgage News - Mon, 11/13/2017 - 14:21
Fannie Mae is considering a series of pilot programs to address an issue that has plagued the real estate market for years: a lack of affordable homes.

Millennials to small cities: Ready or not, here we come

National Mortgage News - Mon, 11/13/2017 - 14:21
As the economy improves and millennials move around the country in search of jobs, some are finding themselves far from the youth culture they learned to expect from city life in other parts of the country.

How to Break Out of Our Long National Tax Nightmare

IEHI News feed - Mon, 11/13/2017 - 13:05
[Glenn Hubbard:] "We don't seem as a society to be willing to bring down spending as much as I would like to, and the corporate and personal income tax can't be raised enough to cover the difference. If we're going to have a higher level of government spending, you have to pay for it, and the most effective way to pay for it is through a tax on consumption, such as a value-added tax."

And what about the current tax reform? Oh, it's "still worth doing," he said, but the U.S. can't go on like this. "You can think of this as the last reform effort in this system." The end of the cut-reform-increase-repeat era is coming.