Feed aggregator

Tax law likely to spur crisis in affordable housing

National Mortgage News - Fri, 01/05/2018 - 13:59
The tax law is expected to eliminate 300,000 affordable housing units over 10 years in part because it will reduce the value of banks’ low-income tax credits, which finance half of all affordable housing units.

PHH settles robo-signing allegations, but more regulatory battles loom

National Mortgage News - Fri, 01/05/2018 - 13:59
PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.

Sloth-like Fed Shrinks Balance Sheet By 0.14% Or $6 Billion (Will Take 700 Weeks or 13.46 Years To Unwind)

IEHI News feed - Fri, 01/05/2018 - 11:20
``As an example, the latest SOMA report from the Fed on New York saw a $6 billion decline in the Fed balance sheet. That is only 0.14% per week. At this rate, it will take over 700 weeks (or 13.46 years) to unwind.''

The Bogus Voter-Fraud Commission Is Dead, but the Myths Live On

IEHI News feed - Fri, 01/05/2018 - 11:06
``The commission's only real accomplishment was to give a national platform to the nation's most dogged vote deniers -- men like ... Kris Kobach, the commission's vice chairman and guiding light, the man more responsible than perhaps anyone else for keeping alive the bogus specter of voting fraud in America. Mr. Kobach is the secretary of state of Kansas, where he has worked tirelessly for years to smoke out illegal voting by noncitizens, dead voters and other malefactors. In place of actual evidence, he relies on an antifraud data collection program with a 99-percent error rate. His results? Nine convictions, mostly of older white Republican men who voted twice.''

PwC ruled negligent in Colonial Bank auditing case

National Mortgage News - Fri, 01/05/2018 - 10:53
A federal judge ruled PricewaterhouseCoopers was negligent in its audits of Colonial Bank, which failed in 2009 in the midst of the financial crisis, potentially exposing PwC to heavy damages.

Title company profits to drop due to fewer originations in 2018

National Mortgage News - Fri, 01/05/2018 - 10:53
Lower mortgage loan origination volume in 2018, on top of 2017's decline, will lead to further reduction in title insurer profitability and a possible increase of merger activity.

Mortgage applications decreased during holiday season

National Mortgage News - Fri, 01/05/2018 - 10:53
Mortgage application volume decreased 2.8% during the last two weeks of 2017, according to the Mortgage Bankers Association.

Credit scores on mortgages made to millennials drop

National Mortgage News - Fri, 01/05/2018 - 10:53
The average credit score of loans made to members of the millennial generation were a little lower than they were a year ago, according to Ellie Mae.

Another discount broker pushes in to Florida real estate market

National Mortgage News - Fri, 01/05/2018 - 10:53
Bernard Polselli has sold more than a few houses during his life, and when it came time to list his place in Palm Beach Gardens, Fla., he decided not to use a traditional agent.

Southern California house-price gains hit 2-year highs

National Mortgage News - Fri, 01/05/2018 - 10:53
Southern California home prices rose at their fastest pace in almost two years in November as falling numbers of homes for sale pushed home prices ever higher, figures from CoreLogic show.

CMBS may be underinsured for California earthquakes

National Mortgage News - Fri, 01/05/2018 - 10:53
Some commercial buildings that are not required to obtain earthquake insurance may still be susceptible to significant structural damage that could put the borrowers at risk of default, according to Kroll Bond Rating Agency.

Vermont tackling affordable housing through bond sale

National Mortgage News - Fri, 01/05/2018 - 07:43
The Vermont Housing Finance Agency is prepping the state’s first sustainability bond sale.

Could blockchains replace banks in real estate lending?

National Mortgage News - Fri, 01/05/2018 - 07:43
Startups that have developed the technology for real estate finance are starting to conduct a broader array of transactions, including property sales.

Bank to foreclose property in Clifton Park, N.Y.

National Mortgage News - Fri, 01/05/2018 - 07:43
Pioneer Savings Bank is seeking to foreclose on commercial property located off of Route 146 in Clifton Park, N.Y., claiming that the owner owes the bank more than $1.9 million in mortgages and loans.

CFPB 2018 outlook: More deregulation, more upheaval

National Mortgage News - Fri, 01/05/2018 - 04:40
If acting CFPB Director Mick Mulvaney ultimately prevails in the lawsuit challenging his position, he is expected to continue implementing the most significant changes to the agency in its six-year history.

Wall Street's love of tax cuts drives Dow to 25,000 mark

IEHI News feed - Thu, 01/04/2018 - 19:26
"We broke a very, very big barrier," Trump said Thursday at the White House. "Every time you see that number go up on Wall Street it means jobs, it means success, it means 401(k)s that are flourishing."

It's easy to see why investors like the tax overhaul: Businesses will benefit from a steep cut in the corporate tax rate. They'll also be able to fully deduct the cost of major purchases from their taxable income, reducing the amount they owe. And companies with large stockpiles of cash overseas can bring the money back to the United States at new, lower rates.

All told, Wall Street analysts estimate the tax package should boost earnings for companies in the Standard & Poor's 500 index by roughly 8 percent this year. That's much more generous than the average tax cut of 1.6 percent that middle-class families will receive, according to the Tax Policy Center.

Sears to close another 100 stores on top of 250 already targeted

IEHI News feed - Thu, 01/04/2018 - 19:24
``Sears will be closing over 100 more stores as the struggling department store chain tries to turn around its business. The Hoffman Estates, Illinois-based company says that includes 64 Kmart stores and 39 Sears stores that will be shuttered between early March and early April.''

GMO's Jeremy Grantham Says Stocks Could Be Heading for a ‘Melt-Up'

IEHI News feed - Thu, 01/04/2018 - 18:38
"As a historian of the great equity bubbles, I also recognize that we are currently showing signs of entering the blow-off or melt-up phase of this very long bull market," Grantham, the chief investment strategist for GMO in Boston, wrote in a letter to investors Wednesday... In today's letter, he called the current market one of the highest-priced in history...

He warned investors to keep an eye on what is showing on television in restaurants. "When most have talking heads yammering about Amazon, Tencent and bitcoin and not Patriot replays -- just as late 1999 featured the latest in Pets.com -- we are probably down to the last few months," he wrote. "Good luck. We'll all need some."

Federal Judge Finds PricewaterhouseCoopers Negligent in TBW Collapse

IEHI News feed - Thu, 01/04/2018 - 18:36
Federal Judge Finds PricewaterhouseCoopers Negligence Led To The Collapse Of Taylor, Bean & Whitaker And Colonial Bank

Fannie Mae's delinquency rate returns to high last seen in March

National Mortgage News - Thu, 01/04/2018 - 13:18
Fannie Mae's serious delinquency rate climbed to a high not seen since March 2017, but remained lower than it was 12 months prior.