A new museum recently opened in Rome to display stolen art recovered by the Italian police squad charged with safeguarding the country’s artistic and cultural heritage. On display at the Rescued Art Museum are around 100 valuable artifacts, returned from the United States after having been stolen by tomb raiders and making their way illegally […]
Brea, California-based direct lender American Financial Network will pay about $1.04 million to resolve allegations that it fraudulently originated government-backed mortgage loans insured by the Federal Housing Administration (FHA). The settlement agreement announced by the United States Attorney for the Eastern District of Washington on Tuesday puts an end to a joint investigation conducted by […]
Mortgage lender First Guaranty Mortgage Corporation cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications, HousingWire has learned. Former employees said the lender has “essentially shuttered.” According to two former FGMC employees, the company on Friday laid off around 500 employees without severance payment, meaning only 100 staffers remain. “They […]
This week’s HW+ member spotlight features Ben Bernstein, director at Axonic Capital, an investment firm with a deep focus on the structured credit sector of the financial markets. Prior to that, Bernstein held leadership roles in Odeon Capital Group and JPMorgan Chase. Below, Bernstein answers questions about the housing industry: HousingWire: What is your current favorite HW+ article and […]
A movie theater owner in the western U.S. state of Oklahoma said the theater never carried out a plan to fast forward through a same-sex kiss in a newly released Disney/Pixar film. The theater had posted a warning sign about the kiss and its intention to fast forward through the brief kissing scene in Lightyear, […]
The Federal Housing Finance Agency (FHFA) today reiterated its stance on a new fee on some government-backed enterprise securities. The agency made no promise to delay the fee. Still, some stakeholders unhappy with the fee see an opportunity. In a statement, FHFA Director Sandra Thompson said her agency was “committed to the continued strength and […]
Homebuyer affordability decreased slightly in May, as new mortgages took up a larger share of a the average person’s income while rates trended higher. High inflation and rising mortgage rates won’t lessen the burden on new home buyers in the coming months. The national median payment applied for by applicants rose to $1,897 last month […]
Good morning. Throughout American history, landmark laws have brought waves of change that carried our country toward a more perfect union. Before the Fair Labor Standards Act, many children didn’t spend their days learning in schools, but working in factories. Before the 1964 Civil Rights Act, Black Americans had no federal statutory protection from the […]
Purchase mortgage rates this week averaged 5.81%, compared to 5.78% the week prior, when rates rose 55 basis points, the largest 1-week increase since 1987, according to the latest Freddie Mac PMMS index. A year ago at this time, 30-year fixed rate purchase rates were at 3.02%. The PMMS, a government-sponsored enterprise index, accounts solely […]
U.S. Secretary of Education Miguel Cardona issued the following statement regarding today’s filing on Sweet v. Cardona: “Since day one, the Biden-Harris Administration has worked to address longstanding issues relating to the borrower defense process. We are pleased to have worked with plaintiffs to reach an agreement that will deliver billions of dollars of automatic […]
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United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, wants to beat rival lenders by offering competitive pricing to brokers, a move designed to navigate a shrinking mortgage market with compressed margins. UWM dropped rates by 50 to 100 basis points across all loan types, the company said in a release. The new program follows […]
JPMorgan Chase, the nation’s largest bank, has started a workforce reduction of its mortgage lending business this week after having been struck by a tightening monetary policy that drove mortgage rates to over 6%. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” a spokeswoman for JPMorgan wrote in a […]
Hackers stole the personal information of 1,547,169 clients of Michigan-based Flagstar Bank in December, according to a document sent by the financial institution to the Office of the Maine Attorney General. The cyberattack occurred on Dec. 3 and Dec. 4, 2021, but the company discovered it on June 2, 2022, the document shows. The external […]
Jurors at a civil trial found Tuesday that Bill Cosby sexually abused a 16-year-old girl at the Playboy Mansion in 1975. The Los Angeles County jury delivered the verdict in favor of Judy Huth, who is now 64, and awarded her $500,000. Jurors found that Cosby intentionally caused harmful sexual contact with Huth, that he […]
Despite mortgage rates reaching the highest level in 14 years, mortgage applications increased 4.2% from the prior week, according to the latest Mortgage Bankers Association (MBA) survey for the week ending June 17. “Mortgage rates continued to surge last week, with the 30-year fixed mortgage rate jumping 33 basis points to 5.98% – the highest since November […]
Fewer homeowners paused or reduced their mortgage payments in May, continuing the decline from April when the total number of loans in forbearance fell to a level below 1% of servicers’ portfolio volume. The share of loans in forbearance dropped by 9 basis points to 0.85% in May from April’s 0.94%, according to the Mortgage […]
CFPB Director Rohit Chopra ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ width=”1220″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ alt=”HW-Rohit-Chopra” class=”wp-image-323927″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png 1220w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=150,86 150w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=300,172 300w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=768,441 768w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=1024,588 1024w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=600,344 600w” sizes=”(max-width: 1220px) 100vw, 1220px”>CFPB Director Rohit Chopra The Consumer Financial Protection Bureau (CFPB) said Friday it would take a “fresh look” at a rule that decides what mortgages are protected from […]
stock market real estate investment ” data-image-caption=” stock market real estate investment ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=1024″ width=”1200″ height=”800″ src=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=1024″ alt=”stock market real estate investment” class=”wp-image-340301″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=600,400 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>The stock market has not been kind to mortgage lenders – some are now trading in […]
New Residential Investment Corp. announced on Friday that it has decided to internalize the company’s management, a step that the real estate investment trust estimates will reduce its costs and potentially attract more institutional investors to its stock. The company is also changing its name to Rithm Capital, reflecting the diversification of its businesses as more […]
Recently, Intercontinental Exchange (ICE) announced a plan to acquire Black Knight in a reported $13 billion deal that, if approved by federal regulators, would certainly be one of the largest acquisitions ever in the mortgage technology space. The importance of this particular acquisition is one that could have implications for consumers, lenders, vendors and settlement […]
Why would the smell of a baby’s head calm men but rile women? It may be another example of how we’re more animal than we like to think. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Oscar-winning Canadian screenwriter and director Paul Haggis is under house arrest in southern Italy on charges of sexual assault and aggravated personal injury, accusations that Haggis denies, his lawyers said on Monday. “Mr. Paul Haggis was detained on Sunday with an emergency measure issued by the Brindisi prosecutors and is now under house arrest in […]
The surprise announcement by BTS last week that they were taking a break to focus on members’ solo projects stunned their global fanbase, shaking their label’s stock price and leaving many questions about the K-pop supergroup’s future. HYBE, the company behind the band, denied the group was taking a hiatus — a word used in […]
An 18-year-old from South Korea has won the 16th Van Cliburn International Piano Competition, one of the top showcases for the world’s best pianists. The competition held in Fort Worth, Texas, ended Saturday night with Yunchan Lim becoming the competition’s youngest winner of the gold medal. His winnings include a cash award of $100,000 and […]
Swimming’s world governing body FINA on Sunday voted to restrict the participation of transgender athletes in elite women’s competitions and create a working group to establish an “open” category for them in some events as part of its new policy. Transgender rights has become a major talking point as sports seek to balance inclusivity while […]
U.S. Secretary of Education Miguel Cardona issued the following statement regarding COVID-19 vaccine eligibility for children ages 5 and younger: details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
American actor and director Liev Schreiber says events in Ukraine didn’t impact him much before the Russian invasion. Due to the war, he became deeply involved in charity work and rediscovered the Ukrainian part of his heritage. VOA’s Tatiana Vorozhko reports. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Despite the ongoing war in Ukraine, couples there continue to get married. For many, the war itself prompted them to officially tie the knot – especially military couples. At least one jewelry store provides military couples with free wedding bands; wedding ceremonies are often held online, at times, literally from the front lines. Anna Kosstutschenko […]
After two days of deliberations in which they reached verdicts on nearly all of the questions put before them, jurors in a civil trial who were deciding on sexual abuse allegations against Bill Cosby will have to start from scratch on Monday. By the end of the court day Friday, the Los Angeles County jury […]
The price of bitcoin fell below $20,000 Saturday for the first time since late 2020, in a fresh sign that the sell-off in cryptocurrencies is deepening. Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping by as much as 9% to less than $19,000 and hovering around that mark, according to the […]
A gnawing uncertainty hung over the Yellowstone National Park gateway town of Gardiner this week following unprecedented flooding that shut down one of America’s most beloved natural attractions and swept away roads, bridges and homes. Gardiner itself escaped the flooding but briefly became home to hundreds of park visitors stranded when the road leading into […]
For many Hong Kongers, their city has always been distinct from China. Government, laws, language, schooling, cuisine, culture, outlook — you name it, all different. And that sense, coupled with continuing political changes, propelled many Hong Kongers to emigrate after the 2019 pro-democracy protests when Beijing implemented the far-reaching Hong Kong version of China’s National […]
A banking regulatory agency asked whether the Consumer Financial Protection Bureau should be involved in deciding whether to green light bank mergers. The industry’s answer? A resounding “No.” Trade groups such as the American Bankers Association and the Independent Community Bankers of America, say that doing so would be beyond the scope of the CFPB, […]
Mortgage industry stakeholders say a new 50 basis point fee on some Fannie Mae and Freddie Mac securities runs counter to the premise of a uniform mortgage backed security. It’s a “money grab,” said one industry analyst, who requested anonymity to stay on good terms with the government sponsored enterprises, who together back the majority […]
It’s a tough time to be a loan officer. Refinance activity is gone, housing inventory continues to be at record lows and interest rates remain on the rise. It is the type of perfect storm that will show the industry who the true survivors are and who has been riding the refi wave for the […]
Wells Fargo this week warned investors the bank’s mortgage business could drop by almost 50% in the second quarter from the prior quarter. Wells Fargo Chief Financial Officer Mike Santomassimo said higher interest rates have greatly reduced the refinancing market – currently down about 82% from the prior year – and home affordability remains a challenge […]
Music is truly a magical, universal language: one that students in a South African township outside of Johannesburg are learning. Romain Chanson reports for VOA in this story, narrated by Carol Guensburg. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
The Golden State Warriors triumphed over the Boston Celtics on Thursday with a 103-90 victory in Game Six of the NBA Finals in Boston, marking the fourth time the Warriors have won the trophy in eight years. The Warriors’ victory came just two seasons after finishing at the bottom of the league, following injuries to […]
The 16 cities of the first World Cup spread across three nations were revealed, and FIFA President Gianni Infantino made a bold statement summing up the goal of the 2026 tournament, to be played largely in the United States. “By 2026, futbol — soccer — will be the No. 1 sport in this country,” he […]
Fannie Mae and Freddie Mac plan to charge a new 50 basis-point fee for certain structured-finance offerings that use co-mingled agency securities as the underlying collateral. The fee will apply to securities issued through structured-finance offerings known as Supers, and separately, real estate investment conduits (REMICs). Through these vehicles, the uniform mortgage-backed securities (UMBS) of one government-sponsored enterprise […]
The Government Accountability Office this week reminded the Department of Housing and Urban Development (HUD) of some ways it could improve its operations. Among the recommendations, the congressional watchdog said HUD needs to improve internet technology management and that Ginnie Mae, a guarantor for federally backed loans, needs to address “staffing-related challenges.” Both points are […]
Fannie Mae lowered its projections of mortgage originations and home sales for 2022 as mortgage rates continue to climb. Fannie Mae’s Economic and Strategic Research (ESR) Group revised its projected mortgage origination volume to $2.6 trillion in 2022 and $2.2 trillion in 2023. In May, Fannie Mae dropped its mortgage origination volume projection for 2022 […]
neighborhood, housing market, Fall, homes, new house sales, forbearance ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=1024″ width=”1200″ height=”800″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=1024″ alt=”AdobeStock_231108592″ class=”wp-image-330608″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=600,400 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>neighborhood, housing market, Fall, homes, new house sales, forbearance The Federal Reserve’s 75 basis point interest rate hike – its largest since 1994 – […]
Purchase mortgage rates climbed 55 basis points, reflecting surging inflation and the Federal Reserve‘s (The Fed) tightening monetary policy. According to the latest Freddie Mac PMMS, purchase mortgage rates this week averaged 5.78%, compared to 5.23% the week prior. A year ago at this time, 30-year fixed rate purchase rates were at 2.93%. “Mortgage rates surged as the […]