Bank of America (BofA) prevailed in a court case brought against it by Cook County, Illinois, which sued the bank alleging predatory mortgage loans to Black and Hispanic borrowers in the Chicago area. The news was first reported by Bloomberg Law. Cook County initially sued BofA and other banks in 2014, alleging that the company […]
Reflecting the housing industry’s headwinds, just 16 mortgage lenders and brokers made the annual list of Inc. Magazine‘s 5,000 fastest-growing private companies in the U.S. for 2023. It’s a sharp decline from 2022, when nearly 70 mortgage lenders and brokers were named. The companies are U.S.-based, privately held and independent as of Dec. 31, 2022. […]
Independent mortgage banks (IMB) reported an average net loss of $534 on each loan originated from April to June, down from $1,972 per loan in the first quarter of 2023, according to the Mortgage Bankers Association (MBA). The average pre-tax production loss was 18 basis points in Q2. Including both the production and servicing business lines, 58% of retail […]
Mortgage rates continued to climb this week as U.S. bond yields hit their highest level since 2008. Despite the turbulence, some analysts said a debt crisis is not imminent. According to those analysts, investors in the bond market are reacting to the government issuing debt and expecting the Federal Reserve to increase rates in September […]
England will play Spain in the final of the FIFA Women’s World Cup in Sydney on Sunday. Spain beat Sweden 2-1 in its semifinal while England defeated co-hosts Australia 3-1 to reach the final. Thirty-two teams started the 2023 Women’s soccer World Cup co-hosted by New Zealand and Australia. Two remain. On Tuesday, Spain defeated […]
Have homebuilders reached their limit on how much they can lower mortgage rates to boost demand? Today we got the housing starts data, which was a beat of estimates, but total housing activity isn’t booming here. I firmly believe that the builders can’t solve the housing inventory situation when it comes to single-family units because […]
The British Museum said Wednesday that a member of its staff has been dismissed after items dating back as far as the 15th century B.C. were found to be missing, stolen or damaged. The museum said it has also ordered an independent review of security and a “vigorous program to recover the missing items.” The […]
The Community Home Lenders of America (CHLA) this week submitted a letter to the Federal Housing Finance Agency (FHFA) in response to a recent request for input (FRI) on GSE single-family pricing framework. Its message? The trade group asked the regulator to “make no further changes for an extended period of time.” The original RFI […]
When Britain granted India independence in 1947, the subcontinent was divided along religious lines, triggering an exodus of an estimated 12 million people amid carnage and violence across the newly carved borders of the two countries, India and Pakistan. Among the cities that received a massive influx of refugees was the Indian capital, Delhi. A […]
The biggest nonbank mortgage lenders in America saw improved performance in both origination and servicing segments in the second quarter, capitalizing on the continued mortgage pullback from banks. As we’ve reported, that trend looks sticky, which could help change the fortunes of top independent mortgage banks sooner than expected. In this week’s edition of DataDigest, […]
Mortgage applications fell for the fourth consecutive week as the 30-year fixed-rate mortgage rose to its highest level since 2001, reaching 7.16%. For the week that ended August 11, mortgage applications fell 0.8% from the prior week, according to data from the Mortgage Bankers Association. Last week, treasury yields and mortgage rates remained elevated following […]
A court in Iran has sentenced prominent movie director Saeed Roustaee to six months in prison for the screening of his film “Leila’s Brothers” at the Cannes Film Festival last year, local media reported Tuesday. “Leila’s Brothers,” a rich and complex tale of a family struggling with economic hardship in Tehran, has been banned in […]
The Housing Policy Council (HPC) is urging the Federal Housing Finance Agency (FHFA) to modify its proposed government-sponsored enterprises (GSEs) single-family pricing framework, including coordination with banking regulators to streamline capital requirements and retention of upfront guarantee fees. The original request for input published in May was designed to gather public feedback on goals and […]
Gary Keller took to the stage at the 2023 Keller Williams Mega Agent Camp in Austin, Texas, Tuesday morning with his usual bravado: a black-and-white video featuring his favorite animal, the buffalo, in a thunderstorm, alongside a motivational message for agents. Rather than fear the storm, Keller Williams agents embody resilience and adaptability to conquer […]
Non-QM lender Acra Lending is projecting mortgage originations will increase in 2023 to about $2.6 billion, up from $2.1 billion last year, says CEO Keith Lind, “and we’ve been profitable every month this year, and every quarter.” Lind says Acra’s success in a punishing operating environment that has caused a number of non-QM mortgage lenders to exit […]
Brazil forward Neymar has signed for Saudi Arabia’s Al Hilal from Paris Saint-Germain, the clubs announced on Tuesday, joining Cristiano Ronaldo and Karim Benzema as the latest big name lured to the oil-rich Gulf state. “I am here in Saudi Arabia, I am Hilali,” the 31-year-old Neymar said in a video posted to Al Hilal’s […]
Two former employees have filed a class-action lawsuit against Rocket Mortgage for allegedly failing to pay overtime wages. That’s at least the second case that targets the Detroit-based lender for unpaid wages. Brittany Roseboro and John Glover claim that Rocket’s leadership required them to attend unpaid pre-shift meetings and, due to technological delays and other problems, they usually […]
The music genre hip-hop celebrates its 50th anniversary this year with events across the United States. A Los Angeles art gallery is showing photographs of hip-hop legends. Genia Dulot visited the gallery and files this report. (Camera: Genia Dulot) details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
The regulator of Fannie Mae and Freddie Mac improperly amended stock purchase agreements in 2012 when it allowed the U.S. Treasury to sweep up the companies’ net profits, a jury in Washington, D.C. found Monday. The jury awarded shareholders of the government sponsored enterprises a total of $612.4 million in damages. Fannie Mae will pay […]
Swiss bank UBS AG announced Monday it has agreed to pay $1.43 billion in penalties to settle a civil action alleging misconduct related to the underwriting, issuance and sale of residential mortgage-backed securities (RMBS) before the 2008 financial crisis. The settlement with the U.S. Department of Justice (DOJ), which refers to a civil action filed in November 2018, does […]
Rate lock activity fell for the second month in July as mortgage rates topped 7% for the first time since November 2022. Overall rate lock volume was down 7% month over month, with purchase lending accounting for 88% of total lock activity, according to Black Knight‘s originations market monitor report. Even so, purchase lock counts […]
The mortgage industry continues to be battered by negative headlines amid the slow in demand, the challenges of housing supply, and rising interest rates. It’s no secret that refinance (refi) volumes dropped off a cliff, and the number of homebuyers in the market has shrunk since 2022. That leaves you with a small pool of […]
The word “manga” is used to describe a wide variety of comic books and graphic novels originally produced in Japan. It has long been associated with Asian culture. But new generations of Asian Americans are identifying more with American comic books. Genia Dulot has the report. (Camera: Genia Dulot) details ⇒ BusinessMediaguide.Com portal received this […]
Last week ended with a wild ride for mortgage rates. We anticipated the two inflation reports could help mortgage rates, however, we had a bad bond auction last Thursday, and the 10-year yield rose sharply. Weekly active inventory grew slowly again and purchase apps were down week to week again. Weekly active listings rose by […]
“Barbie” has legs. Director Greta Gerwig ‘s film phenomenon remained a runaway No. 1 at the box office in its fourth week, bringing in $33.7 million, according to studio estimates Sunday. The Margot Robbie-led and produced film from Warner Bros., still in 4,137 theaters, refused to drop off as most box-office toppers have this year, […]
For a vast number of book writers, artificial intelligence is a threat to their livelihood and the very idea of creativity. More than 10,000 of them endorsed an open letter from the Authors Guild this summer, urging AI companies not to use copyrighted work without permission or compensation. At the same time, AI is a […]
What happens when you take Quechua, the most widely spoken Indigenous language in the Americas, and fuse it with K-pop, the global musical sensation with roots in South Korea? Ask Lenin Tamayo, who has become a social media phenomenon with “Q-pop” and this week released his first digital album. Tamayo grew up listening to his […]
Education skills and employability are the pathway to a better life — that is the key takeaway expressed by 40% of young people across all age groups who participated in a survey to identify the hopes and aspirations of youth and learn what they need to enhance their prospects for a good, sustainable future. In […]
It was born in the break, all those decades ago — that moment when a song’s vocals dropped, instruments quieted down and the beat took the stage. It was then that hip-hop came into the world, taking the moment and reinventing it. Something new, coming out of something familiar. At the hands of the DJs […]
Lebanon is considering banning the “Barbie” movie because the culture minister said the film “promotes homosexuality” and contradicts religious values, in a move that some experts say underscores the poor state of free speech and gay rights in the country and throughout the Middle East. Mohammad Mortada, Lebanon’s culture minister, moved to ban “Barbie” Wednesday, saying […]
New York-based digital lender Better.com will be going public via a merger with special purpose acquisition company (SPAC) Aurora Acquisition Corp. nearly two years after Better’s initial timeline to IPO. “At least 65% of the outstanding ordinary shares of the company entitled to vote at this meeting have voted in favor of (the) proposal,” Arnaud […]
AG Mortgage Investment Trust, Inc. entered into a definitive agreement Tuesday to merge with Western Asset Mortgage Capital Corp., beating its competitor Terra Property Trust, Inc. AG Mortgage, a pure-play residential mortgage REIT controlled by Angelo, Gordon & Co. and owner of mortgage lender ARC Home, made a stock-and-cash offer for its peer Western Asset, […]
In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, Freddie Mac has released its 2023 Stress Test Disclosure, which reflects two hypothetical economic scenarios, including a “severely adverse” scenario. Under the latter, Freddie Mac would face a credit loss of $13.7 billion — or 0.4% of its total portfolio — under the […]
Fans of an Indian movie star with a cult following thronged movie theaters and celebrated with dancing and prayers as his latest film hit screens on Thursday. Hundreds of avid supporters of Rajinikanth, one of India’s biggest movie superstars, carried photo cutouts and flower garlands as they made their way to a theater in Mumbai […]
The 30-year fixed mortgage rate continued its upward trajectory for the third consecutive week, rising to 6.96%, according to Freddie Mac. Since the last FOMC meeting in July, all eyes have been fixed on Thursday’s Consumer Price Index release. Another rate hike in September would move the target federal funds rate to its highest level […]
Wells Fargo rolled out a down payment grant program that will offer $10,000 to eligible buyers or homeowners who currently live in or are purchasing homes in underserved communities in eight metropolitan areas. The Homebuyer Access grant program is available to those who have a combined 120% or less of the area median income (AMI). […]
However, once you strip out rent — which is what the Fed has told us they want to focus on because of the lag in rent data — the growth rate of inflation is falling more noticeably. The Fed is focused on core service inflation less shelter. If you take CPI data in total and […]
The 75th Emmy Awards ceremony is postponed to Jan. 15, the Television Academy and broadcast network Fox said on Thursday, as Hollywood writers and actors strike over labor disputes with major studios. The Emmys were originally slated to air on Fox on Sept. 18, and nominations for the highest honors in television were announced in […]
When faced with the task of painting a giant mural at Seattle’s Museum of Flight, artist Esmeralda Vasquez found it was best not to do it alone. More than 160 volunteers helped out, as reported in this story by VOA’s Natasha Mozgovaya. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Mortgage tech firm Blend Labs narrowed its financial losses in the second quarter on the strength of its platform business as well as cost-cutting measures. Blend, whose white-label software processes billions in mortgage transactions for lenders, reaffirmed its goal of reaching profitability by 2024. The San Francisco, California-based company reported a non-GAAP net loss of […]
Sixto Rodriguez, who lived in obscurity in the U.S. only to find musical success in South Africa and a stardom he was unaware of, died Tuesday in Detroit. He was 81. Rodriguez’s music career flamed out early in the U.S., but it took off after the singer and songwriter became the subject of the Oscar-winning […]
Robbie Robertson, The Band’s lead guitarist and songwriter who in such classics as “The Weight” and “Up on Cripple Creek” mined American music and folklore and helped reshape contemporary rock, died Wednesday at 80. Robertson died in Los Angeles, surrounded by family, “after a long illness,” publicist Ray Costa said in a statement. From their […]
Over the last year, the nation’s largest banks, spooked by surging rates and increased regulatory risks, have shied away from the jumbo mortgage market. A select group of regional bank challengers have suffered a worse fate: dead, sometimes directly because of their own calamitous jumbo strategies. And to compound matters, Wells Fargo, the biggest lender […]
UWM Holdings Corporation, the parent of United Wholesale Mortgage (UWM), was another mortgage lender that returned to profitability in the second quarter of 2023, just like its primary competitor Rocket Companies and the origination segments of Mr. Cooper and Pennymac. UWM’s performance was boosted by an increase in the fair value of mortgage servicing rights (MSRs) and higher origination volumes, despite lower […]
Large banks have historically been the rulers of the jumbo market. Economic conditions, however, are opening up space for new entrants eying market share. This is because surging mortgage rates, upcoming regulatory changes and regional bank collapses have forced large depositories to pull back. Their retreat opens up opportunities for rival firms to grab market […]