Wednesday, September 30, 2015

Student loan burden doesn't explain low Millennial homeownership [study]

Simply stating that student loans are the reason behind the decreasing homeownership rate is not enough. There is so much more behind the issue of what student debt is doing to housing, which Freddie Mac’s latest Insight & Outlook digs into.

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Here's how TRID will impact real estate transactions

TRID is going to have an impact on mortgage finance and real estate up and down the pipeline. We asked a prominent Florida Realtor what she thought about how it will affect homebuyers and sellers, as well as Realtors and agents.

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Mortgage applications drop after big jump

Mortgage applications decreased 6.7% from one week earlier, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

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MCT Trading selects Paul Yarbrough to oversee client on-boarding

MCT Trading, a risk management and advisory services company providing independent analysis, training, hedging strategy and loan sale execution support to clients engaged in the secondary mortgage market, announced the addition of Paul Yarbrough.

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Mortgage Bankers Association adds 14 new members in August

The Mortgage Bankers Association announced that it welcomed 14 new members in the month of August, as it continues to push its membership beyond 2,200 organizations. Here’s a look at the MBA’s new members.

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Global DMS names Mac Chiles executive vice president of sales

Global DMS, a provider of web-based compliant valuation management software, announced the hiring of Mac Chiles as the company’s new executive vice president of sales. In this role, Chiles will be responsible for managing the company’s sales and business development functions for the company’s eTrac Enterprise valuation management platform and ancillary solutions.

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Billionaire investor Carl Icahn warns of "danger ahead" for U.S. economy

Billionaire investor Carl Icahn released video warning that interest rates hovering close to zero are creating investment bubbles in art, corporate earnings and high-yield bonds. This is an unusual move for an investor, so be sure to tune in.

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ADP predicts modest 200K job gains for September

ADP’s call for Friday’s September employment report is on the high side but only slightly, at 200,000 for private payroll growth. What do you think?

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Elizabeth Warren takes to the streets against REO, NPL investors

Sen. Elizabeth Warren is bringing disruption to housing’s leading regulator. The firebrand Congresswoman is leading a rally today in front of the FHFA to protest REO sales to investors, saying they hurt black and Hispanic neighborhoods. What does she hope to accomplish? Short answer: a sea change.

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Auction.com: Existing home sales projected to hit 5.4M

Auction.com predicts existing home sales for September will fall between 5.23 and 5.57 million annual sales. While the modest growth predicted for September will not be enough to completely recoup all of the losses experienced in August, the report predicts that sales will move back in the right direction.

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San Francisco proposes plan to address skyrocketing housing costs

The city of San Francisco is moving to combat its rapidly rising housing costs. The city unveiled a new plan that offers more moderately priced housing in exchange for allowing builders to exceed the city’s current building height restrictions.

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Is fracking about to bust housing in North Dakota?

As shale production and oil prices fall, areas that once saw rapid development and explosive growth because they rested on top of shale formations, are now facing a new problem – a glut of empty houses and apartments. What will become of shale-boom housing?

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Who wants to know the hottest 20 places to buy a home right now?

Due to month-over-month declining prices and increased time on market, the September housing market transitioned into a buyer’s market. This means that it is now easier for buyers to purchase a home compared to any other time this year.

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Industry voices concern over looming TRID-related delays, headaches

Well, it’s coming Saturday, whether you like it or not. Oct. 3 marks the effective date of the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule or TRID. And some in the industry are voicing concerns about potential issues they are about to face.

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Tuesday, September 29, 2015

Bubble alert? Buyers camping out for lots in McKinney, Texas

So how crazy is the housing market in one of Dallas’ hottest suburbs? Crazy enough that buyers are actually camping out overnight for their chance to buy a plot of land in a new development in McKinney.

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CoreLogic: Cash sales in June drop to 31%

Cash sales made up 31.3% of total home sales in June 2015, down from 33.9% in June 2014, according to the latest report from CoreLogic. If the cash sales share continues to fall at the same rate, the share should hit 25% by mid-2017.

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How prepared are you for TRID? [Quiz]

Is your organization ready for Oct. 3? We asked technology company Pavaso to break down the categories that will separate the truly compliant from the rest of the pack on judgment day. It’s game time.

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House committee grills CFPB director on TRID, HMDA and more

The bulk of the hearing was dominated by paeans from Democrats and attacks from Republicans, and most of the questions were the usual speeches-written-as-questions. But it did touch on the impending implementation of the TILA/RESPA Integrated Disclosure rule.

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S&P/Case-Shiller: July sees amazing annual home-price gains

The West region drove home-price gains in July. Gains from June were modest but on an annual basis the gain was outsized. Here are the metros that saw the biggest gains and biggest losses.

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EXCLUSIVE: How the Blackstone-Stearns Lending deal came together and what’s next

Almost a month ago, an announcement from Blackstone and Stearns Lending shook up the mortgage lending world. In an exclusive interview with HousingWire, the executives from Blackstone and Stearns Lending share how the deal came together and shed some light on what’s next for Stearns Lending now that it’s part of the Blackstone family.

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JPMorgan financing $100M Los Angeles ‘trophy properties’

Buyers looking for the most extravagant of extravagance have that opportunity, courtesy of Junius Real Estate Partners, which is part of JPMorgan’s private bank. A team led by Junius and developer Domvs London are offering the uber-wealthy the chance to build a mansion overlooking Los Angeles, for the low starting price of $115 million.

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MBA Stevens: The CFPB’s complaint database is unreliable

Very few people outside the Consumer Financial Protection Bureau are happy about the CFPB’s consumer complaint database. Now David Stevens, president and CEO of the Mortgage Bankers Association, weighs in with his take on the unreliable tool.

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CHLA unveils plan for massive GSE reform, ending profit sweep

The Community Home Lenders Association authored an action plan that lays out transitional steps to reform Fannie Mae and Freddie Mac, preserve a government guarantee and protect taxpayers.

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Fatal Realtor kidnapping pushes real estate industry to change

Beverly Carter was kidnapped from a showing and murdered a year ago. Now, her son tells HousingWire that the industry has taken steps to increase safety, but there is much more work to do, or it could happen again.

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Attention Presidential candidates: Hispanic voters want homeownership!

In multiple surveys, Hispanics rank homeownership as the primary evidence of success and the ultimate realization of the American Dream. While the presidential election is more than a year away, the subject of housing has yet to be addressed by most of the candidates.

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Freddie Mac continues reducing credit risk with new insurance policies

Freddie Mac continues its efforts to limit the taxpayers’ liability by an additional insurance policy designed to cover much of the remaining credit risk associated with one of its Structured Agency Credit Risk transactions from earlier this year.

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Monday, September 28, 2015

Declining oil prices will have a muted impact on housing

While everyone enjoys low prices at the pump, the impact of it can reverberate throughout the economy and cause some unintended consequence. However, the severity this time around is a lot less than what the country experienced during the last big oil price decline in the 1980s.

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The answer for affordable housing? Single-family homes

Rentals in single-family homes and small multifamily buildings are a viable solution for helping the significant lack of affordable homes in the housing market. But in order for this to happen, these three policies need to change.

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Black Knight: July housing prices rose 0.4%

Black Knight Financial Services’ home price index report for July 2015 shows that home prices jumped 5.3% on a year-over-year basis. This puts national home prices up nearly 27% since the bottom of the market at the start of 2012.

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Brooklyn overtakes Manhattan as hottest rental market in NYC

Renters in Brooklyn face the steepest competition for apartments and also carry New York City’s highest rent burden. But the latest facts for Manhattan’s rental situation doesn’t look much more appealing.

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Pending home sales decline 1.4% in August

Pending home sales retreated in August despite analyst expectations of a 0.5% gain. According to the National Association of Realtors’ chief economist, “There are looming speed bumps that have the potential to impact housing.”

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Sunday, September 27, 2015

Here’s how the CFPB made mortgages easier in rural, underserved areas

Silver State Schools Credit Union is one lender that was deeply impacted by the changes to the CFPB’s mortgage rules, and according to its chief credit officer, the ability to be less fearful of non-QM loans is a huge win for borrowers.

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Monday Morning Cup of Coffee: Lenders want Congress to stop FHFA rule change

Everyone talks about Millennials and housing affordability, but a looming crisis may be brewing for retiring Boomers. Also, a look at mortgage bond investment, the FHFA proposed rule on FHLB and more.

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The bad news isn't close to over for the housing sector

A recent industry article reported that bad loans remain well above pre-crisis levels. Does this sound like the housing sector is in a real recovery? Here’s one industry expert’s thoughts on the issue. You can decide from there whether this recovery is real or not.

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Friday, September 25, 2015

Nexgen Mortgage Solutions launches secure, TRID-ready title solution

Nexgen Mortgage Solutions, a wholly owned subsidiary of Linear Title & Closing, is now offering a new end-to-end solution that allows mid-tier lenders to work with their title agents directly from within their loan origination system.

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Struggling housing markets use high LTVs to their benefit

While cities like Detroit and Cleveland are not recovering as well as the rest of the country, they are benefitting from higher loan-to-value ratios. And when this is combined with other credit safeguards, the struggling cities should be able to pick themselves back up onto their feet again.

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Carrington Mortgage Services names Carmen Alailima inside regional sales manager

The wholesale lending division of Carrington Mortgage Services announced the appointment of Carmen Alailima to the position of inside regional sales manager of its wholesale West division, in Henderson, Nevada.

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John Boehner resigns from Congress

Speaker of the House John Boehner will resign and give up his House seat at the end of October. The announcement comes amid intense pressure from conservatives in his party, along with Congress, as they try to avoid a government shutdown.

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Boehner’s House resignation is huge opportunity for real housing leadership

Boehner’s lack of leadership on housing in the House shows someone finally needs to clean house and talk about housing policy. In the House. And the White House. So who will it be? And why is it so critical? Read on.

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Florida mortgage company owner gets 11 years in prison for leading massive fraud scheme

The owner and operator of a Miami-area mortgage company will serve the next 11 years in prison. He was convicted for his part in a massive fraud scheme that defrauded the Department of Housing and Urban Development and the Federal Housing Administration of more than $64 million.

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MERS’ mortgage assignment authority upheld by three Federal Courts

MERS announced Friday that it secured victories in three separate Federal Courts, each of which upheld MERS’ mortgage assignment rights. In each case, the plaintiffs sued MERS and other financial companies to avoid foreclosure based on claims that MERS could not hold or assign a security instrument.

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Final 2Q GDP comes in at 3.9%

Personal spending was stronger than expected in the second quarter, helping to drive real GDP to a very solid 3.9% annualized rate. However, the biggest push was from fixed residential investment.

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How strong is the mortgage market really?

Heading into the fall, the health of the mortgage market in 2015 is falling in line with initial expectations at the beginning of the year and above consensus estimates. But how strong is that really?

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Black Knight: Mortgage delinquencies see biggest annual drop since 2011

Though mortgage delinquencies rose about 2.5% month-over-month in August, the national delinquency rate saw the largest year-over-year decline since May 2011.

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Yellen's speech on interest rates reignites Twitter speculation

Barring any surprises in the economy, Federal Reserve Chair Janet Yellen said she, and most other FOMC participants, anticipate raising the federal funds rate later this year. Which fueled another round of rate hike speculation on Twitter.

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Thursday, September 24, 2015

Freddie Mac announces pricing for first actual loss high-LTV risk-sharing deal

Freddie Mac announced the pricing for its latest offering in its Structured Agency Credit Risk Series, with its first risk-sharing offering that features the actual loss position on loans with loan-to-value ratios ranging from 80% to 95%.



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Realtor survey: Millennials are no longer renter generation

Homebuying trends in 2015 are undermining the image of the Millennials as a generation of renters. A survey of buying and buying motives shows they’re no different than the generations that came before them.

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Former Lehman CEO Dick Fuld breaks auction record with ranch sale

The sale of a luxury ranch owned by former Lehman Brothers Chief Executive Officer Dick Fuld just set a new record for the most expensive property ever sold via auction. The ranch was expected to fetch $30 million and $50 million, but how much did it actually sell for?

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Look closely: This explosive mortgage lending article actually doesn't make any sense

There’s a seemingly well-thought-out mortgage finance article on the Internet today. This article by Chriss Street on Breitbart offers an explosive headline (why I read it) which goes unproven by fact in the article itself (why I wrote this).

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Stock market drops ahead of Fed Chair Yellen’s looming speech

The stock market opened sharply lower Thursday morning as the industry eagerly awaits Fed Chair Janet Yellen’s speech later in the day. Although Yellen will speak on inflation dynamics and monetary policy, everyone will be tuning in for the slightest tip on rising interest rates.

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CFPB, DOJ fine Hudson City $27M for mortgage discrimination violations

Hudson City Savings Bank will pay more than $27 million in mortgage subsidies and outreach programs for unequal access to mortgage credit in Black and Hispanic neighborhoods. The Department of Justice said the action by it and the Consumer Financial Protection Bureau is a reminder that the two will not tolerate racial discrimination in the extension of credit.

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Ocwen cutting 10% of U.S. workforce

As part of its previously announced cost-cutting initiative, Ocwen Financial announced Thursday that it intends to reduce the size of U.S. workforce by 10%. And while it was not an easy decision for the servicer to make, the CEO said it was necessary to ensure long-term success.

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New Fannie Mae risk-sharing deal shifts more credit risk onto insurers

Fannie Mae announced Thursday that it completed its fourth credit risk-sharing transaction as part of its Credit Insurance Risk Transfer program. The government-sponsored enterprise seeks to further reduce the taxpayers’ burden.

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Freddie Mac: Mortgage rates decline after Fed punts on rate hike

Average fixed mortgage rates declined following the Federal Reserve’s decision to defer a hike in the Federal funds rate. As a welcomed side effect, this long stint of low mortgage rates is good news for potential buyers and the housing market.

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Trending Thursday: More research questions why Treasury snatched Fannie Mae

A new white paper says there’s no reason Treasury should have undertaken the unprecedented takeover of Fannie Mae. Plus, the latest on the mortgage industry outlook, interest rate changes and appraisal volumes.

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New home sales climb 5.7% in August

Sales of new single-family houses in August 2015 were at a seasonally adjusted annual rate of 552,000. The Northeast region had the biggest gain, pulling up a declining Midwest region performance.

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Half of major metros on track to hit highest home sales since 2007

Single-family home and condo sales through August were on pace for an eight-year high nationwide. According to the vice president of RealtyTrac, “The shockwaves from recent global stock market instability have not weakened the housing recovery and in fact there is evidence that the instability has fueled more demand for U.S. real estate.”

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Time to start shorting homebuilders?

Despite housing starts falling to a three-month low, homebuilders remain supremely confident. Is it time to start shorting homebuilders? ZeroHedge thinks so.

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Wednesday, September 23, 2015

How will TRID impact the digital mortgage space?

While the industry is accustomed to regulatory changes, it is typically slow to adopt technological advances. For lenders who already offer a digital mortgage, the TRID implementation is less painful. And even more important, it’s significantly better for consumers.

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Marco Rubio hit for fundraiser with “Nazi” Dallas real estate developer

A Democrat Congresswoman is using Marco Rubio’s celebration of the defeat of ideologies of tyranny and hate to smear the real estate developer as some of kind of Nazi sympathizer. I know he’s not because I know Harlan Crow.

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Did Chase Mortgage CEO get this FHA loan requirement wrong?

The CEO of Chase Mortgage Banking said earlier this week that the Federal Housing Administration’s loan requirements look an awful lot like subprime lending. And the comments did not go unnoticed by the industry, sending it into frenzy over what subprime really is.

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Freddie Mac: Nation's crawling housing market continues to stabilize

Although the recovery is a little slow, Freddie Mac’s latest report shows that the housing market is continuing to stabilize with one additional state and four metro areas entering their outer range of stable housing activity. As they say, slow and steady wins the race.

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Home equity for seniors hits nine-year high

America’s seniors continue to gain equity in their homes. This is welcomed news for older Boomers and other seniors since it is a way to deal with losses they took during the recession.

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PropertyRadar: California housing stuck in a standstill

The California housing market continues to struggle with home sales despite positive predictions for the year. However, although August sales numbers show a weakening market, there is one positive for potential buyers.

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HARP helped more than 3 million borrowers save $3,500 annually

The Home Affordable Refinancing Program will expire by the end of 2016, barring a renewal. The question is how effective was it? A new white paper explores that, and why it still hasn’t met its full potential.

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This chart reveals 4 decades of dramatic change to household formation

If you’re paying attention, you know the days of Ozzie and Harriet or even the Brady Bunch are well behind the United States. How does that affect the future housing demand?

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Mortgage apps skyrocket on lower interest rates

Mortgage applications increased 13.9% from one week earlier, with a surge in refinancings driving rates up. Looking at this week’s results, the latest FOMC news definitely played a part in the numbers.

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Tuesday, September 22, 2015

Black Knight launches HOA super lien identification program

A new offering from Black Knight Financial Services helps protect mortgage servicers and investors from potential losses due to homeowners’ association super liens. Users can now identify properties subject to HOAs nationwide, detect liens on those properties and help cure delinquencies.

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Michaelson, Connor & Boul now offering FHA loan conveyance consulting

Michaelson, Connor & Boul, which served as the Department of Housing and Urban Development’s nationwide mortgagee compliance manager for the last five years, is launching a new consulting division.

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Number of homes losing value monthly triples in past year

The number of homes nationwide losing value on a monthly basis more than tripled over the past year, while the number of appreciating homes fell more than 12%. And it doesn’t end there, even the number of homes growing in value is dropping.

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MBA's Stevens: New Wells Fargo FHA loan credit overlays no surprise

Concerns from the Mortgage Bankers Association President and CEO David Stevens’ over HUD’s proposed FHA loan requirements are becoming a grim reality. After less than a month, major banks are already pulling back from FHA loans. Now the very loans aimed to grow access to credit might block it.

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Oakland sues Wells Fargo for mortgage discrimination

The city of Oakland, California is the latest municipality to sue one of the nation’s largest banks. The city accuses Wells Fargo of allegedly steering minority borrowers into higher-cost loans, which led to rampant foreclosures and neighborhood blight.

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Terwilliger: Housing is in “such desperate shape”

Even with four decades of experience in the industry, Ronald Terwilliger said that he still has never seen housing in such desperate shape. Terwilliger calls America to action for three reasons: Family, community and country.

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Mid America Mortgage, DocMagic partner to create end-to-end eMortgages

At the start of 2015, DocMagic told HousingWire that this would be a big year for moving the mortgage market online, and the company’s latest move falls right in line with that goal. DocMagic and Mid America Mortgage announced a new partnership to create an end-to-end eMortgage.

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CFPB turns microscope on mortgage industry practices

After being relatively spared in the first two snapshot reports of the Consumer Financial Protection Bureau’s consumer complaint database, the mortgage industry is the focus of the third report, and the results aren’t terribly positive. So who’s in the CFPB’s crosshairs the most?

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First-time buyer mortgage risk index climbs again in August

The riskiness of first-time buyer agency mortgages stood at 15.55% in August, part of a continuing trend, according to the American Enterprise Institute’s International Center on Housing Risk. It’s a trend that doesn’t bode well.

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Multifamily mortgage debt tops $1T in 2Q

The level of commercial/multifamily mortgage debt outstanding increased by $38.5 billion in the second quarter of 2015, as three of the four major investor groups increased their holdings.

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WATCH: Hollywood's A-list brings subprime to the silver screen

Flashback to the 2008 timeframe where the subprime debacle was just taking hold. Enter into that cast of characters who bet against the big banks, and potentially, the American economy to get rich while the Empire crumbled. Add in a couple of Hollywood A-listers and you get The Big Short movie, based on the book by Michael Lewis.

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FHFA house price index beats expectations

The Federal Housing Finance Agency house price index for July released today rose 0.6%, beating expectations of 0.4% after a tepid performance in June. Here’s how it broke out.

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Monday, September 21, 2015

SEC settles with former Fannie Mae execs over subprime fraud

A 2011 lawsuit brought by the Securities and Exchange Commission against two former Fannie Mae executives is over. The execs were charged with misleading investors about the quality of subprime mortgages. However, it’s the fine print that is leaving people wondering.

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Chase Mortgage CEO to CNBC: FHA loans same as "subprime lending"

Kevin Watters, CEO of Chase Mortgage Banking, said in an interview with CNBC on Monday that the Federal Housing Administration’s loan requirements look an awful lot like subprime lending, and they’re not in the subprime lending business. This is a bold statement given that these are the very loans that are supposed to expand the credit box to underserved borrowers.

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How you can get a mortgage right now even with bad credit

What can you do if you’re wanting to buy a home and looking at a FICO score that is below 620? Feel better knowing that there are options. In fact, there are three.

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Kent Wiechert, owner of Weststar Mortgage, acquires Goldwater Bank

Kent Wiechert, the owner and president of Albuquerque, New Mexico-based Weststar Mortgage Corporation, is set to acquire Scottsdale, Arizona-based Goldwater Bank in a stock purchase.

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Existing home sales down but not out, analysts say

Existing home sales dropped in August despite slowing price growth and a positive turnaround in the share of sales to first–time buyers, following three months of consecutive gains.

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Lennar beats in 3Q earnings

Lennar witnessed a strong third-quarter thanks to a growing demand for new homes. Not only did the homebuilder’s net income for the three months through August hit $223.3 million, but it beat analyst estimates.

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The CFPB just made it easier to get a mortgage in rural, underserved areas

Big news for small creditors struggling with recent mortgage regulations. The Consumer Financial Protection Bureau finalized several changes to its mortgage rules in order to expand access to credit, particularly in rural and underserved areas. One of the most notable changes is the definition of small creditor. Hint: It’s bigger.

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Massive rental shakeup: Starwood Waypoint, Colony American announce merger

Two of the nation’s largest owners of single-family rental homes announced a merger, stating that their combined businesses are an indication of the strength and stability of the single-family rental business. So what does it mean for the long-term future of SFRs?

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Moody’s drops Ferguson to junk status

Ferguson can’t catch a break. More than a year after becoming ground zero for racial unrest and violence, the suburb’s finances are circling the drain.

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Existing home sales stall in August nationwide

Existing home sales dropped in August despite slowing price growth and a positive turnaround in the share of sales to first–time buyers. They say it’s a seasonal slowdown but these numbers are seasonally adjusted. Trouble ahead?

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Sunday, September 20, 2015

Monday Morning Cup of Coffee: Industry getting insistent about TRID guidance

A Treasury bureaucrat was misleading under oath, and Nero is fiddling. Also, lenders, appraisers, brokers and pretty much everyone is getting more nervous about TRID, and now there is less than a month until it goes into effect. Are you ready?

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Saturday, September 19, 2015

CFPB announces new members of industry advisory boards

The Consumer Financial Protection Bureau announced the appointment of new consumer finance experts from outside the federal government to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. According to the CFPB, all three bodies provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends

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Goldman Sachs targets Millennial recruits through Snapchat

Goldman Sachs launched a new ad strategy through Snapchat to broaden its allure among Millennials, becoming first the major Wall Street bank to turn to the app for potential hires. Could Snapchat be one effective way to fix this the aging mortgage industry?

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Stonegate CEO departure could lead to delisting warning from NYSE

The abrupt departure of Stonegate Mortgage Founder and Chief Executive Office Jim Cutillo could have Stonegate in a bit of hot water with the New York Stock Exchange, as the majority of its board of directors are no longer independent, which is in violation of NYSE rules.

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Friday, September 18, 2015

Two New York credit unions placed into conservatorship

The National Credit Union Administration placed two New York-based credit unions into conservatorship, citing “unsafe and unsound” conditions at each credit union. Click here to read more about what’s next for each credit union.

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Wait, the San Francisco mummy house sold for how much?!?!?

In case you were wondering just how crazy the real estate market in San Francisco is right now, we present the San Francisco mummy house as Exhibits A, B and C. Not even the mummified corpse of a homeowner, rats, black widows, mold, and hundreds of bottles of urine could keep buyers away.

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More ZIRP from the Federal Reserve surprises exactly no one

The Fed made their decision because it has boxed itself in with this failed program of artificially propping up Wall Street, and knows full well that with the stagnating world economic picture, turmoil in Syria that is about to rock the foundation of Europe, the quite noticeable volatility of our stock market, and events taking place in China, Japan and elsewhere, they could not risk raising interest rates… yet.

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Here’s how the Fed interest rate looked before ZIRP

The Fed did not raise interest rates on Thursday despite a lot of industry speculation, leaving December as the next viable option. But instead of looking at the future of interest rates, do you know what the past looked like? To better understand the future, use this chart from the Mortgage Bankers Association.

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A Millennial just wrote the dumbest article about money in the history of ever

On a Millennial website called Elite Daily, a twenty-something unleashed the dumbest, most shortsighted, wrong-headed, idiotic, silly, and stereotypically Millennial piece of “advice” in the history of humans. So I couldn’t help but take a blowtorch to this “elite” rainbow starfish unicorn and her worldview.

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Frank Nothaft: Is the single-family rental market really a strong investment?

The single-family rental market was on fire over the last two years, and according to one chief economist, this boom is not likely to end anytime soon. Frank Nothaft answers the puzzling question: Is the SFR market a short-term phenomenon created by the foreclosure crisis or the real deal fueled by long-term demographics and economic trends?

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Appraisal Alert: Activity picks up thanks to potential Fed interest rate hike

Appraisal Alert is a weekly roundup of news, information and trends in the appraisal industry, and this week there’s a world of things happening. According to Kevin Golden, director of analytics for a la mode inc, the industry can credit the rise in volume to fears of a rate hike from the Fed.

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Rep. Randy Neugebauer, champion of housing finance reform, to retire from Congress

Rep. Randy Neugebauer, R-Texas, a champion of housing finance reform who co-authored the PATH Act, which would have wound down Fannie Mae and Freddie Mac, will not seek re-election in 2016.

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Survey: 1 in 5 homebuyers make offer sight unseen

While small portions of homebuyers and sellers use unconventional methods to buy and sell homes—like offer sight unseen or forego an agent’s help—a majority is open to an alternative to the traditional real estate service. And these new methods are saving potential buyers more money.

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Freddie Mac offering first actual loss high-LTV risk-sharing deal

Freddie Mac breaks more ground in its push to alleviate the risk to American taxpayers by offloading some of its credit risk onto investors. The GSE announced that it intends to expand its Structured Agency Credit Risk Series with its first risk-sharing offering that features actual loss on loans with loan-to-value ratios ranging from 80% to 95%.

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Wells Fargo lays off 182 mortgage team members

Wells Fargo notified nearly 200 mortgage team members on Wednesday that they will be out of a job in 60 days. Per usual, the lender attributed the layoffs to changing industry needs.

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Thursday, September 17, 2015

This new rule will impact all issuers of publicly traded securities

As a conference, ABS East has a much broader constituency than just residential mortgage-backed securities issuers. But, with everything these days, the devil is in the details. Here’s how to deal with the latest reg coming from the SEC.

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It's official: Fed punts on interest rate hike

The Federal Reserve said today it is not raising the federal funds interest rate. This means the next chance the Fed will have to raise rates will be in late October. Here’s what this, and what a future hike, means for housing and mortgage finance.

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Auction.com adds another former Yahoo exec to senior management

The migration of former Yahoo! executives to Auction.com is continuing, as the online real estate marketplace announced the addition of Aman Kothari as the company’s new chief financial officer. Kothari joins Auction.com after spending 12 years at Yahoo, most recently serving as senior vice president, global controller and chief accounting officer.

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Fannie Mae: Lenders say it's now easier to get a mortgage

Is the lending market finally becoming more affordable? A new lender survey from Fannie Mae shows that at least some lenders think this is the case. This would be huge news given that it has been nearly two years since a significant easing in credit.

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Trending Thursday: An interest rate hike just doesn’t matter

Maybe a rate hike isn’t a big deal. Also, there’s something happening with wages that no one is talking about. And the market capacity for housing? We got that covered, too. If you want to know what’s happening in housing and mortgage finance, this is your stop.

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Big player in TRID development leaves CFPB for Wells Fargo

Brian Webster, who played a “critical role” in the development of several key policies at the Consumer Financial Protection Bureau, including the TILA/RESPA Integrated Disclosure forms, is leaving the CFPB for Wells Fargo.

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Housing starts miss expectations dropping to three-month low

Housing starts fell to a three month low of 1.126 million in August, missing expectations of 1.116 million. However, the culprit behind the drop isn’t so mysterious. And according to one lending executive, although August housing starts disappointed, this is a mere blip on the radar.

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Freddie Mac: Mortgage rates will weather any Fed interest rate hike

Although mortgages rates once again barely wavered, it’s the industry news surrounding it that is noteworthy. Rates are clam ahead of the Federal Reserve’s announcement on Thursday, and according to Freddie’s chief economist, regardless of the decision the Fed makes, housing will be okay.

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Wednesday, September 16, 2015

Economist: Texas is not in a housing bubble

A recent market report shows that home prices in five Texas markets are well above their historical peak levels, which sounds like bad news for the state’s housing market. Is the Lone Star state entering a bubble? According to one Texas economist, there is more to the story than just those numbers.

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RBS to pay $129.6 million to NCUA to settle RMBS losses

The Royal Bank of Scotland will pay $129.6 million to the National Credit Union Administration to resolve claims arising from losses related to purchases of residential mortgage-backed securities by Members United and Southwest corporate credit unions. Click here to learn more about the settlement.

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Two plead guilty to $18.5M mortgage modification scheme

Two men pled guilty for their roles in orchestrating a massive mortgage modification scheme that collectively defrauded over 8,000 homeowners out of over $18.5 million. Here’s what they did.

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Freddie Mac sells off $1.1 billion in Ocwen-serviced mortgages

Freddie Mac announced Wednesday that it selected the winning bidders in the sale of more than $1 billion in non-performing loans that are currently being serviced by Ocwen Loan Servicing, the servicing arm of Ocwen Financial. And one of the winning bidders is a frequent buyer of GSE non-performing loans.

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Defamation and deletions: Legal battle between Zillow, Move rages on

The ongoing legal battle between Zillow Group and Move over accusations of theft of trade secrets and unfair competition continues, with new allegations and counterclaims of defamation, destruction or hiding of evidence, and more.

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HousingWire readers predict when interest rates will rise

The industry anxiously awaits an announcement from the Federal Reserve for news that can change the way our entire world operates. And while most economist opinions are already known, what do HousingWire readers think? And even further, could they be right?

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Fannie Mae says housing can survive market volatility this year

Black Monday completely destroyed the stock market and even hindered housing stocks, but the housing market will live on. According to Fannie Mae, the housing market is actually expected to grow despite the volatility.

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To hike or not to hike? Fed debates interest rates

The potential fate of the housing market might be determined in the next 24 hours or so, and the industry is sitting on the edge of its seat to find out. What’s going on behind the curtains at the Central Bank and what does it mean for housing? While a lot of analysts are expecting that tomorrow the Federal Reserve will announce the first real rate hike in seven years, the industry comments that HousingWire pulled shows it’s not unanimous.

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Senate unanimously passes bill to cap Fannie, Freddie CEO pay

Support is building to deny a big raise to the CEOs of Fannie Mae and Freddie Mac, as a Senate version of a House bill — doing just that — passed last night on unanimous vote. Could this be the end of a giant payday for the CEOs?

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Homebuilder confidence continues to hit 10-year high

Optimism among the nation’s homebuilders continues to grow as confidence in the market for newly constructed single-family homes maintained its steady rise in September. And it doesn’t stop there, potential borrowers are eyeing the market again thanks to these new factors.

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Mortgage applications drop 7% for week

Mortgage applications decreased 7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 1. Although rates barely moved, most of them still moved lower.

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Tuesday, September 15, 2015

Wells Fargo rolls out $125B lending goal for Hispanic households

The National Association of Hispanic Real Estate Professionals continues to make significant strides in the industry to push diversity, announcing a major milestone in its efforts. Wells Fargo Home Mortgage said its new goal is to originate $125 billion over the next 10 years in support of the Hispanic Wealth Project. And the goals don’t stop there.

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Radian expands job-loss mortgage insurance program

Good news for borrowers at Radian Guaranty thanks to the “overwhelmingly enthusiastic feedback” for a new program. The company announced an expansion of its MortgageAssure mortgage insurance program, which will pay a borrower’s mortgage if they suffer an involuntary job loss and fall behind on their mortgage payments for up to six months.

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Ocwen now expects to record a loss in 2015

Citing lower revenue expectations coupled with higher expected operating, interest and tax expenses, Ocwen Financial now predicts it will post a loss in 2015. It would mark the second straight year with a loss for the once-booming nonbank.

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Freddie Mac selling $327 million in non-performing loans

Freddie Mac announced its latest sale of deeply delinquent non-performing loans. The sale will be Freddie Mac’s seventh non-performing loan sale since the Federal Housing Finance Agency announced the new guidelines for sales of NPLs by Freddie Mac and Fannie Mae to make sure the loans go to capable mortgage servicers.

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Jeb Bush launches tax plan that raises tax burden for homeowners

Republican presidential candidate Jeb Bush is advancing a tax plan that would put a cap on the mortgage interest deduction and completely eliminate the deduction for state and local real estate taxes. If it ever becomes official, ten of millions of homeowners will be impacted.

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FHFA: Freddie Mac will be first to use Common Securitzation Platform

The Federal Housing Finance Agency said Tuesday that the complicated process of developing a single security to be issued by both Fannie Mae and Freddie Mac is progressing well and, for the first time, provided a detailed look at the project’s timeline for implementation. Click here to learn more about the future of securitization.

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USAA Mortgage relocates 120 positions

USAA Mortgage is relocating about 120 positions from its Addison, Texas, office to its main mortgage offices in Phoenix and Tampa, Florida. The new shift is designed to better help members looking for a home.

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HousingWire promotes Brena Swanson to Digital Reporter

The decision to create a truly digital position reinforces HousingWire’s dedication to Moving Markets Forward, wherever they may go, and this announcement underpins our reader’s decision to keep us as the top B2B publication covering the housing finance industry.

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What does a Fed rate hike mean for housing and for you?

The Federal Open Market Committee meets Wednesday morning and the big question is: will they raise interest rates? HousingWire surveyed some of the top analysts and economists in housing, and some of their responses were genuinely unexpected.

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First, second lien mortgage defaults rise in August

First and second lien mortgage defaults both increased in August from July, according to the S&P/Experian Consumer Credit Default Indices, but they’re down on an annual basis. Here’s the rundown.

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CoreLogic: 4.4 million properties remain underwater

A total of 759,000 properties regained equity in the second quarter of 2015, bringing the total number of mortgaged residential properties with equity at the end of Q2 2015 to approximately 45.9 million, or 91% of all mortgaged properties. Want to know what that means for you?

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Monday, September 14, 2015

New American Funding opens branch in Washington

New American Funding is adding to its nearly 100 branches across the country and announced it opened a new location in Washington State.

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Is the San Francisco housing market juiced?

Anthony Sanders at Confounded Interest shows a real knack for zooming in on what should be the most obvious chinks in the armor of inflating housing markets. So, guess what he sees in San Francisco?

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Missing husband texted son 'Did you hurt mom?'

One unfortunate Connecticut couple, who just lost their latest appeal in a multimillion-dollar foreclosure case under bizarre circumstances, recently went missing. But while family members tell local media that they don’t think it had anything to do with money, the case is no less a chilling read.

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Fitch upgrades Statebridge mortgage servicer rating

Fitch Ratings upgraded its rating for Denver-based mortgage servicer Statebridge Company due to a number of operational improvements, such as the increased use of technology to improve risk management.

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Fiderer publishes “The Plot To Destroy Fannie Mae”

David Fiderer is a prolific writer on the GSEs and his new book, The Plot To Destroy Fannie Mae: Anatomy Of A Power Grab, is now available online. Want to know more?

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Urban Institute: Opening the credit box

The Urban Institute’s Housing Finance Policy Center just published two new blogs that center on the challenges of opening the credit box to younger buyers and buyers with damaged credit.

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Redefining when the mortgage process starts

Traditionally, there is plenty of jockeying for position amongst the differing players in the real estate transaction, particularly between lenders and realtors, over who owns the relationship with the consumer. Be warned: There isn’t going to be any place for that kind of possessiveness in the post-TRID market.

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Senate push to jumpstart GSE reform goes nowhere fast

The latest effort in the Senate to advance a legislative package that would “Jumpstart GSE Reform” may be stalling. And now one of the initial co-sponsors pulled her support. Could it come down to G-fee limits?

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Bubble, bubble? Number of overvalued markets doubles since first quarter

A new report from CoreLogic identifies 14 of the top 100 markets in the U.S. as currently overvalued, double the number as of the end of the first quarter 2015. Worrying? Read on to find out why it may be.

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Attorney found guilty in largest mortgage fraud prosecution in Nevada exonerated

An attorney whose mortgage fraud conviction was touted as the biggest case of mortgage fraud in Nevada history has had his conviction overturned because of government misconduct.

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Sunday, September 13, 2015

Monday Morning Cup of Coffee: What’s the Fed going to do this week?

The big question on everyone’s mind this week is what will the Federal Open Market Committee decide. We have some expert analysis on what may happen, and what set of dominos that will trigger. Plus, America will be a renter nation for another five years? Really? You have to read this.

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SoFi continues lending boom, surpasses $4B in funded loans

SoFi continues to make waves in the industry and has officially surpassed $4 billion in funded loans across mortgages, personal loans and student loan refinancing.

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Saturday, September 12, 2015

Keller Williams posts record expansion

Keller Williams increased its base by 17% since Jan. 1, 2015, growing to more than 125,000 associates. In the first half of the year, Keller Williams shattered monthly records, with transactions up 20% to almost 400,000 units.

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JPMorgan policy head leaving to lead Wall Street lobbyist group

The head of regulatory policy for JPMorgan Chase is leaving the bank to take over one of Wall Street’s largest lobbying groups. Gregory Baer, who had been serving as JPMorgan Chase’s managing director and head of regulatory policy, is set to assume the role of president of The Clearing House Association.

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Here’s how the top three housing markets are ending summer

According to real estate agents, an insufficient supply of affordable inventory in desirable locations is blocking the housing market from growing, which comes on top of August being a seasonally slow month. Here’s how it is impacting the top three housing markets.

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Hensarling wants new ideas on affordable housing

HUD has failed to solve the persistent problem of housing affordability because it has failed to focus on its underlying cause: the very real human tragedy of generational cycles of poverty seen in so many communities, a leading House Republican says. He wants new solutions and ideas.

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Friday, September 11, 2015

Appraisal Alert: Activity drops as summer season comes to a close

Appraisal activity is dropping, rules are changing, perceptions between homeowners and appraisers aren’t aligning — here’s where you find out what’s happening. Read on.

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Comergence names Jamie Giorello business development manager

Comergence, a provider of third-party vendor and risk-management platforms for the mortgage industry, announced the hiring of Jamie Giorello as business development manager. In this role, Giorello will assist lenders and appraisal management companies in leveraging Comergence’s third-party oversight services.

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Urban Institute: Where is the private-label mortgage securitization market?

In her brief, Center Director Laurie Goodman explains why the private-label residential mortgage-backed securities market remains stagnant. She also explores why this is problematic and what needs to happen to re-invigorate this critical piece of housing finance. You need to read this.

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MBA: Jumbo volume continues to dominate

In August of 2015, 84% of purchase mortgage applications in Mortgage Bankers Association’s Weekly Application Survey were for loans less than $417,000, the conforming loan limit in many geographies.

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Thursday, September 10, 2015

Capital Economics: What’s blocking growth in purchase mortgage applications?

At first glance, purchase mortgage applications appear to have the right ingredients in place to grow, especially after increasing by 20% between the end of 2014 and April. So why aren’t they?

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Evans Bank settles with New York over redlining

New York’s lawsuit alleged that, from at least 2009 to the present, Evans had redlined Buffalo’s predominantly African-American East Side neighborhoods, intentionally excluding these neighborhoods from its lending area.

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Realtors want their own air force to help sell more homes

Realtors want to show homes via drones, but what will the neighbors think? NAR thinks it has a winner in the emerging world of commercial drones in the sale of homes, and they don’t want Congress grounding their efforts.

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We’re about to reach the halfway point of recovery, but what’s next?

The long-awaited housing price rebound is arriving. After eight years, more and more real estate markets are reaching or exceeding the prices they achieved at the peak of the housing boom in 2007. How long will it be until the recovery is complete?

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ClosingCorp adds Patrick Carney as executive program manager

ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced that Pat Carney joined the company as executive program manager, title channel.

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MBA launches Know Before You Owe for homebuyers and mortgage lenders

The Mortgage Bankers Association launched a set of resource guidelines to educate consumers, lenders and their business partners about the new TRID rules that go into effect Oct. 3. You need to read this.

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Justice Department finally sets sights on Wall Street executives

In a move that will undoubtedly have some shouting “finally!” and others saying it’s “too little, too late,” the Department of Justice announced that it will begin to target individual employees for corporate misconduct in addition to the companies themselves. Here are all the details, straight from the DOJ itself.

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AAG launches jumbo reverse mortgage product

American Advisors Group, a reverse mortgage lender, launched a jumbo reverse mortgage, called the AAG Advantage, in order to help qualified borrowers obtain a reverse mortgage on properties valued up to $6 million.

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Coldwell Banker acquires Chicago Apartment Finders

Coldwell Banker Residential Brokerage acquired the assets of Chicago Apartment Finders, expanding the company’s real estate sales operations in a major metropolitan area.

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Trending Thursday: Forensic accounting in #FannieGate gets audited

A new book looks at the saga of the GSEs since the big housing meltdown and says housing is a big risk just waiting for the fuse to be lit. So just how reliable is that forensic accounting report on FannieGate that everyone talks about, but few mainstream publications reported on?

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Distressed sales just 9.4% of homes sold in June

Distressed sales—real estate-owned and short sales—accounted for 9.4% of total home sales nationally in June 2015, down 2.4 percentage points from June 2014 and down 0.9 percentage points from May 2015. Here’s what it means for sales and investors.

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Freddie Mac: Mortgage rates barely nudge

Mortgage rates barely wavered following Labor Day weekend. This comes after two weeks of volatile swings due to uncertainty in China.

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Mortgage apps for new home purchases dropped 6% in August

Mortgage applications for new home purchases decreased by 6% relative to the previous month. MBA says it’s a seasonal slowdown. What do you think?

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Wednesday, September 9, 2015

Fannie Mae drops mortgage modification interest rate to lowest level ever

After raising the benchmark interest rate for its standard modification program twice in the last three months, Fannie Mae is set to drop the benchmark rate back down to the lowest level it’s ever been. Click here to read the details.

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Safeguard Properties names Pat Hoffman assistant vice president

Safeguard Properties, a provider of mortgage field services, announced the addition of Pat Hoffman to the newly created position of assistant vice president of operations. In this position, Hoffman will assist the chief operating officer in identifying and executing on a number of strategic operational initiatives.

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Dallas real estate pioneer, Ebby Halliday, passes at 104

Ebby Halliday Acers, founder of one of the largest residential real estate companies, passed away overnight of natural causes at 104 years old. “While we grieve the loss of Ebby, our legendary founder and my friend and mentor for over 50 years, we celebrate a long life well lived,” said Mary Frances Burleson, president and CEO of The Ebby Halliday Companies.

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HUD OIG: More than 25,000 households using public housing despite higher incomes

The Office of the Inspector General of the Department of Housing & Urban Development estimates that there are more than 25,0000 households taking up public housing units that exceed HUD’s 2014 eligibility income ceilings, meaning homes that could be used by 25,000 families in need. HUD’s finally taking action.

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Freddie Mac makes it easier to get a mortgage modification

Freddie Mac said that this revision will “substantially increase” the number of borrowers who qualify for standard and streamlined modifications and provide additional mortgage payment relief for certain borrowers. Will it really be a game changer?

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Texas Capital Bank breaks into correspondent lending

Texas Capital Bank announced it is launching a correspondent lending program to work in conjunction with its warehouse lending program. And thanks to the new division, the lender expects to hire 100 mortgage professionals in Richardson, Texas during the next year.

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Zillow completes Trulia integration; begins universal ad sales to agents

The last hurdle in the Zillow-Trulia integration process is now complete. Now, agents that advertise with the Zillow Group can reach a massive audience, all with one ad buy – a fact that Zillow Group CEO Spencer Rascoff views as absolutely crucial for the future of Zillow and the real estate industry as a whole.

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Castle & Cooke promotes Jenifer Edwards to national compliance manager

Castle & Cooke Mortgage, an independent mortgage lender with 38 locations across the United States, announced the promotion of Jenifer Edwards from licensing & compliance specialist to national compliance manager.

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HW 30 ahead of major indices in early trading

Housing and mortgage finance stocks are leading in gains in early trading — well ahead of the Dow Jones and Nasdaq. But homebuilders are down. Read on.

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Surge in sales leads to tighter housing market

With limited numbers of existing homes coming onto the market, rising sales have led to very tight market conditions, according to a new client note from Capital Economics. This may be good for buyers and here’s why.

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MGIC: Primary new mortgage insurance slips to $4B

Primary new mortgage insurance slipped lower in August compared to the past two months, falling to $4 billion, according to MGIC Investment’s latest operational summary of its insurance subsidiaries for its primary mortgage insurance.

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Henry Cisneros: Presidential candidates need to talk housing policy, now

For generations of Americans, a safe and affordable home has been the foundation for economic success. For many, owning a home has been the key to their financial security and that of their children and grandchildren. We need ideas to fix the current mess.

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SEC, U.S. Attorney charge three former Nomura RMBS traders with fraud

The Securities and Exchange Commission and the U.S. Attorney’s Office for the District of Connecticut are charging three former Nomura Securities International residential mortgage-backed securities traders with fraud, accusing the trio of “repeatedly lying” to customers about the pricing information of mortgage bonds and defrauding customers of millions of dollars.

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Mortgage applications drop 6.2% for week

Mortgage applications decreased 6.2% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 4, 2015. Here’s where the drop was.

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Tuesday, September 8, 2015

Is Detroit making a comeback?

Detroit remains an elusive city that the country can’t seem to define. Is it destined to be the next greatest city in the country or is the city better left a wasteland? The next five years might be a game changer for it.

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Ginnie Mae changes issuer requirements

Citing an increase in the volume and complexity of requests for business status change approvals from its issuers, Ginnie Mae announced Tuesday a series of changes to its requirements. Click here to read Ginnie Mae’s new rules.

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Judge dumps MBS class action against Goldman Sachs

U.S. District Judge Victor Marrero dismissed a five-year class action lawsuit against Goldman Sachs over the sale of highly leveraged, subprime mortgage bonds that hedge fund Dodona I LLC said Goldman planned to bet against.

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Want to know the hottest 20 housing markets in America right now?

Recent stock market volatility and seasonal trends may give buyers better financial options and more time to make purchase decisions entering the fall, says economist Jonathan Smoke. Want to know more?

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Gap between what homeowners and appraisers think widens yet again

Homeowner estimates of their home’s value exceeded appraiser opinions by a wider margin than in July, making August the seventh consecutive month of an increasingly wider gap between opinions. Here’s what’s happening.

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Are liar loans sneaking back into the market?

Beginning hints of liar loans, which are loans made without verifying people’s finances, are emerging back into the housing market. Liar loans widely participated in the hoopla that contributed financial crisis, but this time around they only bear passing resemblance to the past.

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Nomura, RBS agree to pay $839M over mortgage bonds

Nomura Holdings and The Royal Bank of Scotland have agreed to a settlement in federal court to pay $839 million over the sale of mortgage-backed securities. Here’s how it breaks out.

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Woman arrested after renting out abandoned house on Craigslist

A woman was arrested after renting out a vacant home to a family in Wheat Ridge, Colorado, leaving the family without a home. The family moved into the home after searching for a place on Craigslist. The problem: The woman had no authority to rent the residence.

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Mortgage Bankers expect sellers’ market in 2016 despite possible rate hike

The majority of Lenders One mortgage banker members (60%) expect 2016 will be a sellers’ market and the vast majority (89%) of members believe the market could weather a possible interest rate increase this fall.

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Rasmussen: 83% oppose government role in neighborhood diversity

American voters overwhelmingly say that it is not the government’s job to try to bring those of different income levels to live together, and they reject the rules from the Department of Housing & Urban Development designed to “affirmatively further fair housing.”

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CoreLogic: National foreclosure inventory shrinks 28% since last year

The national foreclosure inventory declined by 27.9% and completed foreclosures declined by 24.4% since July 2014, according to the latest foreclosure report from CoreLogic. Here’s the lay of the land.

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Judge tosses two shareholder lawsuits against Ocwen Financial

Ocwen Financial Corp. on Friday won the dismissal of two securities class actions that arose from alleged compliance issues related to servicer agreeing to a $150 million settlement in 2014, and now shares of the company are trading higher. Read on.

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Executive Conversation: Debbie Lastoria on lien verification

NTC has created an executive team which has nearly 300 years of combined experience and deep expertise in this industry. Collectively, this knowledge gives us the edge to stay ahead of the game in this ever-changing world.

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Black Knight: U.S. total equity up $825B to $7.6T

Home equity in the U.S. has increased by nearly $1 trillion in the past year to the highest level since 2007, and that has direct implications for borrowers’ ability to access the equity in their homes. Want to know how?

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Saturday, September 5, 2015

$2 billion bulk Ginnie Mae MSR portfolio hits the market

MountainView Servicing Group, a provider of residential mortgage servicing rights sales and valuation advisory services, announced that it is advising on the sale of a $2 billion bulk portfolio of mortgage servicing rights backed by Ginnie Mae.

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Carrington Mortgage Services names Dennis Hueman senior vice president

In this position, Hueman will lead Carrington’s mortgage lending centralized operation in all aspects of tactical management and deployment of corporate objectives to deliver products and services.

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Walter Investment fined $29.6 million for False Claims Act violations

Walter Investment Management Corp. will pay $29.63 million in fines for violations of the False Claims Act to settle charges brought by the Department of Justice, which accused several Walter Investment subsidiaries of submitting false reverse mortgage claims to the Department of Housing and Urban Development. Click here to read more.

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Judge keeps protection for key Treasury documents in Fairholme lawsuit

U.S. Judge Margaret Sweeney has granted the government’s motion to keep sealed a number of key documents in the Fairholme Funds lawsuit against the U.S. Treasury over the controversial Third Amendment Sweep.

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Northwest housing pulls back slightly in August

Although some brokers from the Northwest detected a slowdown in housing activity in August, it is nowhere near what is typical. Opinions on the rest of the year widely vary, ranging from one person who predicted the market is on the cusp of a slowdown, to others who say sales will continue at a fast pace.

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Friday, September 4, 2015

MBA pushing for safe harbor for TRID

The mortgage industry is pushing for the Consumer Financial Protection Bureau to adopt a formalized grace period for TRID, and now Mortgage Bankers Association is pushing Congress to take action as it returns to the Hill. Read on.

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Los Angeles drops mortgage discrimination charges against JPMorgan

The city of Los Angeles dropped a mortgage lawsuit against JPMorgan Chase that had accused the mega bank of discriminatory mortgage lending. This is just one of the city’s four lawsuits accusing major banks of driving up foreclosures among minority borrowers.

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3 quick things you need to read before Labor Day weekend

Your three-day weekend is about to commence and you should go into it ready for cocktail party talk or for when you hit the office bright and early Tuesday. Don’t get left behind.

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Freddie Mac joins Fannie Mae in extending foreclosure timelines

On Thursday, Fannie Mae announced that it was increasing its maximum number of allowable days for a foreclosure sale in 33 states. But Fannie wasn’t alone. Freddie Mac also announced Thursday that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings in those same 33 states.

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Guaranteed Rate purchases remains of Discover Home Loans

Guaranteed Rate will add several call centers and 75 loan officers from Discover Home Loans, answering industry rumors that broke out at the end of July over who would purchase the remains of Discover’s mortgage business. Click headline for more.

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The Wrap: Appraisal volume ticks down after two weeks up

The week beginning Aug. 23 reversed last week’s uptick with a slight decline, signaling perhaps a lag after the increase. Is it a sign of the times, or something else. You need to know.

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Weak August jobs report shouldn’t factor into rate hike, analysts say

Total nonfarm payroll employment increased by a mere 173,000 in August, while the unemployment rate edged down to 5.1% because of people dropping out of the workforce, bringing the labor participation rate down to a 38-year low.

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Thursday, September 3, 2015

Zillow sells Market Leader for massive loss

Zillow Group announced that it plans to sell Market Leader, a customer relationship management system for the real estate industry, to the Perseus Division of Constellation Software, an international provider of software and services. When Trulia bought Market Leader, the purchase price was reported to be as high as $355 million. Zillow announced Thursday that it is selling Market Leader for $23 million.

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eMortgage Logic becomes Morningstar-rated asset valuation vendor

eMortgage Logic, a provider of residential real property valuations, data and analytics, received a residential vendor ranking from Morningstar Credit Ratings. According to a release from Morningstar, the ratings agency assigned a ‘MOR RV1’ residential vendor ranking to eMortgage Logic as a residential vendor in the asset valuation market.

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Fannie Mae extends foreclosure timelines in 33 states

Fannie Mae announced that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings for much of the country. Click here to see where Fannie Mae just changed the foreclosure timelines.

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Nonbanks face increasing regulations as share of mortgage lending grows

The Community Home Lenders Association shows in a side-by-side chart comparison the growing divergence in both consumer and financial regulations that non-bank lenders and banks face. Guess who is getting the heavy end of the regulation stick?

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NJ title company owner stole $7.7M

The owner of a New Jersey title firm pled guilty to stealing funds that were supposed to be used to pay off mortgages.

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Blackstone acquires ‘significant equity stake’ in mortgage insurer PMI Group

Blackstone is increasing its already substantial position in housing again, as funds affiliated with Blackstone Tactical Opportunities are set to acquire a “significant equity stake” in The PMI Group, a provider of mortgage insurance. PMI said that in connection with the purchase of a significant equity stake in PMI, Blackstone will provide PMI with a loan to be used for working capital.

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Dear Parents, don’t expect your homebuying Millennials to pay you back

More parents are helping their kids buy a home, but there is one catch for the parents: They probably won’t see that money ever again. After surveying parents and Millennials, loanDepot put together this infographic on what the financial arrangements are between parents and their kids.

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