Friday, December 30, 2016

Precedent Management boosts HOA, tax business with acquisitions from Prescient

Precedent Management, a nationwide provider of real estate solutions, is expanding its business with the acquisition of the HOA and tax lines of business from Prescient, Inc., a government-focused real estate provider.

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Transunion fined $16.9 million by CFPB for advertising practices

Transunion, one of the nation’s largest credit reporting agencies, will pay just shy of $17 million as part of a settlement with the Consumer Financial Protection Bureau over the company’s advertising and marketing practices, the company disclosed late in the week.

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Echo app gives buyers a new way to search for houses

Michael DeMasi, a reporter for the Albany Business Review, profiled Miguel Berger, president of Better Homes & Gardens Real Estate Tech Valley in Colonie, New York. Berger and his son developed software for Amazon’s virtual assistants — Echo, Echo Dot and Tap — that gives buyers a hands-free way to search for homes, DeMasi explains.



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Investors rethink crowded Trump trade

The Wall Street Journal’s Markets section today discussed a shift from investments in stocks over to bonds. The authors say investors are “recalibrating their conviction” in the Trump trade, a term used to describe market volatility in the wake of the presidential election outcome.

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Here are HousingWire's top 10 articles of 2016

Well, we’ve almost made it. 2016 is almost over. This year has been a record-breaking year for HousingWire in just about every metric we have, and that’s all thanks to you, our loyal readers. You push us to do more, to do better, to reach higher, to dig deeper, to keep fighting, and we have no plans of stopping. So here, as we wrap up the year, are HousingWire’s top 10 articles of 2016, as determined by our readers.

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Zillow: Total value of U.S. housing reaches all-time high

The total value of all the housing stock in the United States has never been worth more than it is right now, according to a new report from Zillow. That also means that the U.S. housing market has now regained all of the value that was lost during and after the housing crisis.

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Senate Democrats miss the mark calling Trump Treasury pick “foreclosure king”

According to Jack Guttenberg Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania writing in the Huffington Post, Democrats may find it troubling to get the “foreclosure king” label to stick, primarily due to a level of misreporting in the media.

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House flipping is back…in California, at least

House flipping, which served as one of the canaries in the coal mine before the house collapse, is apparently back on the map, in California, at least. In the words of one flipper, “the floodgates have opened” when it comes to finding financing for flipping.

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Connecticut real estate agent arrested for allegedly abusing access to rob homes

A Connecticut real estate agent is facing charges that he abused the access granted to him as an agent to rob a number of homes. Here are the details on John Rose, who is facing a series of charges after being arrested on Christmas Eve in an apparent burglary attempt of a home that he had access to as an agent.

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Redfin: Here are 2016's hottest neighborhoods

As 2016 comes to a close, it will be remembered as a year of low interest rates (for the most part) combining with tight inventory to turn some markets into a cutthroat competition for those seeking to buy a home. But what areas were truly the hottest of the year, with homes flying off the market in less than a week and often well-above asking price? Here’s your answer.

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Thursday, December 29, 2016

U.S. serves as "global policeman" for financial crimes

“There’s a kind of fundamentalism to U.S. law,” said Nicolas Veron, a senior fellow at the Brussels-based think tank Bruegel and the Washington-based Peterson Institute. “If you break the law, punishment comes down.” So why doesn’t the rest of the world agree?

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Quicken Loans' In-House Realty seeks to be one-stop home buying shop with OpenHouse acquisition

In-House Realty, a member of the “Quicken Loans family of companies,” announced this week that it plans to acquire the Toronto-based technology group and its proprietary technology platform from OpenHouse Realty, a Santa Monica, California-based residential real estate company

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Ten-X: Housing slump may be temporary

Ten-X, the nation’s leading online real estate transaction marketplace, released its latest Ten-X Residential Real Estate Nowcast revealing a monthly decrease in December existing home sales. However, the jury is still out on whether the current slowdown is a seasonal blip or a more permanent trend.

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Two Ohio-based banks settle "redlining" allegations

A pair of banks based in Ohio must begin increasing mortgage lending in minority neighborhoods in certain areas of Ohio and Indiana as part of a settlement with the Department of Justice, which accused the banks of “redlining.” The DOJ defines redlining as a “discriminatory practice by banks or other financial institutions of denying or avoiding providing credit services to consumers because of the racial demographics of the neighborhood in which the consumer lives.”

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Freddie Mac: Mortgage rates climb for ninth straight week

Mortgage interest rates remained at a two-year high this week, climbing again for the ninth straight week after the election. But thanks to incredibly low interest rates seen earlier this year, 2016 will finish with the lowest annual average for the 30-year, fixed-rate mortgage on record, according to new data published Thursday by Freddie Mac.

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PHH selling off entire mortgage servicing rights portfolio

Nearly two months after announcing plans to sell off its Ginnie Mae mortgage servicing rights portfolio, PHH said Wednesday that it now plans to sell its entire remaining mortgage servicing rights portfolio in a massive deal with New Residential Investment.

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Wednesday, December 28, 2016

United Shore lands on DOJ hit list, will pay $48m for FHA lending violations

United Shore Financial Services will pay $48 million to settle allegations brought by the Department of Justice, which accused United Shore of violating the False Claims Act by “knowingly originating and underwriting” mortgages that did not meet Federal Housing Administration standards, the DOJ announced Wednesday. The settlement makes United Shore just the latest in a long line of mortgage lenders that settled with the DOJ over alleged FHA lending violations. Click the headline to read more.

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What happened to all that mortgage settlement money?

While the headlines don’t show up quite as often as they once did, it still seems like that every few weeks another bank is settling with the federal government (or other parties) over the mortgage misdeeds of the past. Each of those settlements checks in the multi-billion dollar range, but what happens to the settlement money after the banks pay up?

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Airbnb limits long-term housing options and tenants start to fight back

As more investors and landlords move to list houses and apartments on short-term rental websites, like Airbnb, rather than seek long-term renters, a fight is emerging over the impact of this shift on renters. A new report shows just how contentious the fight over Airbnb is becoming in certain expensive markets, such as San Francisco.

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NAR begins search for new CEO

A “diverse member search committee” will work with with Heidrick & Struggles, a provider of executive search, leadership consulting and culture shaping worldwide, to recruit candidates for the CEO position, the trade group said in an email. They begin their search immediately.

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New York just required beefed up cybersecurity measures at banks and insurers

The new measures require banks, insurance companies, and other financial services institutions regulated by DFS to establish and maintain a cybersecurity program. All seven steps of a new “incidence response plan” need to be in place by March 1.

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Rising interest rates already slowing home sales

Recent reports showed the impact of the post-election rise in mortgage interest rates on borrowers looking to refinance, with higher interest rates shrinking the pool of borrowers who have incentive to refinance. Now, the housing industry is getting its first look at how higher interest rates may also affect the purchase market, as a new report from the National Association of Realtors shows that pending home sales slowed in November to the lowest level since January.

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Credit Suisse reaches RMBS settlement from 2007 housing boom

This settlement releases Credit Suisse from potential civil claims by the DOJ related to its securitization, underwriting and issuance of RMBS, according to a release on its investor relations website.

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Deutsche Bank massive RMBS penalty gets cut in half

Under the terms of the settlement agreement, Deutsche Bank agreed to pay a civil monetary penalty of $3.1 billion and to provide $4.1 billion in relief to American homeowners. Deutsche Bank initially fought the larger charge of $14 billion; the latest figure puts the penalty in the $7 billion range.

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Tuesday, December 27, 2016

New York boosts community redevelopment program

New York Gov. Andrew Cuomo announced Tuesday that the state plans to provide $8 million for the construction, rehabilitation, or repair of nearly 300 homes as part of New York’s Homes and Community Renewal Affordable Home Ownership Development Program.

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Consumer confidence hits highest level since 2001

Consumers are feeling more upbeat about America’s economic outlook than at any time in the last 13 years. And President-elect Donald Trump is a big reason behind that rise, helping push consumer confidence to the highest level since August 2001.

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CFPB, PHH curry court's favor with competing, combative arguments

With a landmark decision looming, the Consumer Financial Protection Bureau and PHH are continuing their legal battle and attempting to sway the U.S. Court of Appeals for the District of Columbia Circuit into either upholding the court’s initial ruling that declared the agency’s leadership structure unconstitutional or agreeing to rehear the case.

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[Infographic] This is how to stop your house from getting hacked

Yes, a new WiFi-capable refrigerator and wearable watch sound super fancy and high tech, but they’re also the perfect back doors for cyber attackers to easily walk through. As technology improves, so must your awareness of how to protect yourself against the new modern thief — hackers. These tips could make all the difference when it comes to protecting your information.

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Here’s the U.S. Treasury’s plan to preserve access to mortgage credit

The financial crisis caused a major shift in the housing market as the credit box pendulum swung too far in one direction. The impact of this left many would-be homeowners with no financial options. The Treasury Department’s latest blog proposes three ways the government can make sure the housing market functions in good times and bad.

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Morgan Stanley hits quarter pole in $400 million consumer relief obligation

Over the last few months, Morgan Stanley handed out more than $100 million in consumer relief in the state of New York, pushing the company past the 25% mark in its consumer relief obligations as part of the $3.2 billion settlement it reached earlier this year.

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Wells Fargo settles with ResCap over faulty mortgage securities

The long string of banks still resolving toxic mortgage issues after the financial crisis is far from over. Wells Fargo and Residential Capital, also called ResCap, are the latest two banks settling mortgage claims dating back to the financial crisis over toxic mortgage securities.

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Case-Shiller: Home prices rise in October, threaten affordability

Even though the U.S. economy is reporting robust job numbers and moderate wage growth, rising home prices, combined with rising interest rates, may make the housing market unaffordable for many. The latest home price report from Case-Shiller shows national home prices posted another rise in October after the previous report’s record high.

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Thursday, December 22, 2016

Trump nominates Mick Mulvaney for director of the Office of Management and Budget

Rep. Mick Mulvaney, R-S.C., is one of the latest nominations to come out of Trump’s team. The president-elect selected Mulvaney for director of the Office of Management and Budget. While not much is known about him right now, what we do know so far could change the way the CFPB deals with regulations.

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Civil rights groups stand behind CFPB director Cordray

Richard Cordray, the director of the Consumer Financial Protection Bureau, has been under fire from the incoming Trump administration, which has declared its intention to dismantle the Dodd-Frank Act which established the bureau. Despite that, Cordray is planning to finish his term as director, and is now getting support from several civil rights groups.

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DOJ sues Barclays over faulty RMBS claims

The ripples from the financial crisis are far from over. Barclays is now the newest bank to get thrown into the spotlight due to a lawsuit filed on Thursday by the U.S. Department of Justice over faulty mortgage-backed securities during the crisis.

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Real estate professionals lost confidence in housing before election

In a survey taken right before the election, real estate professionals showed a wavering of confidence in the housing market. The possibility of a rate hike, which indeed happened, had some worried about its effects on the housing market as we head into 2017.

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Goodbye new normal: Time to close a loan ticking back up

Well that didn’t last long. After settling back around 46 days, the time to close a loan is starting to edge higher again, getting close to the yearly high, according to the latest Origination Insight Report from Ellie Mae.

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FHFA: Home price increases slow in October

The Federal Housing Finance Agency released its House Price Index for October, which indicated that while home prices increased, it was at a slower pace than September. Some regions even saw a decrease in home prices from the previous month, however, annually, all regions are increasing.

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GDP increased to fastest growth in two years

As it turns out, gross domestic product in the U.S. increased in the third quarter even more than previous estimates showed. And the strong GDP numbers support the Federal Reserve’s current direction.

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Freddie Mac: Mortgage rates jump to 2-year high

Mortgage rates jumped after the market digested the news of the increase in the federal funds rate. The 30-year mortgage, in fact, just hit its highest point in more than two years. And it’s not the only rate that’s going up.

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Tell HousingWire about your company's good news

Was your company named one of the best places to work in your city? Let us know. Did your business reach a milestone in longevity, software development or number of customers served? We want to hear about it. Here’s how to help us spread the word.

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ATTOM: Affordability at worst point since 2008

ATTOM Data Solutions released a new report showing that affordability is at its lowest point since 2008, and only getting worse as home prices increase and housing inventory goes down. The counties with unaffordable housing compared to their historic averages more than doubled. However, one economist completely disagrees.

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Wednesday, December 21, 2016

Trump’s special advisor on regulatory reform doesn’t want to repeal Dodd-Frank

President-elect Donald Trump named the newest addition to his team on Wednesday, announcing billionaire investor Carl Icahn as a special advisor on issues relating to regulatory reform. Although the release is vague on any specific regulations, Icahn is on record saying he does not want to repeal Dodd-Frank.

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The challenges of a Ginnie Mae-based approach to housing finance reform

One of the top GSE reform options on the table leverages the success of Ginnie Mae and was conceived by two industry stalwarts who have the respect and experience to give it a fighting chance. But in order to make the reform possible, there are key changes, especially financially, that would need to happen.

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Cash sales in September increased for third month in a row

Cash sales increased once again in September, marking the third consecutive month of increases. However, the share of cash sales is still down from last year. Distressed sales, in fact, hit their lowest point since 2007.

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Housing experts: The shocking downside to home sales increase

NAR’s existing home sales report came out Wednesday, shocking the industry with its increase. Sales hit their highest point since 2007, a clear sign that the housing recovery continues. However, experts point out the hurdles the market will face in the new year.

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Senate to Treasury Secretary Mnuchin: Where do you stand on major housing issues?

In the short time since President-elect Donald Trump tapped him for Treasury Secretary, Steven Mnuchin has expressed critical views on Dodd-Frank and reforming the GSEs. Now, ahead of confirmation by the Senate, Sen. Sherrod Brown, D-Ohio, has called on Mnuchin to answer a handful of in-depth questions to get clarity on where he truly stands on key housing issues.

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Existing home sales continue to climb at highest pace since 2007

Existing home sales increased in November for the third consecutive month, now hitting the highest point since 2007. While home sales may be up, inventory continues to decrease, a problem that will only increase in 2017 if new home construction doesn’t pick up.

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Billionaire to build micro-apartments for the homeless

A billionaire real estate developer in California is now looking into an apartment housing project for the homeless and low-income population. The complex will consist of micro-apartments no more than 240 square feet, but the plan is still facing some opposition.

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MBA: 30-year mortgage rate now sits at highest level since May 2014

Mortgage rates are moving on up and don’t show signs of slowing anytime soon. At this point, it seems like mortgage rates are escalating to new highs each week, with the 30-year fixed-rate mortgage with conforming loan balance once again reaching a new record high.

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Tuesday, December 20, 2016

Obama includes handful of bank fraud pardons in major clemency sweep

During his time in office, President Obama has made it a priority to exercise his clemency authority, granting clemency to significantly more individuals than any other president. This time around, in an unusual move, President Obama included a handful of people convicted of financial crimes in his major clemency sweep.

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Primary Residential Mortgage opens new branch in Washington

Primary Residential Mortgage is expanding in the Washington area with the opening of its new branch in Vancouver. To lead this new branch, the company brought on mortgage industry veteran Deanna McClelland.

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Mortgage credit default rate remains frozen in November

Mortgage defaults remained quiet in November despite a slight uptick heading into the holiday season. The news is a change from the rise witnessed in October. However, the future of default rates remains in question in light of rising interest rates.

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Third quarter produces highest quality loans since 2001

CoreLogic launched a new quarterly report which will measure how tight the credit box is compared to previous years or quarters. The report, whose data spans about 15 years, showed that loans are safer now than they have been since 2001.

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UPDATE: Abilene police file warrants for phones of murdered agent’s sister, brother-in-law

The investigation into the murder of an Abilene real estate agent continues as police uncover new evidence. Police have now filed warrants for the phone records of the agent’s sister and brother-in-law. However, Luke Sweetser, the agent’s brother-in-law, filed his own petition with the court.

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Equity gap between top and bottom of housing market starts to narrow

Negative equity is decreasing, especially among starter homes, and others in the bottom third of the housing market. This positive change is slowly closing the equity gap between homes at the bottom and top of the market, however there’s still a long way to go.

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Fannie Mae: Expect modest growth in 2017

Economic conditions are improving and consumers are more confident now than they have been in several years. However, one factor still pushed Fannie Mae to predict only modest growth for 2017.

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OCC: Underwriting standards ease as bank appetite grows

For the fourth consecutive year, the OCC found that banks are consistently loosening their credit standards as they slowly ease up from the strict standards set in place after the financial crisis. The mortgage market currently has a reputation for having tight credit standards. Is this finally starting to change?

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[Video] This ad campaign puts the CFPB's massive data collection under fire

The US Consumer Coalition launched a targeted ad campaign against the Consumer Financial Protection Bureau’s massive data collection just in time for the holiday season. The ad attacks the bureau’s controversial data collection practices and serves as a reminder to shoppers that they’re being monitored. Watch the full ad inside.

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Dollar hits 14-year high as Yellen voices confidence in economy

The dollar increased after Janet Yellen’s speech at the University of Baltimore on Monday, where she talked about the improvement to the U.S. economy and the housing market. Some investors expected a very different tone from the Fed chair.

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Appraisal volume halts as the holidays set in

This week’s appraisal volume report quickly put an end to the recent increases in volume witnessed the past couple of weeks. The drop doesn’t come as much of a surprise though, since the holidays have slowed the ordering of appraisals.

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Monday, December 19, 2016

Urban Institute: The current (and future) value of the housing market

As one of the largest sectors in the U.S. economy, the total value of the housing market now sits a level not witnessed since the early 2000s. And now that it’s so large, what is the next year projected to look like? Here’s a side-by-side comparison from three of the top housing organizations.

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First American predicts rate increase to bring cool-down in 2017

Contrary to the generally upbeat tone of the rest of the market, First American predicts that existing home sales will cool off in 2017. The increase in mortgage rates will also create a cooling down in home prices. However, there is still one factor that could change the housing market’s current course.

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Lennar beats fourth-quarter estimates as market continues to grow

Homebuilder Lennar beat fourth-quarter expectations as the housing market continues to slowly recover. And now with a new president-elect, the CEO talks about what the company sees moving forward given the new economy.

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CoreLogic predicts housing market growth in 2017

CoreLogic’s chief economist talks about five things we will see in the housing market during 2017. He also interprets what the rising rates and improving economy will mean for housing as we move into the new year.

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NAFCU changes name to National Association of Federally-Insured Credit Unions

The National Association of Federal Credit Unions will become the National Association of Federally-Insured Credit Unions effective Jan. 1, 2017. The change, while small, symbolizes a greater movement in the association to reinforce its mission to serve all federally insured credit unions.

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Mortgage-interest deduction endangered in Trump's tax reform

Republican-led tax reform could be on the way, and poses a major threat to the current mortgage-interest deduction. As the newly proposed reform threatens to make the mortgage-interest deduction a thing of the past for 95% of Americans, experts from the housing industry start speaking out.

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Leveraging technology to advance bank-owned and foreclosure sales

Over the past nine years, Auction.com has been effectively leveraging technology in ways that have allowed its clients to begin optimizing their disposition strategies long before properties go to foreclosure sales. Where sellers of bank-owned and foreclosure properties were previously limited in their access to potential buyers, their reach has been significantly expanded to a global audience through the internet, mobile technology, database marketing, email, social media and search engine marketing.

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Monday Morning Cup of Coffee: Reasons to be optimistic in 2017

This year is almost over, and housing industry experts are all making their predictions for 2017. Although not everyone agrees on what next year will look like after President-elect Donald Trump is inaugurated and in the midst of a rapid rise in interest rates, most economists have a positive outlook for next year. 

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Friday, December 16, 2016

Former GulfSouth Private Bank executives charged with bank, TARP fraud

The former president and vice president of a failed bank are facing a series of charges stemming from a scheme that led to GulfSouth Private Bank receiving $7.5 million from the Troubled Asset Relief Program before the bank failed.

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Homeward Residential combines wholesale and correspondent sales team

Homeward Residential, a subsidiary of Ocwen Financial Corp., announced it’s revamping its business structure by consolidating its wholesale and correspondent sales divisions. The two will now operate under one business unit and leadership structure.

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Democrats want people's complaints about Steve Mnuchin, the "foreclosure king"

Senate Democrats, led by Sen. Elizabeth Warren, appear to be showing their hand a bit when it comes to how they plan to handle the confirmation hearing of Steve Mnuchin, President-elect Donald Trump’s choice to lead the Treasury. It looks like the Democrats will seek to use Mnuchin’s time at OneWest Bank as part of their case against approving him as Treasury secretary, calling Mnuchin the “foreclosure king” and asking people who may have been “impacted” by OneWest’s practices to share their stories.



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MetaSource promotes new chief revenue officer

MetaSource promoted John Nixon as its new chief revenue officer from his previous position as vice president of business development and marketing. The company’s CEO talks about why Nixon was the “obvious choice” for the new position.

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Here are 2016’s top 10 most popular homes for sale

As 2016 comes to a close, realtor.com put together a list of the year’s most popular homes for sale, as measured by clicks. Whether well known as movie locations or celeb homes, these houses captured the attention of many Americans this year. However, the attention didn’t always translate to a sale.

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Is Washington the next hottest housing state?

Other than Seattle, which is regularly featured on hottest housing market lists, cities in Washington state rarely make the cut on top lists, until now. Washington’s housing markets recently dominated a monthly market report, making up half the list. This exciting for the state, but is it really a positive?

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Exclusive: Nationstar CEO Jay Bray on impact of 'surprising' election; higher interest rates

Count Nationstar Mortgage CEO Jay Bray among those who were surprised by the election of Donald Trump, but Bray tells HousingWire that he is looking forward to working with the incoming Trump administration and is cautiously optimistic on the impact that the president-elect could have on the financial services business. Here’s part two of HousingWire’s exclusive interview with Bray.

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[Chart] New from the CFPB: Here are the latest credit trends in mortgages

The Consumer Financial Protection Bureau created its first-ever Consumer Credit Trend report, providing a current snapshot of the industry to compare to past years. What does it show? For starters, the mortgage market surged in October, but beyond the snapshot, it’s the charts that are most informative.

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Chicago home sales reach highest level for November since 2005

Home sales for the Chicago area were down in October, but that was certainly not the case in November. Rising almost 20%, the number of homes sold accelerated to the highest level since 2005, and at the fastest pace in over a decade.

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Banks increase prime lending rate after Fed hike announcement

After a long hiatus, big banks raised their prime lending rate immediately after the Federal Reserve finally elected to increase the federal funds rate. However, there are negative side effects to the increase, especially when it comes to housing.

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Lender confidence falls in the face of rising interest rates

Many lenders reported a lower confidence level in business conditions for the next three months in Fannie Mae’s latest survey. As lenders move past concerns over regulation, they face a new worry — rising interest rates.

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Housing starts drop nearly 20% in November

Housing starts came down off of October’s 10-year high by dropping nearly 20%. Experts disagree on what this drop will mean for the economy overall. While some point to signs that show housing construction could pick up, others say economic growth will be much slower than previously thought.

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[Video] Here's why one former senator is so passionate about affordable housing

The J. Ronald Terwilliger Foundation for Housing America’s Families Housing Forum brought together some of the most influential names in housing. But this wasn’t simply a group of government officials coming together to talk about the idea of affordable housing; many of them knew first-hand what it’s like to rely on affordable housing. Here’s former Massachusetts Sen. Scott Brown’s story.

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Abilene police make arrest in connection with murdered real estate agent

The mysterious murder of a real estate agent in a small town in West Texas is starting to come together as police made an arrest in connection to the case. Police previously stated they did not believe the shooting was random, and they may have been right. The man arrested was the agent’s brother-in-law.

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Exclusive: Nationstar CEO Jay Bray on Mr. Cooper, the company's future

Given the company’s recent radio silence on its massive rebranding efforts, it may seem like Nationstar Mortgage’s transformation into Mr. Cooper is in a perpetual holding pattern. But when one visits Nationstar’s headquarters in the Dallas suburb of Coppell, it’s clear that Mr. Cooper is both the company’s present and its future. In an exclusive interview, HousingWire sat down with Nationstar CEO Jay Bray to find out more about Mr. Cooper and what it means for Nationstar.

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Embattled San Francisco nuns' soup kitchen saga not over yet

The story of two San Francisco Bay Area nuns who provide food for the city’s homeless still doesn’t have a happy ending. In February, the nuns faced eviction after their rent was raised too high for them to afford, but then a surprise benefactor helped relocate them into a condo. Now, however, their neighbors are looking to block the relocation of the soup kitchen.

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ATTOM: Foreclosure filings show largest monthly decrease since 2010

Foreclosures tumbled in November, marking the greatest monthly decrease since 2010, but perhaps this is no surprise after the sudden increase in October. Annually, the trend continues to move down as foreclosures become less of a problem within the housing market.

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HSBC credited with $223 million in consumer relief

The first report is out on the status of HSBC’s compliance with the National Mortgage Settlement. The servicer is off to a good start and fulfilled 60% of its consumer relief obligation so far.

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SunTrust fails one National Mortgage Settlement test in first quarter

SunTrust didn’t quite make the cut in the latest report from the monitor of the National Mortgage Settlement. According to the update, SunTrust failed to uphold one metric in the National Mortgage Settlement requirements during the first quarter of 2016 and the bank’s Corrective Action Plan is currently under review.

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Yet another real estate agent mysteriously shot and killed

For the second time within a week, a real estate agent was shot under mysterious circumstances. This time, the tragedy occurred in an abandoned home in Atlanta. Here’s what police know about the home, and what the agent was doing there.

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Freddie Mac: Mortgage activity could be greatly subdued in 2017

Interest rates increased yet again, according to Freddie Mac’s survey, however the survey was completed before the Federal Open Market Committee announced this year’s first rate hike. Now, Freddie Mac explains what rising interest rates could do to the housing market in 2017.

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Home builder confidence ends the year at highest point since 2005

Builders hit their highest confidence level since 2005 after the election of President-elect Donald Trump. As the confidence increases, the hope is that builders begin to bring life to what could be a very inventory-starved housing market in 2017.

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This is why markets went nuts on Fed’s rate hike

On Wednesday, the Federal Open Market Committee announced the target federal funds rate would increase by 25 basis points. This move surprised exactly no one, a move widely predicted, so why did markets react with volatility?

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Wednesday, December 14, 2016

Here's more industry response to the Fed raising interest rates

Since the majority of the market believed the Federal Reserve would increase interest rates this Wednesday, a lot of economists had time to formulate what this news would mean for the housing market. As the comments continued to pour in, we covered them here. Even though the market already assumed this December increase, it’s what economists believe will happen moving forward that’s most telling.

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Banks move quickly to raise prime lending rates

Not too long after the Federal Open Market Committee finally elected to increase the federal funds rate, banks started to announce they are increasing their prime lending rates. Here is an update of those bank announcements.

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This is the ‘big unknown’ for housing in 2017

The highly anticipated rate hike from the Federal Open Market Committee brings a new question to housing in 2017. This question, the “big unknown” for housing in 2017, may only be answered with time.

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TransUnion forecasts credit delinquencies will decrease in 2017

TransUnion gave its forecast for 2017, claiming that delinquency rates will continue to drop. Mortgage debt, on the other hand, will go up as home prices rise and low down-payment programs become more popular.

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Fannie, Freddie replace HAMP with new foreclosure prevention program

Fannie Mae and Freddie Mac finally revealed a program on Wednesday that will replace the Home Affordable Modification Program. The government sponsored enterprises announced the Flex Modification foreclosure prevention program, which is designed to help America’s families by offering reductions to their monthly mortgage payments.

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[Video] One housing issue keeps this expert up at night

Inventory shortages—two words that plague housing headlines. It makes sense though given houses are not built quickly, and it’s taking time to catch up. Laurie Goodman, codirector of the Housing Finance Policy Center with the Urban Institute, recently sat down with HousingWire to explain why this keeps her up at night.

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Another Goldman Sachs executive joins Trump administration

Goldman Sachs is turning into a goldmine for the future Trump administration team. At the end of November, the team selected Steve Mnuchin, a former executive at Goldman Sachs and former chairman of OneWest Bank, to lead the Department of the Treasury. Now the bank’s No. 2 executive is leaving to join the Trump administration.

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Here’s why economists can't agree on 2017 housing predictions

Are you confused about all the contradicting housing forecasts coming out for 2017? You haven’t lost your mind, the forecasts really do contradict each other. Here’s a complete breakdown of the forecasts, and why companies are predicting what they are, despite what others say.

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It’s official: Fed raises interest rates for first time since last December

The Federal Open Market Committee announced in its highly anticipated December meeting that it is finally raising the federal funds rate for the first time since exactly a year ago. While the news doesn’t come as a giant surprise, it does mark the second increase in 10 years.

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NAR forecasts minimal gain in home sales for 2017

The National Association of Realtors is predicting a slight increase in home sales next year, but says inventory will continue to be a problem. In fact, new homes for first-time buyers may be the key to keeping the housing market on track in 2017.

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MBA: Mortgage applications continue downward trend

At this point, it seems like mortgage interest rates are posting new records each week, with the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances reaching a new high, again. As a result, mortgage applications continue to disappear.

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Executive Conversation: Andy Higginbotham on Freddie Mac’s Loan Advisor Suite

HousingWire talks with Andy Higginbotham, senior vice president of strategic delivery at Freddie Mac, to discuss how the company’s Loan Advisor Suite helps reduce costs and provide certainty in the loan origination process.

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Wells Fargo fails living wills test; slapped with even more sanctions

Lately, it seems that Wells Fargo can’t even go a few days without another round of bad news. And Tuesday was another one of those bad-news days. Now, Wells Fargo is in trouble as the Federal Deposit Insurance Corp. and the Federal Reserve Board announced that the bank failed some of its “living will” tests and will be subject to business restrictions until the failures are remedied.

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Tuesday, December 13, 2016

Homeowners nearly hit the mark on estimating home prices

Homeowners got a step closer when it comes to estimating their home’s value. In fact, they are now only 1% off from appraised values. Quicken Loans’ chief economist expressed his hope that with this information the only surprises this holiday season are the ones wrapped under the tree.

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MBA: New home sales rise 12% in November

Mortgage applications for new homes increased in November thanks to continued improvements in the overall economy and job growth. However, there’s still a lot of room for growth. Lynn Fisher, MBA’s vice president of research and economics, explains what’s ahead for housing.

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Zillow gives 6 predictions for housing in 2017

Zillow lists six predictions for housing in 2017. These predictions touch on some of this year’s key topics including immigration, Millennials and new home construction. Compare and contrast Zillow’s prediction with others from the housing industry.

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FHFA makes it official: Fannie, Freddie required to open credit box to "underserved"

Eight years after the passage Housing and Economic Recovery Act of 2008 mandated that Fannie Mae and Freddie Mac increase lending to three specific “underserved” markets, the Federal Housing Finance Agency announced Tuesday that the government-sponsored enterprises must work to open the credit box for certain very low-, low-, and moderate-income families.

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Appraisal volume rises two weeks straight

Appraisal volume spent most of the fall seesawing up and down. When it did post a consistent trend, it trended down. The latest report from a la mode on appraisal volume, however, finally breaks that downward spiral.

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Here are Redfin’s 7 housing predictions for 2017. Spoiler: Homes will fly off the market

According to a new report from Redfin, homes will fly off the market in 2017, faster than any other year on record. Here’s a look at why that’s the case. Plus, a look at six more predictions from Redfin’s team about housing in 2017.

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Harvard: The housing crisis for Baby Boomers is on the way

A study conducted by the Joint Center for Housing Studies at Harvard University reveals many Americans will face greater troubles before being able to retire due to decades of damage to personal wealth from the Great Recession. As a result, the lack of affordable and safe housing for America’s aging population is headed to a crisis point.

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Foreclosure inventory decreases more than 30% in October

Foreclosure inventory continues to decline below 1% of all homes with a mortgage, CoreLogic’s latest report shows. Completed foreclosures also dropped, along with serious delinquencies. However, not all states experienced these declines.

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The war between Yellen and Trump

The ongoing battle between Federal Reserve Chair Janet Yellen and President-elect Donald Trump is about to escalate to a new level come Wednesday. The two already have a tense relationship due to Trump saying, “If I win, Yellen’s days at the Fed will be numbered.” Now Yellen is charged with having to keep a lid on inflation in the midst of optimism following Trump’s victory.

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SoFi prepares to launch first mortgage securitization

SoFi is preparing for its first ever residential mortgage-backed security transaction just two years after breaking into the mortgage business. And looking over the presale report from Fitch Ratings, the pool of loans looks attractive. For starters, Fitch stated that the collateral attributes of the pool are among the strongest of its rated pools. And they’ve rated a lot of pools.

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Real estate agent murdered under mysterious circumstances

A real estate agent was murdered in his home, however police say it was not a burglary and they don’t believe it was a random attack. The tragedy occurred when the agent’s wife and dog were in the house, both of whom escaped unharmed. This is what we know so far.

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Did Wells Fargo fake accounts extend to Prudential insurance?

Investigators in California and New Jersey are set to launch a probe into Wells Fargo over whether the bank’s recent fake account scandal extended beyond credit cards and bank accounts. The investigations come on the heels of whistleblower lawsuit filed by three former Prudential Insurance employees, who accused Wells Fargo of opening up insurance policies and automatically deducting the insurance premiums from customers’ accounts without prior authorization.

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[Infographic] Fed to raise interest rates? Here’s the past impact on stocks

The Federal Open Market Committee is slated to give its final and much-anticipated meeting announcement of the year on Wednesday. If the Federal Reserve elects to raise interest rates, it would be the second time in nine years. Does this mean that the stock market is set to tank?

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HUD awards $132 million for revitalization of distressed neighborhoods

Select areas in Boston; Denver; St. Louis; Louisville, Kentucky; and Camden, New Jersey are set to receive an massive influx of federal funding as the government seeks to revitalize “distressed” neighborhoods by turning dilapidated public housing units into new, mixed-income, mixed-use housing units.

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Refinance well drying up? Rising interest rates shrink pool of eligible borrowers, again

A recent report from Black Knight Financial Services showed that the pool of borrowers who had incentive to refinance shrank over the last several weeks as mortgage interest rates rose above 4%. Now, thanks to another increase in interest rates last week, the pool of borrowers with incentive to refinance is now even smaller.

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Fannie Mae streamlines asset and employment validation

Fannie Mae took the next step in its digital verification process. A step the company promised would be ready this month. Now, in addition to providing income verification online, the mortgage bank will also provide asset and employment verification.

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Fannie Mae and Freddie Mac halt evictions for the holidays

Fannie Mae and Freddie Mac announced they are suspending all evictions for the holiday season. While servicers will be permitted to carry out foreclosure activities, evictions won’t be permitted for GSE-backed mortgages during these dates.

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Dear Ben Carson: “Housing is an everyone problem”

Coming from the desk of a housing and architecture expert, this letter urges Housing and Urban Development Secretary nominee Ben Carson to take a hard look at America’s housing situation and see that it’s an “everyone problem.” To the author, the housing crisis isn’t brain surgery — it’s far more difficult.

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Ally Bank gets back to mortgage lending big time

A few years after Ally Bank exited mortgage lending, it is now making its comeback as the bank re-enters the market in a much bigger way. The bank fell on hard times just after the housing crisis, but now announced its new home mortgage offering.

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Monday, December 12, 2016

Ally Financial mortgage resurgence proves there's life after too-big-to-fail

Yes, this is the same firm borne from GMAC, which suffered huge losses in the mortgage industry and received $17.2 billion in TARP assistance. Now, Ally Financial is well on its way to participate in the burgeoning mortgage market once again and this time, they say they’re going to “do it right.”

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Monday Morning Cup of Coffee: Here's what we know about Trump's housing team

In the short time since America’s electoral college named Donald Trump as the next president, a lot of announcements on who will serve on his team already came out. There are more than 4,000 political appointees to fill and the clock is ticking. This is what we know so far. And for those who want to join the team, there’s an option for you too.

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Saturday, December 10, 2016

Wells Fargo moves to begin internal investigation into fake accounts

Wells Fargo is reportedly ready to take the next step in its attempt to climb back out of the hole it dug itself after a scandal enveloped the bank involving 5,000 of the bank’s former employees opening as many as 2 million accounts without authorization in order to get sales bonuses.

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Inlanta Mortgage brings on new senior vice president

Current member of the Secondary Committee for the Residential Board of Governors at the Mortgage Bankers Association Chad Gomoll recently joined Inlanta Mortgage. He brings over 20 years of industry experience to the company.

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Bay Area suddenly heats up again

After California’s recent cool-down in home sales, the Bay Area is heating up once again with increases in home sales during November. But is this a temporary post-election spike, or a new housing trend?

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Former Cantor Fitzgerald mortgage bond trader charged with securities fraud

A former mortgage bond trader at Cantor Fitzgerald stands accused of committing securities fraud by allegedly overcharging customers for residential mortgage-backed securities, a collection of federal agencies announced Friday. Among the victims of this alleged scheme are asset managers and firms affiliated with or subsidiaries of recipients of funds from the Troubled Asset Relief Program, the government said.

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Friday, December 9, 2016

OwnAmerica CEO: What the single-family rental market looks like under Trump Administration

The housing market thrives on optimism, which is what the market is getting so far under President-elect Donald Trump, at least that’s what OwnAmerica CEO Greg Rand said. Taking into account that Ben Carson is now slated to lead HUD, rand explains what positive areas he sees ahead for housing.

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AAA ratings return for non-prime mortgage bonds. Crisis redux? Maybe not

The world of post-crisis mortgage bond trading is about to change, as a new mortgage bond is set to hit the market that features loans that would be considered non-prime, and also carries AAA ratings – a post-crisis first. Both Fitch Ratings and DBRS handed the deal AAA ratings on the largest tranche of the deal, but the deal is not a return to the pre-crisis Wild, Wild West of credit ratings, at least not yet.

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Trump’s mass deportations would equal bad news for housing

About 2 to 3 million people is no small amount to remove from the economy, and could have disastrous consequences. A mass deportation of this kind could greatly increase the foreclosure rate, at a time when it was just getting back to pre-crisis levels. Here’s proof.

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Here are the 25 cities with the biggest rent hikes

There’s still plenty of opportunity in the single-family rental market as steadily rising home prices keep profits up. The top places to invest in America, however, are always fluctuating, with this quarter’s top 25 list showing a notable departure from the past several quarters. Say goodbye to the Sunshine State.

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[infographic] A snapshot of today’s first-time homebuyer

The data is in for the newest profile of this year’s first-time homebuyer. MGIC pulled out these seven handy facts and created a shareable infographic to describe top traits of the homebuyer group. Sneak peak: Do you know the average age of a first-time homebuyer is? It’s 32 years old.

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Trump’s election pushes up consumer optimism

President-elect Donald Trump’s surprising win in the presidential elections is pushing consumer sentiment to just below 2015 highs. The Survey of Consumers’ chief economist explains the effect this will have on Trump’s administration when he takes over the oval office in January.

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Congress to consider bill requiring Fannie Mae, Freddie Mac to offload more risk

Despite a new report from Moody’s Investors Service stating that wholesale reform of the government-sponsored enterprises is years away, some members of Congress are pursuing changes to how Fannie Mae and Freddie Mac operate. On Thursday, Reps. Ed Royce, R-Calif., and Gwen Moore, D-Wisc., introduced a new bill in the House of Representatives that would require the GSEs to offload more credit risk onto the private sector.

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Tips on how to know if a HELOC is right for you

Increasing home prices are old news, meaning more borrowers are starting to consider getting a home equity line of credit. For those borrowers debating if a HELOC is right for them, here are some suggestions on what to expect going into the process.

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Homes with negative equity decrease more than 10%

Homeowners continue to see reap the benefit of rising home prices as less and less homes fall into negative equity categories. The number of homes underwater dropped substantially in the third quarter.

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SEC Enforcement Director Andrew Ceresney stepping down

Last month, Mary Jo White, the chair of the Securities and Exchange Commission, announced that she planned to step down at the end of the year, clearing the way for President-elect Donald Trump to choose new leadership for the financial regulator. Now, another of the SEC’s top positions is about to be vacant, as Andrew Ceresney, the SEC’s enforcement director, announced that he plans to step down at the end of the year as well.

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Moody's: Privatizing Fannie Mae, Freddie Mac would cost "hundreds of billions"

Steve Mnuchin, President-elect Donald Trump’s choice to lead the Department of the Treasury, recently said that “getting Fannie and Freddie out of government ownership” is one of the Trump administration’s top 10 priorities. But just how realistic is that plan? According to a new report from Moody’s Investors Service, privatizing the GSEs is not only unlikely to happen any time soon, it’s also hugely cost-prohibitive, and it would be a negative for bond investors as well. Other than that, Mrs. Lincoln, how was the show?

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Waterstone Mortgage promotes new member of executive management team

Waterstone Mortgage promoted Lisa Fenske to a new role in the marketing and communications department. While some of Fenske’s responsibilities will continue, she will also take on new projects such as developing a new training infrastructure for the company.

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Here’s the real danger to the recovering housing market

As interest rates increase, experts look at what that will mean for the future of the housing market, and what changes are coming in 2017. First American’s senior vice president and chief economist talks about some of the dangers, especially for first-time buyers.

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Freddie Mac takes next step to single securitization

Freddie Mac just implemented the next step of the single securitization process. Freddie Mac is now using CSP for data acceptance, issuance support and bond administration activities released to current single-class, fixed-rate, mortgage backed securities. The timeline for the implementation for Release 2 is still to come.

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First look: Caliber Home Loans new fully digital mortgage will close in 10 days or less

Caliber Home Loans just unveiled a fully digital mortgage — they claim they can shrink the loan process from 45 days down to 10 days or less. Here’s how they succeed where others struggle.

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National Credit Union Administration sued over updated membership rule

Not more than a day after the National Credit Union Administration published its Field of Membership final rule in the Federal Register, the American Bankers Association filed a lawsuit. To the trade group, the final rule steps away from the intended purpose of credit unions to serve only a single, well-defined local community.

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Heavy police presence becomes real estate selling point for Trump tower

Trump Tower is currently one of the most publicized buildings as President-elect Donald Trump conducts meetings and holds interviews there to prepare for his cabinet and transition team. Brokers from Douglas Elliman decided to take this change and put a positive spin on a condo for sale inside Trump Tower.

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Freddie Mac: Mortgage rates increase again before FOMC meeting

Rates continue to increase to all-new highs for 2016 as markets anticipate a rate hike at the Federal Open Market Committee meeting next week. However, the 10-year treasury yield saw a decrease from last week.

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Thursday, December 8, 2016

Home flipping comes down off 6-year high

Home flipping came down off of last month’s high as inventory pushed home prices up and competition closer. A new report from ATTOM Data Solutions details the decrease, and the new low in investors using cash to buy the home.

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Independent mortgage bank profits slowly trudge higher

While the increase isn’t as significant as last quarter’s rise, independent mortgage banks and mortgage subsidiaries of chartered banks still recorded a net gain on each loan they originated in the third quarter of 2016. It might not be extreme, but here are all the changes in mortgage banker profit in the 3Q.

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Fannie Mae, Freddie Mac hike mortgage modification interest rate for first time in 2016

The market mortgage interest rates aren’t the only ones on the way up, as Fannie Mae and Freddie Mac announced Wednesday that they are increasing the benchmark interest rate for standard mortgage modifications to a level not seen in 10 months. The increase will be the first time that the GSEs increased the modification benchmark interest rate in 2016.

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New York unveils bill of rights for borrowers facing foreclosure

The state of New York is taking the next step in its fight against abandoned foreclosures and neighborhood blight by unveiling a consumer bill of rights for borrowers facing foreclosure. The consumer bill of rights reminds consumers of the various rights they have before, during, and after the foreclosure process.

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CFPB fines three reverse mortgage lenders over deceptive advertising

American Advisors Group, Reverse Mortgage Solutions and Aegean Financial are the latest names to face the wrath of the Consumer Financial Protection Bureau due to deceptive advertisements in reverse mortgage lending. “These companies tricked consumers into believing they could not lose their homes with a reverse mortgage,” said CFPB Director Richard Cordray.

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Here's the shortlist for the real power position at HUD: deputy secretary

The HUD secretary, like many other Cabinet positions, is the public face of the department — meeting with housing leaders around the country, listening to local concerns and celebrating milestones. Most of the day-to-day operations are handled by the deputy secretary, currently Nani Coloretti, who essentially serves as COO. These are the names of Coloretti’s possible future replacement.

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What can we expect from the economy in 2017? BofA tells all

The new year is nearly upon us, and Bank of America Merrill Lynch Global Research is predicting the changes the economy will see in 2017. According to the bank, politics shifted in a backlash to globalization. Here are the top five changes the bank predicts for next year.

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More trouble for Wells Fargo as bank reportedly fails fair lending requirement

The dark clouds surrounding Wells Fargo are about to get a lot darker, as the bank, which is already in hot water over its recent fake account scandal, is reportedly falling short in its fair lending requirements and faces additional sanctions. Click through for the full story.

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A look into the past: Plane crashed into home at Pearl Harbor

The attack lasted one hour and 15 minutes, but changed many lives forever. Here is one of many stories that happened on that fateful day. To those who served or even gave their life on Pearl Harbor day 75 years ago – we have not forgotten.

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Mortgage defects fall for first time in a year as TRID issues subside

Earlier this year, a report from ACES Risk Management shows the rate of serious mortgage defects on the uptick from the moment TRID started. Now, a new report from ARMCO shows that as the mortgage industry becomes more accustomed to operating in the post-TRID world, serious mortgage defects are actually declining.



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Fannie Mae: Americans again expect home prices to start rising

Consumer optimism fell in December, but was partially offset by the increased optimism after the presidential election. But how will this play out long term? Fannie Mae cautions readers against drawing conclusions about sustainable changes in consumer sentiment so soon after the election.

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MBA: Mortgage applications go quiet as mortgage rates rise

Mortgage applications barely nudged as interest rates start to reach levels that the industry hasn’t seen in more than two years. Here’s how apps are performing in this rising interest-rate environment.

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Tuesday, December 6, 2016

Commissions, Inc. acquires TigerLead from Move

Earlier this year, Fidelity National Financial, the nation’s largest title insurance company, acquired Commissions, Inc., a provider of web-based real estate marketing and CRM software for residential real estate agents and agent teams, pledging to grow the company’s business. Now, CINC’s product suite is about to get a little larger, as the company plans to acquire TigerLead, a real estate agent lead generator, from Move, Inc.

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Blackstone CEO, leader of Trump's advisory board expects "substantial" reduction in regulations

Steve Schwarzman, the chairman and CEO of Blackstone Group, expects to see a “substantial” reduction in government regulations during the term of President-elect Donald Trump. And Schwarzman will be well positioned to help contribute to that regulatory rollback, as he was recently named the leader of Trump’s Strategic and Policy Forum, a group of 16 CEOs who are expected to advise the president-elect on economic issues.

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November housing supply in Northwest reaches all-time low

Housing supply in the Northwest just hit an all-time low as pending home sales far out-pace new listings. While this could be following the normal winter trend, there is also another factor at play this year.

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QUIZ: How well do you know the past HUD secretaries?

President-elect Donald Trump’s selection of Ben Carson as secretary of the Department of Housing and Urban Development brought national attention to a department that’s long been in the shadows. But before you go speculating about the future of HUD, why don’t you give this quiz I made on the history of HUD secretaries a shot? And I didn’t go easy on y’all, so good luck!

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Virtual reality next step to attract international home buyers?

Is virtual reality the future of home selling? A necessary tool to sell to international buyers? Or an unnecessary expense? An ex-partner at Goldman Sachs invested in it, saying it was necessary in order to sell this multi-million dollar home to the growing space of international buyers.

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Here's one big roundup of reactions to Ben Carson, HUD secretary

Last week, as we all waited for Ben Carson to accept Donald Trump’s initiation to run the Department of Housing and Urban Development, reactions poured in from all sides about whether HUD Secretary Ben Carson is a good idea or not. Well, now that’s officially official, reactions are no longer based on hypotheticals about Carson as a potential choice. Here’s a recap.

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Economic optimism soars on Trump presidential win

According to Jed Graham writing in Investor’s Business Daily, “Economic Optimism rose 3.4 points to 54.8, the highest since November 2006, remaining above the neutral 50 level for the third straight month.”

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Industry expert: December rate hike not quite in the bag

The market claims to be 100% certain that a rate hike is coming in December, but one expert says there could still be a chance the Fed doesn’t raise rates. It could all come down to the performance of one factor over the next week.

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Corelogic: Home prices continue upward climb in October

Home prices increased once again in October from last year and last month, and forecasts show that trend won’t be stopping anytime soon. The housing market is already well into pre-recession levels, and some areas could hit their pre-recession peaks next year.

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Did the new CEO of Wells just prove he learned nothing from previous CEO ouster?

Speaking at the Goldman financial services conference, new Wells Fargo CEO Tim Sloan says “there’s nothing wrong with cross-selling,” and sees “risk” from changing employee incentives at the retail level. So, did the new CEO of Wells just prove he learned nothing from previous CEO’s ouster?

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The pessimist's guide to 2017 is here and it's time for everyone to panic

[Color commentary] Yesterday, I got an email from a source who asked: “If I told you at the beginning of the year you’d be writing about Pokemon and Ben Carson leading HUD, what institution would you commit me too?” Like all other semi-casual observers of market trends, I did not reply and instead, like all fellow pessimists, I chose to panic. Good news is, we’re not alone.

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Next HUD leader Ben Carson lists Florida home for $1.2M

Ben Carson just officially announced that he accepted the role of HUD Secretary and is already making moves in his own personal housing situation. The former neurosurgeon reportedly listed his home in West Palm Beach, Florida, and if he sells his home at that amount, he would turn quite a nice profit.

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Hensarling, Waters chosen to lead House Financial Services Committee again

The halls and chambers of Congress are certainly going to look different when the 115th Congress begins its term in January. The leadership of the House Financial Services Committee, on the other hand, will look just the same as it has in the last two Congressional terms, as Rep. Jeb Hensarling, R-Texas, and Rep. Maxine Waters, D-Calif., will again serve as the committee’s leaders.

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Here's the real impact of the post-Trump interest rate spike

While still low by historic standards, interest rates are roughly 50-basis points higher now than they were before Donald Trump won the election, and a new report from Black Knight Financial Services shows the real impact of that increase on borrowers and potential borrowers. The bottom line, according to Black Knight’s report, is that housing is less affordable right now than it was before the election.

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MBA CEO: GSE reform won’t make Trump’s shortlist

GSE reform made headlines again last week when Treasury secretary nominee Steve Mnuchin alluded to the Trump administration’s plans for GSE reform. However, the plans are likely to stay just that — plans, according to an interview with Mortgage Bankers Associatoin CEO David Stevens. There are lots of other areas that Trump needs to focus on first, Stevens explained in an interview with HousingWire.

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And the top real estate market for 2017 will be…

The National Association of Realtors predicts a booming real estate market in 2017. Now, a study shows just which markets will be at the top of the list when it comes to home sales and home-price growth.

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Paying the rent: America’s crisis in the shadows

[Expert commentary] Officials do not worry so much about desperation-renters, extremely low-income households. After all, those renters have a roof over their heads. The roof may be in a crime-ridden neighborhood, in a substandard building, near failing schools - but it is a roof. So our political discourse, and our will, move on to more pressing issues. The Terwilliger Foundation calls it the “The Silent Housing Crisis.” Yet these renters need help.

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[Video] Is the market ready for the coming increase in households?

There are more than 70 million Millennials who want to enter the housing market in the near future, and this number is on top of the other generations that are already moving around in the housing market. How is the industry going to deliver housing units for all of these people? Lynn Fisher, the Mortgage Bankers Association’s vice president of research and economics, gives HousingWire insight on the situation.

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Ben Carson selection as next HUD leader divides housing industry

When it comes to President-elect Donald Trump’s newest cabinet pick Ben Carson as secretary for the U.S. Department of Housing and Urban Development, housing experts are divided. Some came out congratulating the nominee, while others are clearly disappointed by the decision.

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Monday, December 5, 2016

It’s official: Ben Carson accepts nomination as next HUD secretary

The wait is over — Ben Carson accepted the role of secretary of the U.S. Department of Housing and Urban Development, pending congressional approval. But this isn’t news to HousingWire readers, who knew last week that a source close to Carson confirmed that he would accept the nomination. Click the headline to read more.

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Monday Morning Cup of Coffee: Will Trump ax mortgage interest tax deduction?

Also, if we’re going to dismantle Dodd-Frank, can we really be expected to keep implementing Basel as some suggest? Perhaps so, if Mr. Trump wishes to “Make America Great Again [Just Like Sweden].” That, and more, in your Monday Morning Cup of Coffee.

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Sunday, December 4, 2016

PrimeLending begins offering closing cost assistance nationwide

PrimeLending, a PlainsCapital company, will soon begin offering closing cost assistance for low- and moderate-income homebuyers nationwide. Under the program, qualified borrowers could be eligible to receive up to $1,500 or $2,000 in closing cost assistance, dependent on their income and the location of the property they want to buy.

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Donald Trump names JPMorgan, Blackstone CEOs to advisory board

President-elect Donald Trump’s latest selection of leaders involves a new idea: the President’s Strategic and Policy Forum. The group is comprised of 16 CEO, which includes Stephen Schwarzman, chairman, CEO, and Co-Founder of Blackstone, and Jamie Dimon, chairman and CEO of JPMorgan Chase.

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Steven Mnuchin, Trump's Treasury secretary pick, resigns from CIT Group board

Steven Mnuchin, a former executive at Goldman Sachs, former chairman of OneWest Bank, and President-elect Donald Trump’s choice to lead the Department of the Treasury, is resigning from the board of CIT Group, which bought OneWest in 2015.

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BofA approaching $7 billion of consumer relief in toxic mortgage settlement

Bank of America is almost finished with providing $7 billion in consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.

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Texas homebuyers diversify in 2016

Texas saw outstanding growth in home sales during 2016 in several areas including condo sales and new home sales. Not only there more homebuyers in the market, but they are also a more diverse group than in previous years. International homebuyers, women and first-time homebuyers are all making their mark in Texas real estate.

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Friday, December 2, 2016

Opendoor raises $210 million, plans big expansion in 2017

Opendoor, an online marketplace that buys homes direct from homeowners, announced plans to expand beyond the two markets where it’s currently available thanks to a round of funding that reportedly values the company above $1 billion.

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[Video] What Donald Trump means for housing from UWM's CEO

Nearly one month since Donald Trump became President-elect and the industry has already witnessed several significant changes. Weighing in on the discussion from an industry executive standpoint, Mat Ishbia, president and CEO of UWM, included in his December 3 Points video his thoughts on what Trump means for the mortgage industry.

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Freddie Mac: Market response to higher interest rates will be negative

Freddie Mac released its outlook for November showing its predictions for 2017, and how higher mortgage rates will play out in the housing market. While the company said it expects growth in the economy in 2017, it does not expect the rising rates will have a positive effect on the housing market.

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Wells Fargo splits Chairman and CEO roles in wake of fake account scandal

In the wake of Wells Fargo’s fake account scandal, which led to the bank being fined $185 million and other significant changes at the bank, some blamed the bank’s executive structure for allowing the millions of fake accounts to go unnoticed for so long. Moving forward, one person will not be allowed to serve as both chairman and CEO of the bank, as the bank’s board of directors announced this week that it is splitting the roles.

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[Video] Here’s one way housing and healthcare go together

Housing and healthcare, to some peoples’ surprise, are closely related. Recent talks surrounding President-elect Donald Trump selecting Ben Carson, a former GOP presidential candidate and retired neurosurgeon, as Secretary of Housing and Urban Development helped bring this association back to the forefront of housing conversations. Former representative Rick Lazio explains in a video interview.

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Looking to buy a home in 2017? Here are your first steps

Are you planning to buy a home in 2017? Here are some things you could start doing right now to make sure you’re ready. One expert gives five steps you should take before buying a home.

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Employment report shows solid increase despite tight labor force

The employment report increased by what some economist are saying is a “solid” number considering the unemployment level hitting its lowest point since 2007. However, the report is not without its critics, who say that while a December rate hike is still probable, the unemployment number is not as great as it looks.

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HUD bans smoking in subsidized housing

The Department of Housing and Urban Development announced a new ban on smoking in all public housing. Here are some of the reasons behind this new ban that will take effect in 2018. Do you think smoking should be banned in subsidized housing? Let us know!

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Allied Home Mortgage, CEO Jim Hodge ordered to pay $92 million for FHA fraud

A little over five years ago, the government sued Allied Home Mortgage, its various entities, and its president and CEO, Jim Hodge for $834 million, claiming that Allied engaged in repeated fraud against the Federal Housing Administration over a 10-year period. Now, after a long legal battle, the government secured a victory against Allied Home Mortgage and Hodge, as this week, a federal jury unanimously found Allied Home Mortgage and Hodge liable for civil mortgage fraud.

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FHA increases loan limits going into 2017

The Federal Housing Administration announced plans on Thursday to increase loan limits in 2017. Compared to last year, the number of counties set to increase is skyrocketing.

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[Video] The many challenges facing Trump on promised GSE reform

Reforming Fannie Mae and Freddie Mac moved from a backburner issue to a hot topic after Treasury secretary nominee Steve Mnuchin revealed his plans for GSE reform in an interview on Wednesday. So how does this look in execution? Recently, after moderating a panel on GSE reform, Jeb Mason, a partner at The Cypress Group, explained what the biggest challenges facing President-elect Donald Trump on this are going to be.

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Zillow capitalizes on holiday spirit, adds Santa’s house to site

Store parking lots are full, Christmas shopping is in full swing, and the holidays are nearly upon us. One company, however, was not going to let the season pass without capitalizing on the festivities.

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Blackstone reportedly files to take Invitation Homes public

Blackstone Group is apparently moving forward in its plans to take its single-family rental unit, Invitation Homes, public in 2017. The Wall Street Journal is reporting that Blackstone is taking the next step in the process, reportedly filing confidentially for an IPO that could come “as soon as January.”

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