Speaking at an investor conference in New York, BofA chief Brian Moynihan said his firm—frequently listed among the top five mortgage lenders in the nation—has little incentive "to try to create more mortgage availability where the customers are susceptible to default."
Read More »NCUA Targets Deutsche Bank in Securities Trust Suit
In a lawsuit filed earlier this week, the National Credit Union Administration (NCUA) charged Deutsche Bank National Trust Company with negligence in its role as trustee for 121 residential mortgage-backed securities (RMBS) trusts, leading to the collapse of five corporate credit unions.
Read More »Mortgage Apps Slip on Slight Rate Increase
Total mortgage application volume, including both purchase loans and refinances, dipped a seasonally adjusted 0.9 percent for the week ending November 7, according to the Mortgage Bankers Association (MBA).
Read More »Confidence Builds for 55+ Market
The National Association of Home Builders' (NAHB) 55+ Housing Market Index (HMI) measured at a reading of 59 last quarter, up three points from Q2 and nine points from the same quarter last year. It was the highest third-quarter reading since the index was created in 2008, the group said.
Read More »Cash Sales Share Falls for 20th Straight Month
According to CoreLogic, cash sales made up 33.8 percent of total home sales in August, down from 36.4 percent the year prior. Cash sales peaked at a share of 46.3 percent in 2011 and have fallen continually on a yearly basis every month since the start of 2013.
Read More »Home Sales Up, Prices Down in Connecticut
Single-family home sales saw a modest uptick in Connecticut in September as prices trended downward for another month, according to a report from the New England-based Warren Group. Trends were also mixed for condominium properties.
Read More »Labor Market Conditions Improve in October
The Federal Reserve's Labor Market Conditions Index (LMCI) rose 4 points last month, the central bank reported, matching September's revised improvement. The index covers 19 separate indicators, including the national unemployment rate, average hourly earnings, and the transition rate from unemployment to employment.
Read More »Survey: Another Few Years Left for Recovery as Housing Faces Headwinds
In a quarterly survey of more than 100 real estate experts and economists, real estate data firm Zillow found 40 percent of respondents believe it will take another three to five years for the housing market to normalize, based on current home price trends and homebuyer activity.
Read More »Jenner & Block Recruits Former Acting General Counsel for HUD
Damon Smith, former acting general counsel for HUD, has joined law firm Jenner & Block as a partner in the group's District of Columbia office, according to an announcement.
Read More »Home Value Growth Tops 2% in October
Based on appraisal data from around the country, Quicken Loans reported Tuesday that home values were up 2.03 percent from September to October. At the metro level, values were up month-to-month in 15 of the 27 largest markets.
Read More »