News

Fannie Mae's total book of business grew slightly in April, though its mortgage portfolio saw another sizable dip.

The Wisconsin Department of Financial Institutions closed Banks of Wisconsin (Kenosha), FDIC announced Friday. As receiver, the agency entered into a purchase and assumption agreement with North Shore Bank, FSB (Brookfield, Wisconsin) to assume all of Banks of Wisconsin's $127.6 million in deposits and $97.4 million in assets. The remaining assets (approximately $36.6 million) will be retained by FDIC for later disposition.

Though rising mortgage rates may act as a weight on today's increased housing affordability, a report from LendingTree shows down payment percentages continue to decline.

The recent slip in financial corporation profits comes at a particularly critical time for the financial sector, as housing is in the midst of a nascent recovery.

Mortgage Contracting Services (MCS), a national property preservation and inspection company, announced it is teaming up with Pruvan, a Round Rock, Texas-based company that offers a photo app for field-based businesses.

Freddie Mac announced that Richard C. Hartnack, formerly vice chairman and head of consumer and small business banking at U.S. Bancorp, has been elected as a director on the company's board.

The Federal Housing Finance Agency (FHFA) reported a slight bump in contract mortgage interest rates throughout April.

Activity in the private mortgage insurance sector picked up in April, according to monthly statistics from Mortgage Insurance Companies of America (MICA).

Consumers in the latest Thomson Reuters/University of Michigan survey reported their most improved financial situation in more than five years, according to Surveys of Consumers. The group's Consumer Sentiment Index rose to 84.5 in May, its highest level since July 2007 and an improvement over the preliminary reading of 83.7. April's index reading was 76.4; May 2012's reading was 79.3. The survey comes only days after the Conference Board's latest index, which showed consumer confidence climbing to a five-year high in May.

While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says trends show trouble in the market that may cost taxpayers billions of dollars. According to a 2012 MetLife survey, two-thirds of borrowers are now using reverse mortgages to pay down debt. Pamela Villarreal, a senior fellow at NCPA, expects the "troubling trend will increase as more baby boomers enter retirement."