News

A new report from the National Bureau of Economic Research (NBER) asserts the Community Reinvestment Act (CRA) drove banks to make riskier loans.

Subprime credit scores are declining across the country with strong declines in a few rebounding markets, according to Atlanta-based Equifax, a leading credit reporting agency. Designating credit scores below 620 as "subprime," Equifax found the number of subprime borrowers decreased 2.1 percent from the third quarter of 2011 to the third quarter of 2012. The 2.1 percent translates to about 1 million Americans who rose from the subprime category.

ISGN Corporation, a provider of end-to-end technology services to the mortgage industry, announced three new hires and one promotion to round out the company's senior leadership team.

Equity Loans LLC, a Georgia-based lender with operations in more than 30 states, reported major growth in 2012, both in loan volume and in operations. According to a company release, Equity Loans saw a 50 percent increase in loan production last year, setting a new record.

Younger generations continue to hold a more favorable view of homeownership than their elders, according to Prudential Real Estate's end-of-year Outlook Survey. The report shows homeownership remains important to 96 percent of Americans, with 77 percent of respondents ages 25-34 and 78 percent ages 35-44 agreeing it is "very important." Those percentages fall off somewhat for older generations: 73 percent for the 45-54 crowd and 72 percent for those ages 55-64.

So, there├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós some sort of football game this weekend. Like many economists, I├â┬ó├óÔÇÜ┬¼├óÔÇ×┬óm a bigger baseball fan than football, intrigued by the statistics in baseball, statistically a zero-sum game unlike most other sports. Just about every positive statistic in baseball for one player has a corresponding negative statistic for another. All that aside, there is some linkage between Super Bowl (yes, that's the name of this Sunday's game) and the economy, not just the stock market as many "analysts" like to write.

Consumer confidence picked up somewhat in January, but the recent payroll tax hike put a ceiling on any major gains.

Bank brand values across the globe are on the rise, charting their highest values ever and double their values in 2009, during the financial crisis, according to the results of an annual study by Brand Finance. The most valuable bank brand worldwide is Wells Fargo, with a $26 billion brand, according to the study.

Global DMS, a Lansdale, Pennsylvania-based technology provider for the real estate industry, announced this week the addition of a new role and a seasoned professional to fill that role. Jody Collup joined Global DMS as VP of marketing.

Private mortgage insurance activity saw a slight lift in December, according to Mortgage Insurance Companies of America's (MICA) monthly statistical report. Member companies wrote a combined $10.7 billion in primary new insurance on conventional loans in December, up from a reported $10.4 billion in November. Primary insurance in force was nearly $400.7 billion at the end of the year, with December marking the seventh consecutive month of increases.