The surprise resignation of a key official at the European Central Bank sent stocks and shares plunging in markets across Europe and overseas, furthering fears about a global economic slowdown and the potential for sovereign defaults across the European Union. Sagging stocks doubled up woes for Bank of America, whose CEO, Brian Moynihan, announced plans for some 40,000 layoffs as the mortgage giant reassesses its capital position in the market and undertakes restructuring efforts, according to multiple news reports.
Read More »Industry Insiders: Rough Road Ahead for Obama Refi Proposal
President Barack Obama rolled out a $447 billion jobs bill and touted a major refinance proposal in a recent address, estimating that some 2.9 million homeowners could refinance their mortgages at current rates.
Read More »CBO Fields Winners, Losers in Obama Refinance Program
Speaking before Congress' joint session Thursday evening, President Barack Obama unveiled a $447 billion jobs bill - and plans to allow millions of eligible homeowners to refinance their mortgages at current rates.
Read More »Clear Capital: Gloomy Skies Ahead for Home Prices
Clear Capital joins a list of firms and trade groups whose batch of surveys and reports dished on consumer confidence, market health, and job growth this week. On Thursday Clear Capital forecasted glacial prices.
Read More »Markets, Analysts React to the FHFA Suits
Partly in response to suits brought by the Federal Housing Finance Agency Friday, stocks for a number of the 17 companies-turned-defendants sank Tuesday, with Deutsche Bank leading the way down midday. Market watchers across the country offered up their reactions, with some portending considerable fallout for the economy and others waving away notions that a settlement by the banks would weaken the housing recovery. Deutsche, Barclays, Morgan Stanley, and others all saw their shares decline Tuesday midday.
Read More »FHFA Sues 17 Companies Over MBS Losses
Acting on behalf of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency filed suits Friday against 17 of the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest banks and firms to recover losses stemming from mortgage-backed securities. At stake: tens of billions of dollars in assets, according to market watchers. Multiple news outlets fixed losses in mortgage-backed securities for the GSEs at $41 billion. The federal agency announced that it filed the suits on behalf of the GSEs in a New York federal court.
Read More »Profits Jump for Mortgage Banks Over Q2 2011
Despite an unfulfilling jobs report that left housing industries with flat feet, independent mortgage banks found reason to celebrate with a windfall in profit on second-quarter loans. Mortgage banks on average scored $575 for each loan, reflecting increases from $346 per loan over the first quarter this year, according to a performance report released Thursday by the Mortgage Bankers Association. Companies saw their loan volume jump from $164 million on average over the first quarter to $174 million.
Read More »Housing Industries Freeze Alongside Zero Job Growth
The economy shed as many employees as it brought on in August, leading to a startling net gain of zero jobs on a seasonally adjusted basis. Housing sectors showed no immunity to fears of a recession and slowdown.
Read More »BofA Plans to Close Mortgage Correspondent Unit
On the heels of attempts by investors to derail a mega settlement in the courts, Bank of America continued to shake up headlines Wednesday with multiple news outlets confirming that the mortgage giant plans to sell off its share of the correspondent mortgage market. With mortgage correspondents in the bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós unit set to soon receive their pink slips, multiple news outlets quoted suggested that some 3,500 could feel impact in their jobs. New job losses would follow recently reported second-quarter fallout.
Read More »Wary Consumers File 9.6% Fewer Loan Applications
Fewer homebuyers filed for mortgage loans last week, with applications falling on average by 9.6 percent from the week before, according to a weekly survey released Wednesday by the Mortgage Bankers Association.
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