Mortgage rates ended the previous week roughly in line with the best levels since May 1st. Today’s modest improvement made it official. Mortgage rates are primarily a function of trading levels in the bond market and bonds have had a few reasons to move at the start of the new week. There’s a small case […]
Mortgage Rates Lowest Since May 1st Read More »
After several starts and stops, the trigger leads ban is the closest it’s ever been to becoming law, after the House of Representatives approved its version of the Homebuyers Privacy Protection Act. There are some differences with the Senate version of the bill, which was approved by unanimous consent on June 12. Those can be
Trigger lead ban nears finish line in Congress Read More »
Bloomberg News The Federal Reserve has officially started scrubbing “reputational risk” from its supervisory policies and practices. The central bank announced Monday that it is removing all mentions of reputation and reputational risk from its exam manuals and supervisory materials. In some cases, the agency is replacing those references with discussions of specific financial risks.
Fed officially nixes reputation risk from exam practices Read More »
FICO has updated its latest credit score models to include buy now, pay later data, showing how important this pandemic-era tool has become in the overall consumer debt market. The credit score algorithm provider has introduced the capabilities in FICO Score 10 BNPL and FICO Score 10T BNPL. “Our clients tell us that FICO’s initiative
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Following U.S. airstrikes against Iranian nuclear and military infrastructure over the weekend, the United States faces an escalated cyber threat environment, with warnings issued for potential attacks against U.S. networks, including financial institutions. U.S. Defense Secretary Pete Hegseth and General Dan Caine, chairman of the Joint Chiefs of Staff, confirmed the attacks targeted Iran’s two
Banks face heightened cyber threat after U.S. bombs Iran Read More »
Federal Reserve Vice Chair for Supervision Michelle Bowman.Bloomberg News The Federal Reserve’s top regulator said changes are needed to the supplementary leverage ratio to improve the Treasury market and ensure banks face proper risk incentives. In a Monday speech, Fed Vice Chair for Supervision Michelle Bowman said the current calibration of the capital requirement is
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Mortgage modifications surged in the first quarter at the nation’s largest banks, reversing a yearlong decline, while foreclosure activity also saw a marked uptick, according to a new government report. The data suggests rising financial stress is hitting certain borrower segments, even as conditions for the mortgage market overall appear relatively strong, based on numbers
Banking giants see surge in loan modifications Read More »
Adobe Stock Shares of Northern Trust rose by more than 6% as of midday Monday after a news report that Bank of New York Mellon reached out to the asset servicing and investment management firm last week to discuss a potential acquisition. The CEOs of BNY and Northern Trust have had at least one discussion,
Northern Trust shares jump on report of BNY merger interest Read More »
Bloomberg News WASHINGTON — President Donald Trump on Friday evening signed a rule that officially eliminates the Office of the Comptroller of the Currency’s stricter reviews of certain bank mergers. Trump signed the Congressional Review Act resolution Friday nullifying the Office of the Comptroller of the Currency’s Biden-era rule that got rid of an expedited
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US previously owned home sales rose slightly in May to a still-sluggish pace that continues to show a housing market constrained by poor affordability. Contract closings increased 0.8% to an annualized rate of 4.03 million last month, just the second advance this year, according to data released Monday by the National Association of Realtors. That
Home resales stay sluggish on affordability constraints Read More »