It was a fairly boring day on what has turned out to be a fairly boring week so far for mortgage rates. After Friday’s larger spike, we’ve seen a microscopic recovery on each of the past 2 days. In terms of specific index levels, this equates to a 0.04% drop in the top tier 30yr […]
Mortgage Rates Inch Slightly Lower Read More »
Sheila Bair, former chair of the Federal Deposit Insurance Corp., in 2023.Bloomberg News The former Chair of the Federal Deposit Insurance Corp. Tuesday said she is concerned that the current push to deregulate banks could lead to a calamity in the financial system down the road. Bair, speaking before the Brookings Institution Tuesday, expressed concern
Former FDIC chair fears deregulation could spur new crisis Read More »
Bloomberg News Cara Petersen, the principal deputy enforcement director at the Consumer Financial Protection Bureau, has resigned from the agency, stating in an email to staff that the bureau’s leadership under the Trump administration has “no intention to enforce the law in any meaningful way.” On Tuesday, Petersen sent an email to the CFPB’s enforcement
CFPB’s top enforcement official, Cara Petersen, resigns Read More »
Regulators decision to lift Wells Fargo’s asset cap after seven years leaves the San Francisco-based bank better positioned for growth but won’t result in significant near-term gains, CFO Michael Santomassimo said.Eric Thayer/Bloomberg Wells Fargo has more flexibility, and its bankers can go about their business in a more “front-footed” fashion, now the Federal Reserve has
Wells Fargo: End of asset cap is not a “light-switch moment” Read More »
CrossCountry Mortgage will pay nearly $2.1 million to a former employee over age discrimination claims after losing an appeal in late May. Cheryl Shephard, a former senior accountant at CCM, filed a lawsuit in 2022 alleging she was terminated from the role she had held since 2016 because of her age. She was 65 at
CrossCountry Mortgage to pay $2.1M in age bias case Read More »
Growth in loan products across the board in anticipation of the annual home purchase season pushed mortgage credit to its loosest in over two-and-a-half years, the Mortgage Bankers Association said. However, rate lock activity fell nearly 6% in May from April, as conforming mortgage rates rose over 16 basis points during the month, a separate
Mortgage credit offerings at loosest in over two years Read More »
Following a steady rise in filings in the first few months of the year on the heels of federal policy changes, total foreclosure numbers eased in May, even as a key metric continued trending upward. A foreclosure filing appeared in one out of every 4,009 U.S. properties last month, representing a total of 35,498 units
Foreclosures in May decrease after early-year surge Read More »
Housing prices decelerated to their slowest growth rate in two years, offering positive signals for consumers looking to buy a home in 2025, according to a new report from Intercontinental Exchange. ICE Markets’ latest Home Price Index showed housing values were up just 1.4% in May year-over-year. Seasonally-adjusted prices fell by 0.01% compared to a
Housing prices soften further in Sunbelt, West, report shows Read More »
A trigger leads bill on Capitol Hill is moving forward as lawmakers backed the effort to protect the privacy of mortgage applicants nationwide. The House Financial Services Committee on Tuesday unanimously adopted the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, which would prohibit some lenders from contacting borrowers. Consumers and
Trigger leads bill advances on Capitol Hill Read More »
House Speaker Mike Johnson said he’s pressuring Senate Republicans to refrain from changing a deal to increase the state and local tax deduction cap to $40,000, pushing back on President Donald Trump’s willingness to scale back the write-off. “I’ve asked them to modify it as little as possible because I’ve got a very delicate balance
Johnson urges Senate to minimize changes to $40K SALT deal Read More »