In the aftermath of the Federal Open Market Committee’s June meeting, certain interest rate spreads should narrow, but the overall impact for mortgages is mixed, a Keefe, Bruyette & Woods report said. Part of that depends on which segment of the industry the company operates in. Mortgage rates remaining elevated, with the 30-year fixed only […]
Mortgage servicers benefit most from Fed’s inaction: KBW Read More »
Stefani Reynolds/Bloomberg The Treasury Department is working with the bank regulators to finish the U.S.’s Basel committee-pursuant capital standards with an eye to clearing obstacles for American firms and “harmonizing” regulation of the financial system, the deputy secretary said Friday. Michael Faulkender said parts of the capital framework issued by the Basel committee would be
Top Treasury official wants to ‘Americanize’ any Basel rule Read More »
A new bill signed into law this month is set to protect some New England homeowners from foreclosure on years-old zombie seconds many likely had forgotten existed. Connecticut Gov. Ned Lamont signed new legislation into law earlier this month that establishes protections for borrowers with secondary piggyback or 80/20 mortgages whose last payments were recorded
Foreclosure protection from zombie seconds signed into law Read More »
Longtime Valley National Bancorp CEO Gerald Lipkin, who built the one-time New Jersey community bank into a regional institution with more than $23 billion of assets, passed away Wednesday at age 84. Gerald Lipkin, who spent nearly three decades as CEO of Valley National Bancorp in New Jersey, presiding over its expansion into a regional
NJ bank mourns death of longtime CEO Gerald Lipkin Read More »
Home prices continued to rise in May, reaching a new high even as fears of tariffs, trade wars, and economic uncertainty swirl through the broader economy. The median sale price for a home reached an all-time record of $396,500 during the four weeks ending June 15, according to Redfin. This was up 1% from the
High home prices hide broader slowdown as demand drops Read More »
Flipping homes is becoming a less profitable business venture for investors, an Attom Data Solutions report finds. The return on investment for fix-and-flip properties dipped to 25% in the first quarter of 2025, down from 28% the previous quarter. In the fall of 2020, the ROI on flipping homes was 48.8%, per the data vendor.
Home flipping bears less fruit for investors in Q1 Read More »
U.S. stocks rose early Friday as investors returned from the Juneteenth holiday break to evaluate recent comments from a top Federal Reserve official as well as the latest developments in the conflict between Israel and Iran. The S&P 500 Index gained 0.6% at 9:43 a.m. in New York, with the benchmark teetering between a weekly
Stocks gain as Fed’s Waller offers hope on July rate cut Read More »
Former Treasury Secretary Lawrence Summers said he expects Donald Trump to name a mainstream candidate to replace Federal Reserve Chair Jerome Powell, despite the president’s bashing of the U.S. central bank leader for failing to cut interest rates this yearBloomberg News Former Treasury Secretary Lawrence Summers said he expects Donald Trump to name a mainstream
Summers sees Trump naming ‘respected’ replacement for Powell Read More »
Former executives of failed lender Sprout Mortgage could be off the hook in a long-running lawsuit from laid-off employees seeking millions of dollars in backpay. The non-qualified mortgage lender abruptly shuttered in July 2022 and allegedly left hundreds of employees without their final two paychecks. Sprout Mortgage was one of several industry players to fold
Leave some Sprout execs out of messy saga, judge says Read More »
FHFA Director Bill Pulte called for Federal Reserve Chairman Jerome Powell to resign today, shortly after President Trump urged Powell to cut the Fed funds rate by 2.5% in a social post. This follows the Federal Reserve’s decision yesterday to keep the Fed Funds rate unchanged. Although Powell pointed out the challenges of finding a
FHFA Director Bill Pulte calls on Fed Chair Powell to resign Read More »