US mortgage rates climbed last week to a three-month high, prompting a slide in applications for home purchases and refinancing. The contract rate on a 30-year mortgage rose 6 basis points to 6.92% in the week ended May 16, according to Mortgage Bankers Association data released Wednesday. The rate on five-year adjustable mortgages also increased […]
Mortgage rates rise to three-month high, slowing home demand Read More »
Fair Isaac Corp.’s shares saw their worst day since March 2020 on Wednesday, falling alongside credit bureau stocks after the head of the Federal Housing Finance Agency questioned credit report pricing. The FICO score provider dropped 16%, notching the day’s worst performance among S&P 500 Index members and extending Tuesday’s 8.1% slide. Shares of credit
Credit score stocks slide as FHFA head questions pricing Read More »
Widespread industry adoption of electronic promissory notes presents challenges but has steadily gained momentum over time as various aggregators sign on, and one is paying up for certain downpayment assistance loans using them. Western Alliance’s Amerihome, the largest bank-owned correspondent investor in the mortgage business, recently got on board with e-notes. Also Click n’ Close,
Lenders bet on e-notes as adoption ramps up Read More »
Bloomberg News As banks provide the liquidity that fuels private credit lending — even without originating the loans themselves — researchers at the Federal Reserve say traditional lenders risk being dragged into a financial crisis if defaults among private credit borrowers spike. In a new paper, Boston Fed researchers José L. Fillat, Mattia Landoni, John
Fed paper flags ‘underappreciated’ risks of private credit Read More »
A consortium of consumer advocacy groups and legislators called for the re-establishment of an expired Department of Veterans Affairs program that kept thousands of service members out of foreclosure. The National Consumer Law Center criticized the VA for allowing the Veterans Affairs Servicing Purchase program to lapse without a sufficient replacement. The program, which previously
Calls for VASP reintroduction come from housing advocates Read More »
Google has launched a joint effort with the Financial Services Information Sharing and Analysis Center, or FS-ISAC, that will combine the search giant’s threat detection capabilities with FS-ISAC’s network and intelligence sharing to prevent fraud within the financial sector. The program, announced Wednesday, is dubbed the Financial Services branch of Google’s Priority Flagger Program, according
New partnership helps banks flag fraud on Google Read More »
Alanna McCargo announced Tuesday via LinkedIn that she has returned to the Urban Institute as a nonresident fellow. The former Ginnie Mae president wrote that she is rejoining the think tank at a time when there are “significant policy challenges ahead for affordability, community investment and inclusive finance.” This move follows an announcement earlier this
Ex-housing official Alanna McCargo back at Urban Institute Read More »
Fannie Mae now forecasts mortgage rates to slip back under 6% by the second quarter of 2026 as it elevated its gross domestic product outlook and modified its home sales projections. The origination forecast, while increased over both its March and April projections, other than for rates, remains more conservative than the Mortgage Bankers Association’s
Mortgage rates will go below 6% next year, Fannie says Read More »
President Donald Trump said his massive tax package is close to being finalized, having notched a deal over the state and local tax deduction, but the White House has yet to win over a faction of conservatives who want more austere spending cuts. “We’re doing very well. It’s very close,” Trump told reporters Wednesday. House
Trump says tax bill ‘close’ as holdouts threaten to sink it Read More »
Department of Housing and Urban Development Secretary Scott Turner told a group of state regulators this week that his efforts to rip away federal bureaucratic red tape and shift more decision-making power to the local level will have benefits for them. Turner informed attendees at a summit hosted by the Conference of State Bank Supervisors
HUD Secretary Turner: End to fair housing rule a state win Read More »