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The effects of declining mortgage lending showed up in generally weak first-quarter earnings for Bank of America (BAC), PNC Financial Services (PNC), U.S. Bancorp (USB) and First Republic Bank (FRC).
Wells Fargo continued its strong run with yet another record performance in the first quarter of the year, as the bank reported a sequential 4.5% improvement in net income for the period even though its revenues shrank marginally.
Another survey has found a slight overall improvement in consumer attitudes toward the economy. The New York Federal Reserve Bank said that its monthly Survey of Consumer Expectations (SEC) for March showed increasingly positive attitudes toward income growth, employment, and access to credit.
What's the secret to success for top-performing, profitable mortgage lenders? There is no secret, according to Michael D. McAuley, managing director at consulting firm Garrett, McAuley & Co.
Four of the nation’s largest banks, led by JPMorgan Chase & Co. (JPM), are driving a surge in borrowing from the Federal Home Loan Bank system as they raise funds to buy assets that meet new liquidity requirements.
A U.S. government watchdog on Wednesday warned that big banks have dramatically boosted their borrowing from a federal housing finance program, a move that could pose risks to the government-sponsored system if a big borrower defaulted.
Total reverse mortgage growth rose 2.1% in February, boosted by double-digit wholesale gains and offset by retail loss, according to the latest Reverse Market Insights data.
All five national indices showed a drop-off for the second month straight in March, according to the latest report from the S&P Dow Jones Indices and Experian for the S&P/Experian consumer credit default indices.
Bank of America reported Wednesday a quarterly loss of $276 million due to $6 billion in legal expenses that included a huge settlement with the US on mortgage-backed securities.
Bond insurer Financial Guarantee Insurance Co said it had reached an agreement with Bank of America Corp to settle litigation related to nine second-lien residential mortgage-backed securitizations FGIC had insured.
US-based global bank JPMorgan Chase has eliminated approximately 3,000 mortgage jobs during the first quarter of 2014, as part of its strategy to streamline the mortgage business amid sluggish demand for home financing in the country.
Greg Wolff doesn't need a calendar to know it's right after the first of the month: the phone calls from his mortgage company start coming, sometimes twice a day.
Wells Fargo & Co. (WFC) settled a lawsuit over claims it mismanaged institutional investors’ collateral received as part of its securities lending program, lawyers for both sides told a judge as a trial was close to starting.
The Johnson-Crapo housing reform measure is slated for markup April 29, and a report by Moody’s Investors Services says the GSE package could help kick-start issuance in the private-label residential mortgage-backed securities.
U.S. mortgage lending is shrinking down to a 17-year low to levels unseen since 1997 as mortgage rates and home prices continue to climb.
There may some indicators that the rest of 2014 won’t be good for housing, but the news isn’t quite as bad as it seems. In fact, things just may be looking up.
The Mortgage News Ticker is a collection of news articles, magazine stories and blog posts from around the web. The opinion expressed are those of the news sources and do not reflect that of National Mortgage Professional Magazine, NationalMortgageProfessional.com, NMP Media Corp. or its affiliates.