Headlines and Blogs from Around the Web
A tax plan from House Ways and Means Committee Chairman Dave Camp would further limit the mortgage-interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.
Binyamin Appelbaum brings us the story of Bruce Marks, the man who wants to bring subprime mortgage lending back.* He leads a nonprofit called the Neighborhood Assistance Corporation of America that has $10 billion in funding from Bank of America to, well, you know make loans to people who can't make a down payment and can't withstand a credit check.
The mortgage market is quickly drying up and lender competition is heightening in order attract the remaining drops of business thus making lender relationships more important than ever.
Owning a home is still vastly less expensive than renting, netting Americans nearly 40% in savings among those who own their homes versus renting, according to online real estate hub Trulia.
A scarcity of nondistressed inventory in many markets in January helped bank-owned properties, short sales and foreclosure auctions account for nearly 1 in 5 existing-home sales in January, a new report from data aggregator RealtyTrac suggests.
Moves by regulators to slow the growth of some mortgage-servicing firms may have some benefits for the industry, but could entice the firms to take on more risk, according to Moody’s Investors Service.
The House Financial Services Committee (FSC) has released advanced information regarding an investigation conducted by the Office of Inspector General (OIG) of the Department of Housing and Urban Development (HUD).
The television ads for reverse mortgages feature amiable aging actors and even a former U.S. senator who tries to convince viewers with sincere pitches.
Credit rating agency Moody's Corp warned that mortgage servicers such as Ocwen Financial Corp could be pushed into subprime lending as their core business comes under increased regulatory scrutiny.
JPMorgan Chase & Co. (JPM:US), the biggest U.S. bank, said it would eliminate about 8,000 jobs in the consumer and mortgage banking units this year as demand for refinancings declines.
As far as economic reports go, Consumer Confidence (often lumped together psychologically with "Consumer Sentiment") occupies that well-populated "2nd tier" of reports that are more important than the non-market-movers but not quite on par with the mightier Nonfarm Payrolls or ISM releases (funnily enough, some consider ISM to be 2nd tier, but that's sheer silliness in light of recent reactions).
After US Federal Reserve (Fed) watchers and the media poured over the recently released 2008 meeting transcripts, discussing ad nauseam what was said and the inner meaning of such statements, can the real story be found in what wasn’t discussed?
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.