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NAHB/Wells Fargo Housing Market Index falls 8 points; MBA says new home purchase applications fell 13.2%.
Hurt by operating losses due to legal & regulatory issues, and by falling mortgage originations.
The lawsuit claims the CFPB is exceeding its statutory authority outlined in the Dodd-Frank Act.
Says 'there’s no question that the housing market has long lost momentum.'
Bank execs reject reports of plans to abandon the sector.
NAHB chief economist says Fed policy & high construction costs will cause first decline in housing starts since 2011.
