Foreclosures | Mortgages | Financing
Moody’s Investor Services Inc. and some Moody’s affiliates have agreed to settle allegations of misleading investors about mortgage-backed securities.
The Department of Justice and attorneys general in 20 states have reached a settlement with the New York-based organization for $864 million.
Litigation against Moody’s accuses the ratings agency of allowing its MBS ratings to be influenced by fees it received from banks that it worked for.
From:: Financing
A quarter-over-quarter slump in mortgage lending at The PNC Financial Services Group Inc. was met with annual production that managed to keep up with the prior year.
Earnings before income taxes and non-controlling interest were $1.37 billion in the three months ended Dec. 31, 2016, according to fourth-quarter 2016 financial results.
Profits at Pittsburgh-based PNC improved from $1.35 billion in the third quarter. But there a modest reduction compared to $1.38 billion in the final quarter of the prior year.
From:: Financing
By jgaffney@housingwire.com As the guard changes in Washington, so too will the housing and mortgage finance industries we rely on for making our living. The editorial department at HousingWire is answering many questions on what the Trump mortgage nation will look like. Don’t miss your chance to get in on the action, completely FREE. …read more
From:: Real Estate Wire
Even without a tornado or hurricane, high wind speeds can cause significant damage to homes. Because of this risk, homeowners in areas more prone to high wind speeds can sometimes see a decrease in their home’s value or even major property damage during storms. CoreLogic’s most recent report ranks the top 10 cities that are most at risk to wind damage. …read more
From:: Real Estate Wire
By jgaffney@housingwire.com Referrals accounted for approximately 9% of mortgage originations in 2016, Wells Fargo CFO Tim Sloan said during an earnings call. He added that the bank expects lower referrals in the fourth quarter will reduce funding volumes in the first quarter by approximately 2.5%. …read more
From:: Real Estate Wire
Mortgage production, servicing and assets at First Republic Bank all increased on a quarter-over-quarter and year-over-year basis.
Fourth-quarter 2016 earnings data indicate that prior to income taxes, there was a $229 million profit at the 32-year-old company.
San Francisco-based First Republic earned more than $202 million in the previous three-month period and $182 million a year earlier.
From:: Financing
By jgaffney@housingwire.com The expected next director of HUD, Dr. Ben Carson, is transitioning through the nomination process. So who will serve in the meantime? This guy will. Plus a full update on our favorite Ponzi schemer, Bernie Madoff. You won’t believe what he is up to in prison. …read more
From:: Real Estate Wire
A Senate Committee on Thursday evaluated Department of Housing and Urban Development (HUD) Secretary nominee Ben Carson in a hearing to confirm the position, extending a welcome to the retired neurosurgeon who, in his words, experienced “housing insecurity” firsthand.
“It’s difficult for a child to learn at school if he or she doesn’t have an adequate place to live,” he told the Committee. “I understand housing insecurity.”
Carson shared that he plans to take a “holistic” approach to housing, calling on cooperation from the private sector. He also reiterated that he does not intend for his plans for the agency to financially benefit President-Elect Donald Trump or his real estate assets.
“It will not be my intention to do anything to benefit any American particularly,” he said.
In addition, Carson addressed the recent reduction in Federal Housing Administration (FHA)-backed mortgage insurance premiums, telling the Committee he would “examine” the cut.
“Certainly, if confirmed, I am going to work with the FHA administrator and other financial experts to really examine that policy,” he said. The Trump Administration was unaware of the reduction until just prior the announcement.
Outgoing HUD Secretary Julián Castro expressed concerns about the fate of the agency in an interview with NPR last week, saying, “I’d be lying if I said I’m not concerned about the possibility of going backward over the next four years.” Castro in his exit memo “[urged] the next Administration to build upon what we have achieved and continue fulfilling the vision of making a decent, affordable home available to every citizen.”
Members of the housing industry overall are embracing the opportunity Carson and the incoming administration present.
“Dr. Carson has shown a commitment to ensuring all Americans have access to a safe and affordable place they can call home,” said National Association of REALTORS® President Bill Brown in a statement. “With that in mind, we’re urging members of the U.S. Senate to swiftly confirm him as Secretary of HUD.
“It’s no small task setting policies that support homeownership and real estate investment, and Dr. Carson is to be commended for taking on the challenge,” said Brown. “We look forward to working with Dr. Carson in his new capacity on behalf of that important mission.”
“The nomination of Dr. Ben Carson as the Secretary of Department of Housing and Urban Development provides the Committee the chance to discuss ways to rejuvenate urban cores and strengthen communities,” said Michelle Korsmo, CEO of the American Land Title Association (ALTA), in a statement. “ALTA and its members look forward to working with Dr. Carson to promote policies that will strengthen the nation’s housing and ensure all consumers looking to purchase a home have access to affordable credit.”
“Housing and education are the two places where kids live, so there’s the potential to have the experience from one really be a massive benefit to the other, because both are very important, foundational pieces,” says OwnAmerica CEO Greg Rand, citing Carson’s background in education. “[Carson’s] experience growing up is going to provide a baseline for his …read more
From:: Finance and Economy
A Senate Committee on Thursday evaluated Department of Housing and Urban Development (HUD) Secretary nominee Ben Carson in a hearing to confirm the position, extending a welcome to the retired neurosurgeon who, in his words, experienced “housing insecurity” firsthand.
“It’s difficult for a child to learn at school if he or she doesn’t have an adequate place to live,” he told the Committee. “I understand housing insecurity.”
Carson shared that he plans to take a “holistic” approach to housing, calling on cooperation from the private sector. He also reiterated that he does not intend for his plans for the agency to financially benefit President-Elect Donald Trump or his real estate assets.
“It will not be my intention to do anything to benefit any American particularly,” he said.
In addition, Carson addressed the recent reduction in Federal Housing Administration (FHA)-backed mortgage insurance premiums, telling the Committee he would “examine” the cut.
“Certainly, if confirmed, I am going to work with the FHA administrator and other financial experts to really examine that policy,” he said. The Trump Administration was unaware of the reduction until just prior the announcement.
Outgoing HUD Secretary Julián Castro expressed concerns about the fate of the agency in an interview with NPR last week, saying, “I’d be lying if I said I’m not concerned about the possibility of going backward over the next four years.” Castro in his exit memo “[urged] the next Administration to build upon what we have achieved and continue fulfilling the vision of making a decent, affordable home available to every citizen.”
Members of the housing industry overall are embracing the opportunity Carson and the incoming administration present.
“Dr. Carson has shown a commitment to ensuring all Americans have access to a safe and affordable place they can call home,” said National Association of REALTORS® President Bill Brown in a statement. “With that in mind, we’re urging members of the U.S. Senate to swiftly confirm him as Secretary of HUD.
“It’s no small task setting policies that support homeownership and real estate investment, and Dr. Carson is to be commended for taking on the challenge,” said Brown. “We look forward to working with Dr. Carson in his new capacity on behalf of that important mission.”
“The nomination of Dr. Ben Carson as the Secretary of Department of Housing and Urban Development provides the Committee the chance to discuss ways to rejuvenate urban cores and strengthen communities,” said Michelle Korsmo, CEO of the American Land Title Association (ALTA), in a statement. “ALTA and its members look forward to working with Dr. Carson to promote policies that will strengthen the nation’s housing and ensure all consumers looking to purchase a home have access to affordable credit.”
“Housing and education are the two places where kids live, so there’s the potential to have the experience from one really be a massive benefit to the other, because both are very important, foundational pieces,” says OwnAmerica CEO Greg Rand, citing Carson’s background in education. “[Carson’s] experience growing up is going to provide a baseline for his …read more
From:: Real Estate News
We know that millennials aren’t entering the housing market at the rate their parents did. Between student loan debts and rising home prices, some have understandably cold feet—so cold that homeownership rates for those under 35 dropped from 40 percent in 2006 to 32 percent in 2015. Despite this, some millennials are still battling the sky-high rental market by becoming homeowners. The question is, where?
In its second annual study, SmartAsset looked at data on under-35 homeownership rates in the 200 largest U.S. cities to identify where millennials are buying homes. Below are a handful of the hottest highlights:
Location matters. When looking at locations, the variance in homeownership for millennials is huge. In Elk Grove, Calif., for instance, millennial homeownership tops at 61 percent, while New Haven, Conn. locks in a measly 5 percent.
Sacramento steals. Two smaller cities in the Sacramento Metro Area ranked in the top 5 places where millennials are buying homes, perhaps attributable to Sacramento’s strong STEM job market.
All hail Illinois? Peoria, Ill. is becoming popular. From 2006-2015, Peoria’s under-35 homeownership rate jumped 8 percent, the highest increase in the SmartAsset study.
Northeast falls behind. Springfield, Mass. is the only Northeast city to crack the top 25. Cities in this region tend to rank lower on the list.
So where exactly are millennials buying? Here’s a fun little infographic to break it down for ya.
Source: SmartAsset
Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at zoe@rismedia.com.
This was originally published on RISMedia’s blog, Housecall. Visit the blog daily for housing and real estate tips and trends. Like Housecall on Facebook and follow @HousecallBlog on Twitter.
The post Where, Oh Where Are Millennials Buying Homes? appeared first on RISMedia.
From:: Finance and Economy