Consumer spending reported solid growth in November, giving another positive sign to the industry that the Federal Reserve will likely raise interest rates next week for the first time in nearly a decade. …read more
From:: Real Estate Wire
How much is too much for a closing gift from a real estate agent?
Closing gifts are almost as important in the real estate world as securing a home, at least it is if you want your clients to come back. Are you thinking about buying a simple welcome mat and flowers for the family’s new home? You better think again. And a lot bigger. …read more
From:: Real Estate Wire
Tom Wind hired as president of U.S. Bank Home Mortgage
Tom Wind is the new president of U.S. Bank Home Mortgage, replacing Rick Aneshansel, who announced his retirement earlier this year. Wind has held executive positions with several other lenders, including EverBank Financial Corporation, Lehman Brothers/Aurora Loan Services and JPMorgan Chase. …read more
From:: Real Estate Wire
Star of ‘The Big Short’ backs new mortgage venture
Until the motion picture The Big Short came closer to becoming a reality, the name Michael Burry, played by Christian Bale, was probably unfamiliar to most people. Now, Burry, who was one of the featured stars in the best-selling book of the same name by Michael Lewis, is getting back into mortgages. …read more
From:: Real Estate Wire
Houston couple wins $5.4 million in foreclosure fraud suit against Wells Fargo
It’s a story that has been seen hundreds, if not thousands of times since the housing crisis. Homeowners fight back against foreclosure, saying that the lender or servicer has no legal authority to foreclose on their home. And it usually ends the same way, with the little guy losing. But one Houston couple took on one of nation’s biggest banks – and won. Big. …read more
From:: Real Estate Wire
New House bill would end ‘FICO monopoly’ at Fannie Mae, Freddie Mac
A bill introduced Thursday in the House of Representatives would allow Fannie Mae and Freddie Mac to consider alternative credit-scoring models beyond the FICO credit score the government-sponsored enterprises currently use when determining what loans to purchase. …read more
From:: Real Estate Wire
Morgan Stanley reaches $225 million settlement with NCUA
The National Credit Union Administration announced its latest move in pursing recoveries on behalf of corporate credit unions that were hit with big losses due to the corporate credit unions’ purchase of faulty residential mortgage-backed securities. Now, Morgan Stanley becomes the latest to pay up. …read more
From:: Real Estate Wire
Moody’s: TRID violations found in 90% of recently reviewed mortgages
Despite CFPB Director Richard Cordray’s recent proclamation that the implementation of the new TILA-RESPA Integrated Disclosures rule was akin to the unfounded panic that surrounded Y2K, a new report from Moody’s finds the opposite may be true. Are TRID compliance violations running rampant? Get the latest from clicking the headline. …read more
From:: Real Estate Wire
Golden Globe nominations prove you need to see The Big Short
The financial crisis struck a chord with Hollywood this year as two major motion pictures were listed in the nominations for the 73rd Golden Globe Awards. If you weren’t motived already to see these movies that have an All-star cast that includes Steve Carell and Christian Bale, then you should be convinced now. …read more
From:: Real Estate Wire
Fannie Mae, Freddie Mac suspend foreclosure evictions during holidays
As the government-sponsored enterprises have now done for several years, Fannie Mae and Freddie Mac announced that they will suspend foreclosure evictions during the holiday season. …read more
From:: Real Estate Wire