Mortgage Company and Executives Settle Fraud Charges

The Securities and Exchange Commission today announced that a California-based mortgage company and six senior executives agreed to pay $12.7 million to settle charges that they orchestrated a scheme to defraud investors in the sale of residential mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae).    First Mortgage Corporation (FMC) is a mortgage lender that issued Ginnie Mae RMBS backed by loans it originated.  The SEC alleges that from March 2011 to March 2015, FMC and its senior-most executives pulled current, performing loans out of Ginnie......(read more)

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U.S. Economic Confidence Index Improves Slightly to -12

Americans' confidence in the U.S. economy improved slightly last week. Gallup's U.S. Economic Confidence Index averaged -12 for the week ending May 29, up three points from the prior week....(read more)

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Freddie Mac May 2016 Insight

Freddie Mac May 2016 Insight...(read more)

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Black Knight Home Price Index Report: March 2016 Transactions

Black Knight Home Price Index Report: March 2016 Transactions<br/>http://ift.tt/1RIMx6L...(read more)

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Small business job growth declines in May: IHS-Paychex

Small business job growth declined in May following three months of strong gains, according to Paychex IHS....(read more)

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March home prices rise: S&P/Case-Shiller

The S&P/Case-Shiller 20-City Composite Home Price Index rose by 5.4 percent in March from the same month last year....(read more)

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Home Buyer Preferences for Green Features Remain Stable

In NAHB's latest home buyer preference survey, buyers gave high marks to particular types of green features. Indeed, ENERGY STAR® rated appliances ranked second from the top among 150 different home and community features that buyers rated on a consistent scale.  Comparing results over the last several surveys shows a stable trend: preferences for particular green features in 2015 were about... Read More ›...(read more)

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U.S. consumer spending posts biggest gain in more than six years

WASHINGTON, (Reuters) - U.S. consumer spending recorded its biggest increase in more than six years in April and inflation rose steadily, more signs of an acceleration in economic growth that could persuade the Federal Reserve to raise interest rates again as early as June....(read more)

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US Treasurys lower ahead of data dump

U.S. sovereign bond prices were lower Tuesday as markets reopened after the Memorial Day weekend and eyed a raft of data....(read more)

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How America Lost Its Mojo (Is It Housing?!)

American restlessness is written into the national DNA. In the 19th century, families moved toward opportunity, whether it came in the form of open, fertile fields or smoky urban factories. Americans didn't just see their westward migration as a trivial preference for sun and space. They saw it as the important work of a nation, a Manifest Destiny. But if Horace Greeley were alive today , his advice might be something more like, "Move back home, young man." Americans today are strangely averse to change. They are less likely to switch jobs, or move between states, or create new companies than ......(read more)

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Regional Home Price Declines Not Uncommon in the Past

From housing economist Tom Lawler: Sustained Regional Home Price Declines Were Not That Uncommon from the Mid-80's to the Mid-90's During any 5-year period that including any part the late 70's there were virtually no areas that experienced a drop in home prices. That isn't too surprising given the high inflation rate/nominal income growth rate of the period. What was more surprising is that for any 5-year periods ending from early 2000 (which basically means the latter half of the 1990's) to the fall of 2006 there were no MSA which experienced a drop in home prices, since those periods were......(read more)

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Yellen: Rate hike probably appropriate in the coming months

Fed Chair Janet Yellen answered questions as markets looked for further hints of when the central bank will hike interest rates....(read more)

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Consumer sentiment inches up in May

Consumers were feeling more optimistic in May - but attitudes still weren't as sunny as expected, according to data released Friday....(read more)

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Yellen may help pave way for higher rates on Friday

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen has struck a largely cautious tone since engineering the U.S. central bank's rate hike last December, saying she was not convinced inflation had taken firm enough hold to justify a second move and that she was worried a weak global economy put the United States at some risk....(read more)

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Why GDP Numbers May Put Off June Fed Rate Hike

Bloomberg Why GDP Numbers May Put Off June Fed Rate Hike Bloomberg The U.S. economy expanded at a slightly faster pace in the first quarter than previously estimated, reflecting less damage from trade and inventories. Bloomberg Intelligence's Carl Riccadonna reports on "Bloomberg ‹GO›." (Source: Bloomberg) ......(read more)

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Economic growth revised up to just 0.8 percent

U.S. economic growth slowed in the first quarter although not as sharply as initially thought, helped by spending on home building....(read more)

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The Dangers of Yellen Speaking Right Before Memorial Day

Bloomberg The Dangers of Yellen Speaking Right Before Memorial Day Bloomberg Michael Krautzberger, head of European Fixed Income at BlackRock, discusses monetary policy from both the ECB and the Fed, and if comments from Fed Chair Janet Yellen right before Memorial Day poses a problem. He speaks with Guy Johnson and ......(read more)

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Ahead of Yellen and GDP data, US futures higher

U.S. stock futures were higher this morning, as U.S. oil prices continued to retreat from the $50 per barrel level....(read more)

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With housing heating up, here's how to play the homebuilders

Home sales surged in April, leading traders to look to housing stocks as a new investment....(read more)

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Gundlach Says Yellen Speech to Be Dovish as Treasury Bid Soars

Gundlach Says Yellen Speech to Be Dovish as Treasury Bid Soars Bloomberg Jeffrey Gundlach said he expects a dovish speech from Federal Reserve Chair Janet Yellen Friday. The chief executive of DoubleLine Capital LP in Los Angeles said the Fed will refrain from raising interest rates in June unless traders in the futures ... and more »...(read more)

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Looking to Buy? Do Your Homework and Get in Line

The economy, lower mortgage rates, and demographics are driving the highest level of purchases since spring 2007, but would-be buyers face hurdles. The post Looking to Buy? Do Your Homework and Get in Line appeared first on Real Estate News and Advice - realtor.com ....(read more)

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Freddie Mac Issues Monthly Volume Summary for April 2016

Freddie Mac Issues Monthly Volume Summary for April 2016...(read more)

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Mortgage Rates Tick Up on Fed News

Mortgage Rates Tick Up on Fed News...(read more)

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U.S. business spending mired in weakness, but economy picking up

WASHINGTON (Reuters) - U.S. business spending intentions weakened in April for a third straight month amid soft demand for machinery, but a surge in contracts to purchase previously owned homes to a 10-year high supported views economic growth was gaining speed....(read more)

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Powell: Hike may come 'fairly soon'

Federal Reserve Governor Jerome Powell said Friday an interest rate hike could be appropriate fairly soon....(read more)

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Apartment and Condominium Market Remains Steady in the First Quarter

The National Association of Home Builder's Multifamily Production Index (MPI) increased one point to 53 in the first quarter of 2016 (Exhibit 1). This quarter marks the 17th consecutive quarter in which the index has been above its breakeven point of 50, which means that more builders and developers report that current conditions in the apartment and the condominium market... Read More ›...(read more)

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Pending home sales up 5.1 pct, highest level in a decade

A strong showing of homebuyers in the South and West boosted overall U.S. home sales in April....(read more)

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U.S. jobless claims fall more than expected last week

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, moving back to near cycle lows as the labor markets...(read more)

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US durable goods surge on transportation, but business spending weak

Orders for long-lasting U.S. manufactured goods surged in April on strong demand for transportation equipment....(read more)

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Fed's Bullard: tight U.S. labor market may put upward pressure on inflation

SINGAPORE (Reuters) - U.S. labor markets are relatively tight and may put upward pressure on inflation, St. Louis Federal Reserve President James Bullard said on Thursday....(read more)

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New York financial regulator gearing up to probe online lenders - source

(Reuters) - New York state's financial regulator, which recently launched a probe into LendingClub Corp, is preparing to look into the activities at other online lenders and whether they should be licensed in New York, a person familiar with the matter said on Wednesday....(read more)

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Wells Fargo launches 3% down payment mortgage

The nation's largest lender, Wells Fargo, is offering a new mortgage with a 3 percent down payment requirement. What gives?...(read more)

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Wells Fargo Pays $70 Million for Failures in Foreclosure Accord

Bloomberg Wells Fargo Pays $70 Million for Failures in Foreclosure Accord Bloomberg Wells Fargo & Co. agreed to pay a $70 million penalty in ending the bank's five-year fight to settle legal claims over foreclosure missteps after the 2008 credit crisis. U.S. regulators announced the fine for the San Francisco-based bank on Wednesday ... and more »...(read more)

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Freddie Mac Completes First Credit Risk Transaction With 15-Year Mortgages

Freddie Mac Completes First Credit Risk Transaction With 15-Year Mortgages...(read more)

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Mortgage Debt Outstanding Expands On Growing Originations

According to the Household Debt and Credit Report released by the Federal Reserve Bank of New York, aggregate household debt outstanding totaled $12.252 trillion in the first quarter of 2016, 2.4%, $401 billion, greater than its level of one year ago. The report found that non-housing related debt outstanding (auto loans, credit cards, student loans and other debt) increased year-over-year... Read More ›...(read more)

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NAHB Releases Remodeling by Zip Code Estimates for 2016

NAHB has released its latest projections of spending on improvements to owner-occupied housing by zip code. The projections show total spending on improvements, the number of owner-occupied homes, as well as average spending per improvement, in each zip code for calendar year 2016.  Also shown for each zip are 2016 projections for the five key variables NAHB uses to estimate home improvement... Read More ›...(read more)

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Lawler: Table of Distressed Sales and All Cash Sales for Selected Cities in April

Economist Tom Lawler sent me the table below of short sales, foreclosures and all cash sales for selected cities in April. On distressed: Total "distressed" share is down in all of these markets. Short sales and foreclosures are down in all of these areas. The All Cash Share (last two columns) is mostly declining year-over-year. As investors continue to pull back, the share of all cash buyers continues to decline.   Short Sales Share Foreclosure Sales Share Total "Distressed" Share All Cash Share Apr- 2016 Apr- 2015 Apr- 2016 Apr- 2015 Apr- 2016 Apr- 2015 Apr- 2016......(read more)

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SIFMA Publishes Quarterly Research Report for 1Q 2016

SIFMA Publishes Quarterly Research Report for 1Q 2016<br/>http://ift.tt/25lMkDI...(read more)

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How Fed Rate Hike Messaging Impacts the Economy

Bloomberg How Fed Rate Hike Messaging Impacts the Economy Bloomberg Pantheon Macroeconomics Chief Economist Ian Shepherdson discusses how the Fed is handling its interest rate hike messaging. He speaks on "Bloomberg ‹GO›." (Source: Bloomberg). Related. Full Show: Surveillance (05/24). Most Recent Videos. How Fed ......(read more)

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FHFA: House Prices increased 0.7% in March, New Zip Code HPI Data

From the FHFA: U.S. House Prices Rise 1.3 Percent in First Quarter; 19 Consecutive Quarterly Increases U.S. house prices rose 1.3 percent in the first quarter of 2016 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the nineteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. House prices rose 5.7 percent from the first quarter of 2015 to the first quarter of 2016 . This is the fourth consecutive year in which prices grew more than 5 percent. FHFA's seasonally adjusted monthly index for March was up 0.7 percent......(read more)

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OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty

The Office of the Comptroller of the Currency (OCC) today terminated its mortgage servicing-related order against Wells Fargo Bank, N.A. (Wells Fargo), and assessed a $70 million civil money penalty against the bank for previous violations of the order....(read more)

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Can the Fed Control the US Yield Curve?

Can the Fed Control the US Yield Curve? Bloomberg May 25 (Bloomberg) -- Bank of America Merrill Lynch Director of G10 FX Strategy Kamal Sharma discusses Treasuries and Fed policy. He speaks on "Bloomberg Surveillance." (Source: Bloomberg) ......(read more)

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More U.S. Housing Markets Improving

More U.S. Housing Markets Improving...(read more)

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Over 20% of Home Builders Have Already Used Aerial Drones

Results from a recent NAHB survey of single-family builders show that a majority of them (66 percent) are aware that unmanned aerial vehicles (i.e., drones) have been used on construction sites, and 22 percent have already used a drone in their own construction business at least once (including cases where they may have hired a third party to do so).... Read More ›...(read more)

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Fed just amassing ammo for next recession with summer hike: Forester

In preparing the market for a summer interest rate hike, the Fed is girding itself for an economic downturn, Tom Forester says....(read more)

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Clinton accuses Trump of cheering housing crisis for profit

WASHINGTON (Reuters) - Democrat Hillary Clinton, seeking to dampen Republican presidential candidate Donald Trump's growing appeal with working-class voters, on Tuesday accused him of having cheered on the 2008 housing market crash....(read more)

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Comments on April New Home Sales

The new home sales report for April was very strong at 619,000 on a seasonally adjusted annual rate basis (SAAR), and combined sales for January, February and March were revised up by 44 thousand SAAR. This was the highest sales rate since January 2008. Sales were up 23.8% year-over-year (YoY) compared to April 2015. And sales are up 9.0% year-to-date compared to the same period in 2015. Earlier: New Home Sales increased sharply to 619,000 Annual Rate in April . Click on graph for larger image. This graph shows new home sales for 2015 and 2016 by month (Seasonally Adjusted......(read more)

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Bond auction may signal something darker

Buyers swarmed the two-year Treasury auction, at the same time market expectations for a Fed rate hike were building....(read more)

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Rosenberg: Rate hike 'reckless'

A slow economy, weak market and deflation hardly add up to ideal conditions to raise rates, David Rosenberg says....(read more)

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U.S. Households' Mortgage Debt Rises to Four-Year High, Fed Says

Bloomberg U.S. Households' Mortgage Debt Rises to Four-Year High, Fed Says Bloomberg Increased mortgage borrowing was behind a 1.1 percent rise in U.S. household debt in the first quarter, with slowdowns in other areas such as credit-card balances and auto loans, according to the Federal Reserve Bank of New York. Total mortgage debt ... and more »...(read more)

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