Pavaso CEO: CFPB eClosing mortgage pilot “historic event”

Pavaso CEO: CFPB eClosing mortgage pilot “historic event”

Makes buying a home easier for all Americans

Urban Institute: Qualified Mortgage impact overblown

New rules have only slightly slowed mortgage lending

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”
W S

Investments

CHART: Biggest bank settlements of all time

Guess which bank is on there twice?
Brena Swanson
The Bank of America settlement went on record as the biggest settlement to date. But where do the other bank settlements rank in comparison?
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Labor market recovery weak and incomplete, Yellen says

Interest rate hikes may come, but depend on jobs, inflation
Trey Garrison
Interest rates and the weak labor market dominated the balance of Fed Chair Janet Yellen’s speech from Jackson Hole on Friday morning.
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Housing won’t recover unless GSE, housing tax credit changes

BPC Summit: The status quo is only going to make things worse
Trey Garrison
The housing tax credit should be raised 50%, a balance must be struck between an affordable housing policy and restricting mortgage availability to qualified borrowers, and the GSE status quo cannot hold. All this, and more, is happening right now at the Bipartisan Policy Center housing forum in Sun Valley, Idaho.
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Why are these the top 10 markets for mom-and-pop landlords?

This is where rents outstrip mortgage payments
Trey Garrison
Some places it just pays more to rent out your home when you move someplace else rather than simply selling it, because it pays every month.
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Existing home sales reach 2014 high

July sales still trail 2013
Trey Garrison
Existing home sales increased in July to their highest annual pace of the year, but are down 4.3% year over year, and the ongoing decline in distressed sales reached an important milestone, according to the National Association of Realtors.
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BofA reaches $16.65B settlement over "toxic waste" mortgages

Loans date back to Countrywide and Merrill Lynch
Brena Swanson
The rumors from yesterday are now confirmed. “Bank of America knew that such wholesale channel loans – described internally as “toxic waste” – presented vastly greater risks of severe delinquencies, early defaults, underwriting defects, and prepayment," according to the SEC filing on the settlement.
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Countrywide’s Mozilo may face lawsuit over subprime mortgages

This time prosecutors have a new weapon
Brena Swanson
Although Countrywide Financial no longer exists, co-founder Angelo Mozilo is allegedly not in the clear as prosecutors still want to hold him responsible for the company’s role in the U.S. housing bubble, according to a Bloomberg report.
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Distressed sales down to lowest share since before housing bubble broke

Sales accounted for just 11% of total home sales in June
Trey Garrison
For the 19th consecutive month, distressed home sales fell on a year-over-year basis, declining to 11.4% of home sales in June.
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What can you get for $1 million in housing these days?

It's not two houses at the same time or even a bigger house
Trey Garrison
Home values are down 11% from their pre-meltdown peak in 2007, and $1 million doesn’t go nearly as far as it used to, according to Zillow’s number crunchers.
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Chicago FHLB launches Ginnie Mae MBS program

Gives small banks access to secondary mortgage market
Brena Swanson
The Federal Home Loan Bank of Chicago will soon launch its new program that allows members to originate and sell government-backed loans into Ginnie Mae mortgage-backed securities.
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