News

Maxine Waters: I'm going to move forward to break up Wells Fargo

Ranking Member of House Financial Services Committee vows to break up bank
Throughout Wells Fargo CEO John Stumpf’s rough day in front of the House Financial Services Committee, multiple representatives called for the bank to be broken up, suggesting that the megabank is simply too big to manage effectively. But as the hearing neared its conclusion, the ranking member of the committee, Rep. Maxine Waters, D-Calif., went beyond her fellow representatives’ calls to break up Wells Fargo, stating that she is going to actually move to break up the bank.
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Low down payment mortgages can compete in today's market

Redfin advice to sellers: "The highest offer is not necessarily the best"
Despite the growing prominence of low down payment mortgages, first-time homebuyers believe they need to put 20% down to compete in today’s market. The market is changing though, and a new survey of real estate agents shows that low down payment mortgages can and do compete. Sellers are even recognizing this.
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Freddie Mac: 30-year FRM hits 10-week low

Investors moved to safer grounds after FOMC pushed off rate hike
Mortgage rates dropped this week after the Federal Open Market Committee declined to raise rates in September. In fact, the 30-year fixed-rate mortgage hit a 10-week low. Freddie Mac’s chief economist explains why.
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Pending home sales sink to lowest level since January

Further evidence housing recovery could stall
Pending home sales decreased in August following the previous month’s record high. It now seems July’s high could be an outcast as this marks the third month of declines in the past four. NAR’s chief economist warns of the consequences if the market doesn’t start to see more inventory soon.
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Housing affordability at the worst level in seven years

[Infographic] Here are some possible antidotes
Home affordability is at the worst level in seven years, with one in four housing markets not affordable by historic standards. Despite the negative news, Daren Blomquist, senior vice president at ATTOM Data Solutions, did point out one positive area, which involves California's typically hot market.
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The fatal price tag of not investing in digital innovation for Millennials

Here’s where to find the demand
The coveted group of potential borrowers who were born between 1981 and 2000 are a key variable in why financial institutions need to and should invest their capital in financial innovation. If they choose not to, they lose on the next generation of consumers. So where will most Millennials choose to do business? Nonbank financial services, digital platforms and technology providers
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California cuts ties with Wells Fargo in wake of fake account scandal

State Treasurer: This is a legal and ethical outrage that cannot go unpunished
The state of California is suspending several business relationships with Wells Fargo as the fallout from the bank’s fake account scandal continues. “Wells Fargo's admission that thousands of its bank employees opened over two million fraudulent consumer accounts is a legal and ethical outrage that cannot go unpunished,” said California’s state treasurer, John Chiang. Read the latest, right here.
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