News

Wells Fargo heat turned up: Oregon wants big changes, California wants Stumpf to resign

Another state wants structural changes at embattled megabank
The hot seat Wells Fargo CEO John Stumpf currently resides on is nowhere close to cooling off, especially in the wake of Stumpf’s rough appearance Thursday before the House Financial Services Committee to discuss the bank’s fake account scandal. Now, two separate states are calling for significant changes at Wells Fargo, with one calling for Stumpf's resignation.
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A case of vacant homes versus Airbnb

Vacant homes aren’t decreasing — is Airbnb a cause?
A new report from Capital Economics raises a case against Airbnb: vacancies. While foreclosures decreased since 2010, the same can’t be said for vacancies that are off the market. It seems that Airbnb may have a hand in that, here’s why.
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This chart proves homeowners are getting better at paying their mortgage

OCC: Foreclosures down 31%
Borrowers continued to get better at paying their mortgages as they move further into the year, with more people reported to be paying their mortgage on time than last year. While the overall performance of mortgages in this report remained relatively unchanged from the previous quarter, here’s how it changed since last year.
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Consumer sentiment sees uptick in September

Consumers more optimistic about future
Consumers sentiment increased in September after preliminary results showed it to be flat from August. Most of the increase was centered on one part of the survey. Survey of Consumers’ chief economist explains the reason for the increase.
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Will California real estate experience the toughest year yet in 2017?

Projected to have lowest housing affordability in six years
The trials that plagued the California housing market in 2016 aren’t expected to get too much better in 2017. The California Association of Realtors' forecast for 2017 is out and some parts of it look very familiar. Once again, the real estate market is projected to face a major supply shortages and affordability constraints.
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CoreLogic: REOs hit lowest point since 2007

Distressed sales decreased in June
CoreLogic’s latest report shows that REOs hit their lowest point since September 2007. In fact, all distressed sales continue to decline. At this rate, distressed sales are on course to hit pre-crisis levels by mid-2019.
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Lenders work to overcome Detroit's appraisal gap roadblock

The long road ahead for the Motor City
After the financial crisis, the Detroit housing market started a long uphill climb to get back to a healthy, sustainable market; an achievement the city is still currently trying to reach. However, lenders in the city are working to originate mortgages that work around some of the toughest roadblocks in Detroit and provide a path to homeownership. Here’s how they’re doing it.
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Here’s how new immigration trends impact the housing market

A factor in the issues plaguing housing
There’s one less-noticed factor that is impacting the current shortage of cheap service labor and affordable housing: the education level of immigrants is rising. It’s important to note that there’s nothing wrong with this, but people should be prepared for this shift.
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IBM to buy Promontory Financial Group; plans to bring AI to regulatory compliance

Dealing with regulations just went next-gen
Regulatory compliance is about to take a leap into the 21st century, and beyond, as IBM announced that it plans to acquire Promontory Financial Group. The purpose of the acquisition? To combine the financial regulatory experience that resides within Promontory with Watson, IBM’s artificial intelligence computer system to build a comprehensive service, to help financial institutions comply with their regulatory requirements.
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BB&T to pay $83 million for FHA lending violations

Latest lender to be accused of violating False Claims Act by DOJ
BB&T will pay $83 million to settle allegations brought by the Department of Justice, which accused the lender of violating the False Claims Act by falsely certifying that it complied with “critical underwriting and quality control requirements” on mortgages insured by the Federal Housing Administration. BB&T becomes the latest in a long string of lenders targeted by the DOJ for False Claims Act violations.
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