It's official: Citi reaches $7B RMBS settlement

Monday Morning Cup of Coffee: Housing hangs in the balance, San Fran and something stupid

Now we see whether 2014 is a bust or banner year for housing

Why LeBron James' return to Cleveland is huge real estate win

Akron and Cleveland rank in bottom ten for price growth
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News

It's official: Citi reaches $7B RMBS settlement

Drastically dents 2Q profits
July 14, 2014
Citigroup officially announced a $7 billion settlement to settle residential mortgage-backed securities and collateralized debt obligations with the Department of Justice after industry whispers that the bank was nearing a resolution.
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Citi earnings plummet amid $7B RMBS settlement

Report $181 million 2Q14 net income
July 14, 2014
"Our businesses showed resilience in the face of an uneven economic environment. During the quarter, we continued to grow loans in our core businesses, reduce operating expenses by simplifying our products and processes and utilize our deferred tax assets,” Michael Corbat, CEO of Citi, said.
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Monday Morning Cup of Coffee: Housing hangs in the balance, San Fran and something stupid

Now we see whether 2014 is a bust or banner year for housing
July 14, 2014
Housing is at a crossroads, with some saying the industry has nowhere to go but up and that all the signs are there for a self-sustaining breakout, while others say it’s on life support and not every twitch is a sign the patient is coming out of a coma. This week will tell us what’s left for the rest of 2014.
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RealtyBid names president amid banner year

Long-time employee Jenny Atchley promoted
July 11, 2014
The announcement comes on the heels of what the company calls “a stellar first half of 2014,” that saw the site’s auction property inventory increase by 49% over the first half of 2013. The site’s property sales in the first half of 2014 grew by 93% over the same time period last year.
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Zillow and Trulia continue to set records

Web traffic reaches new high for both sites
July 11, 2014
Both sites’ increasing traffic has done wonders for their stock prices as well. Trulia is up 16.76% year-to-date and 23.38% from the same date last year. Zillow’s stock price has grown by even more. It’s up 59.88% YTD and up 115.12% from the same date in 2013.
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CFPB targets mini-correspondent divisions

Bureau reacts to growth of these mortgage bankers
July 11, 2014
Mini-correspondent lending divisions started to take off after the Consumer Financial Protection Bureau’s qualified mortgage rules went into effect on Jan. 10, creating a possible loophole for lenders and catching the CFPB’s regulatory eye.
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Trading temporarily halted on MGIC as shares drop more than 12%

Legacy private mortgage insurance take hit on FHFA proposal
July 11, 2014
Trading of MGIC Investment was suspended Friday after MGIC issued a press release during trading hours, even as the stock plunged more than 12%
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Republican CFPB renovation numbers don't add up

The fine print in the price tag
July 11, 2014
The expensive price tag on the Consumer Financial Protection Bureau’s office renovations is receiving a lot of criticism from GOP members. The only problem is that they are working with incorrect numbers.
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Wells Fargo originations up 31%, executive excitement not

Results defy industry trends
July 11, 2014
Despite beating analyst expectations for its second-quarter earnings, Wells Fargo executives are less than thrilled about the origination results. But not everyone in the industry shares that opinion.
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Capital Economics: US economy about to shift into high gear

Woo-hoo! Higher wages on the way!
July 11, 2014
“The fiscal drag has eased, household debt has fallen to more manageable levels and property prices have recovered,” according to the executive summary of the third quarter Global Economic Outlook from the analytics firm.
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