Economist: Here's why mortgage supply and demand isn't normal

Economist: Here's why mortgage supply and demand isn't normal

What has recovered or is close to being recovered?

CFPB responds to criticisms of consumer-complaint database program

Bureau answers questions raised by HousingWire, Mercatus and trade groups

Mercatus: CFPB shouldn’t create open consumer-complaint database

Info would be unfair, inaccurate, costly and without statutory authority
W S

News

Progress Residential joins booming REO-to-rental securitization market

There’s a new kid on the block
Ben Lane
Morningstar and Kroll Bond Rating Agency have each weighed in on the securitization with presale reports and awarded nearly $241 million in AAA ratings to the securitization’s Class A tranche.
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FHFA, HSBC reach $550M settlement over mortgages

Involves private-label mortgage-backed security laws
Brena Swanson
The Federal Housing Finance Agency announced a settlement for $550 million with HSBC North America Holdings, related companies and specifically named individuals, resolving claims that it violated private-label mortgage-backed security laws.
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Treasury to sell more of its stake in Ally Financial

Government down to 13.8% share in former mortgage lender
Trey Garrison
The U.S. Department of the Treasury today announced the completion of the first pre-defined written trading plan for Ally Financial common stock.
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Pension funds can sue Moody’s and Standard & Poor's

Credit-rating agencies in hot seat
Brena Swanson
The state Supreme Court ruled on Wednesday that California’s public employee pension system can sue Moody’s and Standard & Poor’s for hundreds of millions of dollars due to the high ratings they gave to investments that collapsed in 2007 to 2008.
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Here’s why mortgage rates won’t hit 2014 expectations

Originally estimated to reach 5%
Brena Swanson
Mortgage rates have continuously defied expectations in 2014, originally estimated to hit 5% by the end of this year. However, looking at the most recent mortgage rate reports, it is now September and the 30-year, fixed-rate mortgage averaged 4.12%.
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Economist: Here's why mortgage supply and demand isn't normal

What has recovered or is close to being recovered?
Jonathan Smoke
The housing ecosystem is immensely complex and highly local. What’s needed in Houston and Dallas looks very different than what’s needed in Chicago and Philadelphia. That’s why we need bipartisan leadership to work at national, state and local levels.
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Entertainment mogul looking to “simplify,” lists six homes for $107 million

Robert F.X. Sillerman to sell properties in Manhattan, Anguilla and the Hamptons
Ben Lane
According to a report in The Wall Street Journal, Sillerman and his wife Laura, have listed six of their homes in Manhattan, the Hamptons and on the Caribbean island of Anguilla for sale in an effort to “simplify” their lives.
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Bipartisan Policy Center Housing Summit in Washington starts Monday

Two-day event brings together leaders in housing and policy
Trey Garrison
On Monday morning, the Bipartisan Policy Center will kick off its 2014 Housing Summit in Washington, D.C. It's going to be one for the books.
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HUD fines FirstBank Mortgage Partners for maternity-related discrimination

Couple denied mortgage because of maternity leave
Ben Lane
According to the original complaint filed against FirstBank, a married couple alleged that FirstBank approved their mortgage application and scheduled its closing, but upon learning that the wife was on maternity leave, the lender reversed field and denied the mortgage loan. The couple was notified of the loan denial within 24 hours of the scheduled closing.
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CFPB responds to criticisms of consumer-complaint database program

Bureau answers questions raised by HousingWire, Mercatus and trade groups
Trey Garrison
The Consumer Financial Protection Bureau is still taking comments on its proposed open consumer-complaint narrative database, and it’s offering some responses to criticisms as well.
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