News

Historically mild winter leads to hot spring housing market in Chicago

Home sales jump nearly 15% in March
It was unusually warm in Chicago this winter. How warm? According to the National Weather Service, no snow fell in Chicago in January or February. That’s the first time that’s happened in 146 years. While this year’s winter may be a once-in-a-lifetime event for the Windy City, the mild meteorological start to the year is leading to a hot start for the area’s housing market.
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Ally Bank to mortgage lenders: Gotta spend money to make money

Study reveals what borrowers really look for when lender shopping
A recent study conducted by Ally Bank shows interest rates and closing costs are highly important factors to consumers when deciding on a lender, but a reputation based on excellent customer service and convenience is just as important. What else might sway borrowers? A little incentive.
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Cook County judge indicted for role in mortgage fraud scheme

Jessica O’Brien accused of fraudulently obtaining $1.4 million in mortgage loans
A Cook County, Illinois, judge finds herself on the wrong end of criminal charges after federal authorities accused her of taking part in a $1.4 million mortgage fraud scheme. According to the U.S. Attorney’s Office, Jessica O’Brien caused lenders to issue and refinance approximately $1.4 million in mortgage and commercial loans by “making false representations and concealing material facts in documents submitted to the lenders.”
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Fannie Mae sells $1.62 billion in re-performing loans to Credit Suisse subsidiary

Closes sale of 7,500 loans to DLJ Mortgage Capital
Fannie Mae announced Thursday that it completed its second sale of re-performing loans, selling more than $1.6 billion in re-performing loans to a subsidiary of Credit Suisse. Here are the details on the latest mortgage purchase for DLJ Mortgage Capital, which also recently bought up more than $4.6 billion in loans from HSBC.
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MBA: Mortgage apps for new home purchases jump to record high

Developers bringing new product to supplement low inventory of existing homes
The Mortgage Bankers Association’s weekly mortgage application report may be posting lackluster results, but its Builder Application Survey definitely isn’t. Mortgage applications for new home purchases are significantly rising, which is welcome news for homebuyers given the extreme shortage of housing inventory available.
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Rep: Here’s why Dodd-Frank needs to be rolled back

Too-big-to-fail efforts saved Wall Street but hurt small lenders
Taking a different approach than other Republicans on why Dodd-Frank needs to be reformed, Rep. David Kustoff, R-Tenn., penned a commentary for CNBC, explaining how the act has stifled the American Dream. To him, Dodd-Frank might have saved Wall Street from collapse, but it has also handcuffed community banks, regional banks, credit unions and other lenders.
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