Chinese investors are snatching up houses across America, with top metro areas becoming their preferred spot. New York and Los Angeles top the list of cities they are most interested in, but more surprisingly, Detroit and Philadelphia also ranked in the top 10.
Buyers from mainland China today can account for as many as half of the buyers at certain buildings in "Falasheng" and surrounding neighborhoods, brokers say. A few years ago there were virtually none.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More