Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Investments

Deutsche Bank massive RMBS penalty gets cut in half

Justice reduces $14B fine substantially

Deutsche Bank announced last week that it finally reached a settlement in principle with the Department of Justice in connection with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007.

Deutsche Bank initially fought the larger charge of $14 billion; the latest figure puts the penalty in the $7 billion range.

Under the terms of the settlement agreement, Deutsche Bank agreed to pay a civil monetary penalty of $3.1billion and to provide $4.1 billion in relief to American homeowners.

“The consumer relief is expected to be primarily in the form of loan modifications and other assistance to homeowners and borrowers, and other similar initiatives to be determined, and delivered over a period of at least five years,” Deutsche Bank said in a statement.

“The settlement is subject to the negotiation of definitive documentation, and there can be no assurance that the U.S. Department of Justice and the bank will agree on the final documentation,” the statement added.

Deutsche Bank expects to record pre-tax charges of approximately $1.17 billion in the financial results for the fourth quarter as a result of the civil monetary penalty. 

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The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

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3d rendering of a row of luxury townhouses along a street

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