The European Central Bank said it will lend banks €131.9bn ($161.5bn) for three months, less than economists forecast and a sign that the region’s financial industry may be stronger than investors estimated. Banks tomorrow need to repay €442bn in 12-month funds, the biggest amount ever awarded by the ECB and a key plank in its efforts to fight the financial crisis last year.
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Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
U.S. home prices increased 5.1% in the fourth quarter from a year ago, matching the pace of the prior quarter, according to the Federal Housing Finance Agency.