Final estimate shows GDP growth exploded in Q2

But it may not last
Gross domestic product surged in the second quarter, more than doubling the growth from the first quarter this year. But while it would appear President Trump is well on his way to fulfilling his campaign promise of 4% GDP, this growth may be short-lived.
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San Francisco sues Equifax over massive data breach

Becomes first city to sue credit reporting agency
Two weeks after Massachusetts became the first state to take action against Equifax, San Francisco City Attorney Dennis Herrera announced that the city is suing Equifax too, making San Francisco the first city to pursue legal action against the credit reporting agency.
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FBI, SEC reportedly looking into PACE lender Renovate America

WSJ reports on inquiries, company responds
In a lengthy release published in response to the WSJ article, Renovate America confirmed that the company has spoken to both the FBI and SEC about the the company’s business, but the company said that it had been repeatedly assured by federal law enforcement authorities that it is not the subject or target of any investigation.  
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Fed chair Yellen defends need for December rate hike

Not all Fed members agree
Federal Reserve Chair Janet Yellen spoke to the possibility of a December rate hike, once again projecting that the data will be strong enough to raise the federal funds rate. She explained the Fed should be wary of moving too gradually. However, not all Fed members agree with her.
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Are you a Vanguard of the housing finance industry? Show us!

HW now accepting nominations for the 2017 Vanguard Awards
We’re looking for housing finance’s leading professionals! Did you make an impact on the greater industry and push your companies to new heights? Launch a new product? Expand product offerings? Change the game for your company? Sound familiar? Is that you? If so, click to read more.
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Equifax CEO steps down after massive data breach

"It is in the best interests of the company"
The man in charge of the credit bureau that suffered a massive data breach that exposed the personal information of 143 million U.S. consumers to hackers is stepping down. As Equifax continues to deal with the impact of the breach, it announced CEO and Chairman of the Board Richard Smith, is retiring, effective today.
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Watchdog: Ginnie Mae wasn't ready for nonbank mortgage lending boom

OIG report notes that Ginnie Mae made progress on oversight, but issues remain
Over the last few years, Ginnie Mae experienced a significant shift in its business, with its share of nonbank originations rising from 11% in 2011 to 75% this year. But, according to a new report from a government watchdog, Ginnie Mae was not prepared for the rise of nonbank mortgage lending and “did not adequately respond” to the changes in its lender base.
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Kevin Costner-backed mortgage startup Lender Price names new CEO

Jerry Halbrook takes over; company seeks additional funding
Lender Price, a mortgage pricing engine startup that boasts Kevin Costner (yes, that one) as its lead investor, announced Monday morning that it named Jerry Halbrook as the company’s new CEO. According to Costner, bringing Halbrook into the fold allows the company to continue growing. One of Halbrook’s first tasks will be taking the company through an equity funding round.
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