A long-time Federal Reserve Board official announced his retirement, effective August 1.
Roger Cole, director of the Division of Banking Supervision and Regulation, at the Federal Reserve is calling it quits after 30 years of service.
Cole currently represents the Board on domestic interagency policy and coordination committees, including the Federal Financial Institutions Examination Council's Supervision Task Force, and on the Basel Committee on Banking Supervision.
A study released today finds online lending practices are growing, as is the credit-worthiness of online borrowers, according to Mortgagebot's Benchmarks 2009 report.
Approximately 40% of lenders now take more than 25% of their applications through an online channel, according to the Benchmarks report. That's up sharply from the mere 1% who took applications via the web at the start of the decade.
The number of Americans filing for unemployment benefits dropped last week to 601,000, marking the fourth consecutive week during which first time jobless claims eased, the Labor Department reported Thursday.
Unemployment conditions were most improved in Florida, Illinois, Michigan and California, which saw the largest decreases in initial jobless claims. In contrast, the largest increases in initial claims were seen in Connecticut, Louisiana, Tennessee and Arizona.
One in every 398 US household units received a foreclosure filing in May, according to data from RealtyTrac released Thursday.
That's a 6% decrease in foreclosure activity -- which includes default notices, scheduled auctions and bank repossessions -- from April, but still up nearly 18% from last year at this time.
May foreclosure activity is actually the third highest month on record, and marks the third straight month where the total number of properties with foreclosure filings exceeded 300,000, RealtyTrac says.
Economic conditions remained sluggish from mid-April through May, according to reports today from the US Federal Reserve in its periodic "Beige Book" report.
However, some Federal Reserve districts say the economy's downward spiral is showing signs of moderating. And though they do not see a "substantial increase" in economic activity through the end of the year, the Fed's forward-looking expectations have improved.
For the third consecutive week, mortgage rates climbed, driven again by an increase in bond yields, according to Freddie Mac's [stock FRE][/stock] Primary Mortgage Market Survey.
30-year fixed-rate mortgages increased from 5.29% to an average 5.59% with an average 0.7 point for the week ending June 11, marking the highest rate recorded since the end of November, 2008.
The 15-year fixed-rate mortgage averaged 5.06 this week, up from last week's 4.79% average, but still well below the 5.93% average last year at this time.
Despite an uptick in the state of the residential market, the commercial sector -- which includes the multifamily market -- continues to wane.
The combination of lower rental rates and rising vacancy rates is causing values to decrease, resulting in losses for holders of multifamily debt and equity.
"The situation will continue to worsen long after the recession ends and is predicted by some to persist until 2015," said Caldera Asset Management.
The US Treasury said late today it has established standards for executive compensation at firms receiving TARP assistance.
The restrictions are meant "to protect the taxpayers and mandate compensation practices that maximize the value of the firm for shareholders," the Treasury said in a press statement.
The new regulations will limit executive compensation for certain executives and highly compensated employees at companies receiving TARP funds, curtailing the payment of golden parachutes.
In the wake of the ongoing mortgage foreclosure crisis fueled in part by predatory lending, one foundation is aiming to restore consumer confidence.
The effort will allow borrowers the option of using lenders that are certified as "safe," "fair" and free of predatory lending, under a 21-member national network known as nonprofit "Fair Mortgage Collaborative" (FMC).
"During uncertain economic times, American families need someone to look out for their best interest," says Janet Murguia, president and CEO of National Council of La Raza, a Collaborative member organization.
A new, social network launched today will offer a forum for open dialogue between homebuyers, sellers and real estate professionals through blogs, wikis and groups.
This network, known as Town Square, is part of RealEstate.com's new website, which aims to offer faster, easier access to nearly three million homes for sale, the company says. It also provides current home values, local resources and advice for both parties of a sales transaction.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.