Items Tagged with 'Federal Reserve Bank of New York'

ARTICLES

  • Welp: Mortgage originations fall to four-year low in first quarter

    So, about that whole refi boom…
    Mortgage interest rates fell throughout the first quarter, eventually experiencing the largest single-week decline in 10 years. That decline led some to suggest that a boom in refinances could be on the horizon. And while that may yet happen, it hasn’t happened yet. In fact, the mortgage business just experienced its worst quarter in more than four years.
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  • Moody's: Mortgage delinquencies are on the rise

    Loosening underwriting standards and slowing home price growth will play a role
    Loan delinquencies for household debt have remained consistent over the past year, but Moody's Investors Service predicts this is about the change. New residential mortgage delinquencies clocked in at 3.55% last quarter, up 15 basis points from last year, Moody's said, calling this trend consistent with its prediction that delinquencies are on the uptick.
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  • Americans now have more debt than ever before

    Mortgage debt hits highest level in 9 years
    Thanks to increases in mortgage, auto loan, and credit card debt, Americans now have more debt than ever. In fact, mortgage debt now rests at $9 trillion. It’s the first time that mortgage debt has reached the $9 trillion threshold since the second quarter of 2009.
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  • Did the Feds clean up Miami's dirty real estate market?

    Buyers may be substituting new ways to buy property
    A study conducted by economists at the Federal Reserve Bank of New York and the University of Miami indicate a 95% decrease in home purchases by shell companies and other corporate entities in Miami-Dade County, according to an article by Nicholas Nehamas and Rene Rodriguez for the Miami Herald. However, there is speculation that shell companies are now “substituting” new ways to buy property.
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  • New York Fed names John Williams president and CEO

    Will begin in new role June 18, 2018
    The Federal Reserve Bank of New York announced it nominated John Williams as its next president and CEO. Williams will begin his new role on June 18, 2018, following the last day for current NY Fed President William Dudley. Here’s more on Williams, and what he brings to his new role.
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  • New York Fed President William Dudley to retire next year

    Marks another leadership shuffle
    There's another leadership change coming to the Federal Reserve System. Federal Reserve Bank of New York President and CEO William Dudley announced Monday that he intends to retire in mid-2018, confirming industry rumors. Dudley becomes the latest Fed official to leave, whether by their own choice or not.
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  • Americans fall deeper into debt than ever before [Charts]

    Debt now surpasses previous 2008 peak
    Americans are taking on more debt than ever before, as the level of consumer debt just surpassed its 2008 peak. After nine years, debt levels recovered from the recession. And over the past century, household debt growth is even more substantial. These charts explain the growth patterns.
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  • NY Fed president compares Wells Fargo fake account scandal to subprime mortgage crisis

    Dudley: Like subprime crisis, compensation made bankers ignore consequences
    The president of the Federal Reserve Bank of New York told the Banking Standards Board in London on Tuesday that he sees quite a few similarities between the Wells Fargo fake account scandal and the subprime mortgage crisis of the late 2000’s. "Compensation, once again, seems to be at the center of a scandal," NY Fed President William Dudley said in the speech.
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  • [CHARTS] Notably fewer rejections for mortgage refis as credit profiles improve

    Lower credit consumers stay away from rising interest rates
    As interest rates continue to increase, mortgage refinance applications are decreasing. However, as the last few households rushed in to apply for a refi before rates increased further, rejection rates dropped. These charts from the Federal Reserve Bank of New York explain the latest trends in mortgage refinances.
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