There have been five days of triple digit moves in the Dow Jones Industrial Average. Monday's market improvement included 13 Mortgage Industry Equity Composite Stocks.
When compared with May 2012, prices in California increased 32%, going to $417,350 from $316,460.
Fannie Mae and Freddie Mac have streamlined their refinancing requirements under the direction of the GSE regulator, but little has been done to ease restrictions on purchase mortgages.
Where industry credit limits stand and why was among the topics discussed by a group of industry executives convened by Origination News at the Mortgage Bankers Associations National Secondary Market Conference in New York.
The recent rise in home prices has a number of observers concerned, and a Mortgage Grapevine post refers to recent article in a Denver newspaper on that topic.
Deutsche Bank AG arranged a $1.5 billion credit line for Blackstone Group LP to buy single-family properties last week, after providing $2.1 billion to the firm earlier this year.
Banks are pushing to overturn a legal theory that allows fair lending suits when there is no evidence that the lender intentionally discriminated against a particular racial or ethnic group, as long as the bank's policies had a disparate impact on minorities.
Williston Financial Group, the parent company of WFG National Title Insurance Co., has acquired Community Title Services of Nevada, an agency based in Las Vegas.
For the first time since April 2006, home builders view conditions for sales of newly built single-family homes as good, the National Association of Home Builders said.
Redfin said active listings are down 22% from a year ago, but this is likely to turnaround to a positive number before the end of the year.
Tight credit is limiting economic growth and disenfranchising the vast majority of middle and lower income borrowers from becoming homeowners, according to Lewis Ranieri.
Ocwen's agreement to buy $78 billion in mortgage servicing rights from OneWest is part of a string of deals by it and other nonbanks meant to wring value from remnants of the mortgage meltdown that many banks seek to unload.
Bank of America rewarded staff with cash bonuses and gift cards for meeting quotas tied to sending distressed homeowners into foreclosure, former employees said in court documents.
The 30-year mortgage rate has increased nearly 50 basis points over the past five weeks, which has hurt refinancings. But purchase activity has held up pretty well.
As the smaller GSE, Freddie Mac has traditionally been friendlier toward small seller/servicers than its larger competitor Fannie Mae.