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Wells Fargo missed analysts’ earnings estimates as home lending slowed and the bank set aside more than expected for potentially soured loans as the Federal Reserve’s rate hikes started to cool the once-hot housing market.

The San Francisco bank reported a 31% increase in loan originations during the second quarter. Analysts are wondering whether it will be able to secure enough low-cost funds to avoid eroding margins.

The embattled mortgage business cut approximately 72% of its workforce over a six-month period, according to a Securities and Exchange Commission filing.

A class action said the company, which has suffered two breaches in the past year, also was responsible for a larger breach and “downplayed” the situation when it notified consumers.

Following their largest drop in over a decade one week ago, averages rapidly swung upward as recession talk receded.

With rising interest rates and lower affordability, the velocity of value increases is likely to decelerate further in coming months, Fannie Mae said.

While the reason behind the deficit for every city is different, it is leading to soaring prices as the country faces high interest rates and a possible recession.

In an internal memo to staff, Deputy CFPB Director Zixta Q. Martinez announced a realignment of the bureau’s legal and student loan offices with an expanded strategy team.  

Latisha Carter, head of partner at Xero, helps lead all partner growth channels across Xero’s U.S. sales organization. Her teams are focused on regional and enterprise partner consulting. She previously served as head of partner services at Xero and brings 19 years of experience in the accounting software industry where she held different positions across marketing, sales and professional services throughout her career at Sage. She is based in Atlanta.

New starts in the first half of the year came in 19% higher than early 2020, but primarily affected long-delinquent properties protected by moratoriums.