Loan purchases by Fannie Mae fell to $55.57 billion in July, the mortgage giant's worst showing since February, according to figures released by the company.Compared to the same month a year ago loan purchases fell by 61%. However, Fannie's portfolio grew 2.1% (annualized) in July to $893 billion as rising rates slowed prepayment speeds. Fannie, like most participants in the mortgage market, is suffering from a slowdown in production -- in particular refinancings -- which limits the amount of mortgages it can purchase in the secondary market. However, the production slowdown is allowing the company to continue growth in its balance sheet. July marks the second month in a row that Fannie grew its portfolio. The previous eight months the GSE suffered portfolio declines.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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