Residential construction remains strong across the country, but lenders are reporting "steep declines" in mortgage refinancings, according to the Federal Reserve Board's Beige Book."Most Federal Reserve district banks report sizable declines in mortgage refinancing activity," the Beige Book says. However, the Dallas Reserve Bank indicated persistent strength in refinancings and the Chicago and Minneapolis banks reported a "slight bounce-back in late September." Meanwhile, commercial real estate markets continue to be "sluggish" and "weak" in most Federal Reserve districts, the economic report says.
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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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