The Federal Reserve's monetary policy-setting arm has raised its target for the federal funds rate by 25 basis points, to 4.25%, and issued a statement that "despite elevated energy prices and hurricane-related disruptions, the expansion in economic activity appears solid."The Federal Open Market Committee said, "Core inflation has stayed relatively low in recent months and longer-term inflation expectations remain contained. Nevertheless, possible increases in resource utilization as well as elevated energy prices have the potential to add to inflation pressures." The FOMC also said it "judges that some further measured policy firming is likely needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance" and "will respond to changes in economic prospects as needed to foster these objectives." The Federal Reserve can be found online at http://www.federalreserve.gov.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24