Housing markets have "cooled" and residential mortgage lending has declined in most parts of the country, according to the Beige Book, the Federal Reserve Board's periodic report of economic activity.Except in the St. Louis and Dallas districts, the Federal Reserve Banks reported that new- and existing-home sales declined and inventories of unsold homes rose in June and the first two weeks of July. The Dallas Federal Reserve Bank reported some "cooling." But demand for housing "remains strong" and construction activity has been "robust," the district bank said. "As home demand has slipped more generally, scattered reports indicated a strengthening in demand for rental units," the Beige Book says.
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Social media posters are promoting how consumers can acquire properties without engaging the existing lender or servicer, observers of this activity warn.
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California Gov. Gavin Newsom signed a bill that requires HOAs to hold a minimum reserve contribution and the California Fair Lending Examination Act last week.
October 6 -
The REIT accused the wholesale leader of hiding its massive market gamble during the negotiations, which resulted in $741 million in losses.
October 6 -
The Federal Reserve is restructuring bank supervision into five regions, following state lines, and putting one regional leader in charge. It's also planning to revise regulatory thresholds so that banks will need to be bigger before tougher standards kick in.
October 6 -
The megalender's new platform, called Orbit, aims to provide its broker partners with advantages and perks that help them compete in a tough rate environment.
October 6 -
While the three largest lenders now offer VantageScore, Bank of America Securities says two agency pulls boosts consumers scores, no matter which model.
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