The Federal Reserve Board is seeing signs that the housing market is "cooling" even though home sales remain strong, according to the minutes of the Nov. 1 meeting of the board's Federal Open Market Committee."The housing market had remained robust, although a slowing in house price gains in some areas and recent declines in home equity lending at banks could be indicating that the long-expected cooling in the housing market was near," the minutes say. Several economists believe the Fed continues to push up interest rates to slow the housing market and the rapid increase in house prices. If the housing market does cool, the Fed might stop raising rates. The Fed released the FOMC minutes on Nov. 22, the same day that the Federal Deposit Insurance Corp. reported that home equity lines of credit grew at their slowest pace in four-and-a-half years.
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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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