While the slowdown in the housing market has been "orderly," members of the Federal Reserve Board's interest-rate-setting committee are concerned that further tightening could spark a "sharper downturn" in the housing sector.The declines in new-home sales and starts, along with higher inventories, order cancellations, and reports from homebuilders, suggest that this "weakness" will likely be extended, according to the minutes of the Federal Open Market Committee's June 28-29 meeting. Fed Chairman Ben Bernanke and his colleagues believe the slowdown in home sales and construction activity is "broadly in line" with the tightening in monetary policy over the past two years. In addition, they seem to take comfort in the fact that housing prices continue to rise and at a much slower pace than in recent years. "Participants observed that the evidence to date indicated that the slowdown was orderly, but were mindful of the possibility of a sharper downturn in the sector," according to the FOMC minutes released July 20.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22