Single-family housing starts rose 2.6% in September, as construction activity remained strong despite the devastation caused by Hurricane Katrina in Louisiana, Mississippi, and Alabama.The U.S. Census Bureau reported that single-family starts increased from a seasonally adjusted annual rate of 1.70 million in July to a 1.75 million rate in September. September starts were 12.3% above the rate in September 2004. Celia Chen, director of housing economics at Economy.com, said she expected single-family starts to be flat this month because of Hurricane Katrina. But starts in the South are up 6.2%. She commented that Census Bureau data may not have captured the impact of the hurricane. At the same time, sales remain strong, and the rise in mortgage rates is attracting more "last-minute" buyers to the table, Ms. Chen said. Economy.com, West Chester, Pa., projects that single-family starts will total 1.69 million for 2005 and drop to 1.58 million in 2006 as the 30-year mortgage hits 7% by year-end.
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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.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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