Lennar Corp. of Miami, the third-largest home builder in the U.S., reported a wider second-quarter loss as sales fell and the company wrote down land it no longer plans to build on. Company CEO Stuart Miller said the housing market is not recovering. Lennar said its net loss for the quarter ending May 31 rose to $125.2 million, from $120.9 million a year earlier. Revenue dropped 21%, to $891.9 million.
House Democrats on the Financial Services Committee said the more than 400-page Community Reinvestment Act proposal warrants more time for review, given its sweeping implications for community development and bank lending.
A judge found United Wholesale Mortgage did not break the law in its handling of the retirement plan, which ex-workers say cost them a collective $1.8 million.
New enhancements in business purpose lending by lenders and vendors could help originators looking for new business as conforming rates keep rising.
As tech firms increasingly rely on debt to build out their artificial intelligence buildouts, long-dated U.S. Treasuries are facing heightened competition.
Chase Home Lending announced a limited-time rate sale, while Citizens Bank and Bank of America are focused on building up affordability programs.
The compressed timeline could address a key challenge mortgage companies face when considering changing vendors.
