The housing correction may be more prolonged than originally thought, but so far any related mortgage concerns have been contained in the subprime market, according to members of the Federal Reserve's Federal Open Market Committee.In minutes of the panel's May 9 meeting released May 30, FOMC members said the housing correction is "likely" to be "somewhat longer than previously expected" and concentrated in the new-home sector. However, the Fed officials also indicated that their housing-sector concerns were outweighed by their concerns about inflation. The slight uptick in the FOMC's caution on inflation reflected by the minutes caused the long-term rate-indicative 10-year Treasury yield to inch upward Wednesday afternoon, according to Yahoo! Finance.
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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.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24