One day after stocks lost ground in a big sell-off, the Dow Jones industrial average rose 247 points Aug. 29, or 1.90%, as investors searched for bargains amid increasing optimism about a possible rate cut by the Federal Reserve Board.Mortgage-related stocks joined in the recovery, with some hard-hit companies gaining the most ground. Accredited Home Lenders saw its stock price rise 0.39% on the day, or 6.68%. Delta Financial Corp. saw its stock rise 4% on the day. Countrywide Financial Corp. climbed 2.59%, while Fannie Mae saw gains of more than 3%. But the mortgage insurance stocks saw mixed results, with Radian's stock price falling 3% and Triad Guaranty's falling 14%. Analysts attributed those declines to continued concern about weakness in the housing sector.
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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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