Investors finally returned to the stock market Wednesday, driving the Dow Jones industrial average up nearly 300 points. Many mortgage industry stocks saw double-digit gains on the day, with shares of Fannie Mae and Freddie Mac each rising by more than 13%. Title insurer LandAmerica Financial Group's shares rose 24% on the day, closing at $6.84. Fidelity National Financial's shares rose 22%, closing at $17.32. One exception was IndyMac Bancorp. The company's shares fell 7%, with the stock closing at $4.36 after Moody's Investors Service withdrew its debt ratings on the company. Strength in the financial sector overall helped the DJIA rise 299 points, or 2.5%, to close at 12,270 on Wednesday. The rally cooled on Thursday, and the Dow was up about 25 points at midday.
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The Office of the Comptroller of Currency said it will no longer include examinations for disparate impact liability but will still perform fair lending risk assessments on a regular basis.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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