Sales of new homes fell to 530,000 units in June, a slight decline from the previous month's level but a 33% drop from that of the same month a year ago. However, in one positive development for the market, the inventory of new homes for sale fell to a 10-month supply, compared with a 10.4-month figure in May, according to statistics compiled by the Census Bureau and the Department of Housing and Urban Development. RBS Greenwich analyst Omar Sharif said the results were better than expected, noting that "perhaps the best piece of news was the sharp drop in the supply of new homes." He added that "more progress will have to be made on the supply front, but June's data provided a glimmer of home."
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Newly minted Federal Reserve Chair Kevin Warsh will host his inaugural press conference on Wednesday. Bankers will be paying close attention to what he says — and how he says it.
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The Federal Housing Finance Agency's annual report to Congress asks for enforcement and referral powers beyond the limited ones it currently has.
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The deal reinforces PennyMac's AI-focused pivot and will also accelerate development and growth of its proprietary servicing platform, the lender said.
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Rithm and UWM Holdings are the favorite names among publicly traded lenders, while BTIG adds coverage of Better Home & Finance at a buy rating.
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The deal offers a series of exchangeable, class A and B notes, which will pay coupons ranging from 6.00% on the A1 tranche to 5.00% on the A33 tranche.
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This industry executive finds subservicing mortgages impacted by rule changes and relatively higher delinquency rates helps test operations and keep them sharp.
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