The housing recovery is still a long way off, a panel of mortgage industry executives agreed at the Mortgage Bankers Association annual convention in Boston."The overall picture is not a great one," Patti Cook, chief business officer at Freddie Mac, told a ballroom packed with anxious conference attendees. Paul Bibb of National City Mortgage didn't do much to ease the industry's anxiety, either, noting that while some markets are okay, others "are train wrecks." These are places where price corrections could be quite severe, and it may take until 2010 to return to normal, Mr. Bibb said. David Lowman of Chase agreed. Because "fearful" homebuyers are staying away in droves, it will "easily be into '09 and maybe even '10" before the market begins to turn around, Mr. Lowman said. "I think we're in for quite a ride." To weather the storm, the Chase official said his company is returning to sound underwriting fundamentals in all its origination channels and doing everything else it can to draw investors back into the fold. National City, on the other hand, is redirecting its lending around agency products. "If it's not saleable," Mr. Bibb told the session, "we don't want to originate it right now."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11