Efforts to securitize mortgages and other assets are making headway in Asia, but they still face some challenges, according to two recent reports on the outlook for the market.Asian markets like Hong Kong's, which raised funds through a mortgage-backed securities program last year, show potential for seeing issuance activity again this year, according to a report by Moody's Investors Service. But in China, for example, there still exist conditions that are "drawbacks" for the development of a residential MBS market, Standard & Poor's reported. These include "the immaturity of the secondary housing market" in that country, S&P said. S&P can be found on the Web at http://www.standardandpoors.com.
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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.
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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.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago