Rising mortgage interest rates are natural at this stage of the economic cycle, and the impact on homeowners with adjustable-rate mortgages -- including interest-only and payment-option ARMs -- should be "relatively small," according to Treasury Secretary John Snow.Only 5% of all mortgage debt will reset over the next 12 months, and total annual payments will increase by about $10 billion, or 0.1% of annual private consumption, the secretary told a National Association of Home Builders board of directors meeting. "I don't think [resets] are going to have a big effect," the Treasury secretary said. Mr. Snow also told the builders that housing activity will moderate but remain strong. "There is an awful lot of overdone talk about a housing bubble and a collapse of the housing industry," he declared. "It is not likely to happen. In fact, I think it is a remote possibility."
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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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