Organization Root Tag

A Texas judge dealt the Consumer Financial Protection Bureau a setback that has changed the bureau's calculus for furthering its near-term agenda. But an ambitious Supreme Court could also call all of the bureau's final rules into question.

But its mortgage business remains a money loser, and it wasn't a great period for the acquisition target either.

BofA is the first large Wall Street bank to officially reverse its call amid growing optimism about the economic outlook.

The company, whose core business is helping real estate agents connect with homebuyers, said it's projecting third-quarter revenue of $458 million to $486 million.

The move was "not being driven by fundamental credit, capital or liquidity deterioration at the firms," the firm said.

Volumes were driven down largely by slowing conventional purchase activity resulting from ongoing interest rate and affordability challenges, the Mortgage Bankers Association said.

The Federal Reserve is leading the push for broader, more standardized risk-capital rules, yet some of its board members, other regulators and industry groups are uncomfortable with the proposal.

But the government-sponsored enterprise is still concerned about the fiscal health of its lender counterparties as volumes are down considerably from last year.

The decision from the Federal Housing Finance Agency to allow lenders to review only two credit reports for mortgage applicants will harm homebuyers with less than perfect credit, writes the founder and CEO of Financial Services Innovation Coalition and a certified general appraiser at the Dawson Valuation Group.

The Federal Reserve said that banks reported tighter standards and continued weak demand for loans in the second quarter, extending a trend that began before recent stresses in the banking sector emerged.

The Department of Housing and Urban Development would permanently allow servicers to use online and remote communications to establish borrower contact, as they did during the pandemic.

With the appointment, interim leader Bill Emerson will take over the role of president and chief operating officer, while Bob Walters announced his retirement.

Wall Street securities dealers expect a glut of Treasury sales to start coming soon as the government steps up its borrowing.

The owner of Tri-Emerald Financial Group claimed unregistered securities it was offering would increase in value by more than tenfold before an eventual Nasdaq listing.

Citing issues that arose during this spring's bank failures, the central bank and other agencies urge depositories to ensure they are ready to borrow at a moment's notice.

The association thinks this could simplify and manage the costs of two new pending credit requirements by allowing companies to add the one that's been through a price hike second.

While the monthly amount decreased by only a few dollars in June, it was the first decline since late last year, according to the Mortgage Bankers Association.

A successful merger would culminate an over two-year period of major losses and pestered with criticism over the firm's mass layoffs.

The decline occurred even as interest rates held steady, but average loan amounts shot up due to a heightened slowdown of federally sponsored activity, the Mortgage Bankers Association said.

Analysts look at whether the FOMC will bring the last rate hike in the cycle, whether recession is coming, and whether the Fed is making a policy mistake.