Economy

Mortgages taken out to fund business operations can now be modified in bankruptcy. That’s a relief to borrowers — particularly with business failures expected to increase as the pandemic drags on — but a possible headache for banks and investors that hold the loans.

It starts with understanding investor, insurer and regulatory requirements and how they're interpreted and applied.

The median price for detached homes in Marin County, Calif., rose 5.3% in June over the prior year, marking the first solid gain since the coronavirus arrested the market.

The surge of COVID-19 cases in much of the nation put a hold on reopening the economy, adding risk to the housing market, First American said.

The Detroit lender disclosed that the consumer bureau had sent a civil investigative demand to Rocket Homes Real Estate for potential violations of the Real Estate Settlement Procedures Act.

Mortgage rates slid further this week, as the conforming 30-year fixed loan fell below the 3% mark for the first time in the 50 years Freddie Mac has tracked this information.

The Rhode Island Association of Realtors said that the number of single-family houses sold in June was down 14.6% from the same month a year ago.

The consumer agency alleges Townstone Financial's CEO and president made statements on a radio show discouraging applicants living in Black neighborhoods from seeking home loans.

The company wants to provide financing to those who purchase its homes in Colorado, Georgia and Texas.

Any intention that Ginnie Mae may have had to slow prepayment rates by changing the rules on RPLs seems to be thwarted by the grim economic reality facing the big banks.