Economy

The portion of homebuyers making their first residential purchase fell for a third straight year, and is now at the lowest level since 1987.

Fannie Mae will pay the U.S. Treasury Department $2.2 billion after reporting a net income of $2 billion for the third quarter.

Many millennials lack knowledge about credit, despite their own concerns with their financial futures, according to a study by Experian.

After years of plowing resources into compliance projects, mortgage lenders surveyed by National Mortgage News are foregrounding core business initiatives in their plans for the coming year. High on to-do lists are projects aimed at improving the customer experience and seizing new business opportunities.

The commercial mortgage-backed securities delinquency rate continued its year-long improvement in October, with another big improvement predicted for November, according to Trepp.

Luther Burbank Savings, in Santa Rosa, Calif., has established three home loan programs aimed at helping low- and moderate-income borrowers afford to buy homes in nine California counties.

Nationstar will provide servicing-released option for fledging Chicago's MPF Government MPF program.

New rules proposed by international banking regulators would severely reduce, and possibly eliminate, banks' profitability in trading bonds that finance everything from home loans and apartment mortgages to auto loans and student debt, according to JPMorgan Chase & Co.

Mortgage applications decreased 0.8% for the week ending Oct. 30 according to the Mortgage Bankers Association's weekly survey — an improvement from the 3.5% drop registered the week prior.

While Texas has been among the strongest housing markets in the country over the past few years, the recent decline in oil and gas prices is affecting its housing market at a time when an overall sluggish economy can't pick up the slack.

Greystone has secured $88.6 million in financing to rehabilitate 20 multifamily properties for low-income residents in Tennessee.

HomeFree-USA, a group that provides counseling to potential homebuyers, has opened a Baltimore office and introduced a campaign to promote neighborhoods in West Baltimore that had been ravaged by riots.

Freddie Mac Chief Executive Donald Layton insisted Tuesday that the government-sponsored enterprise showed "very strong fundamentals" in the third quarter, despite reporting a $501 million loss due to an accounting mismatch with its use of derivatives.

The housing market displayed bright short-term and long-term trends in September, according to CoreLogic's Home Price Index.

American International Group Inc. CEO Peter Hancock dismissed activist investor Carl Icahn's proposal to split the company into three insurers, saying a division would limit earnings diversity and reduce the value of some tax assets.

Freddie Mac posted a third quarter loss of $501 million, its first quarterly loss in four years, but the government-sponsored enterprise will not request a draw from the U.S. Treasury.

Cherry Hill Mortgage Investment Corp. has purchased its first mortgage servicing rights portfolio, with an aggregate unpaid principal balance of roughly $1.4 billion.

Loan demand and conditions remained largely unchanged in the third quarter, with some easing of credit standards for consumer and auto loans, according to a survey of senior loan officers conducted by the Federal Reserve.

A New Jersey woman and her parents were found guilty of a sophisticated mortgage equity fraud scheme by a Pennsylvania federal jury.

The government-sponsored enterprise is working to rebuild partnerships with church organizations and housing financing agencies as part of a broader effort to make owning a home affordable for low- and moderate-income families.