Mortgages

Thanh Roettele will help guide the Canadian bank's growth in the mortgage warehouse space in one of its latest moves aimed at the U.S. market.

Underlying U.S. inflation eased for a fourth month on an annual basis in July, keeping the Federal Reserve on track to lower interest rates next month.

The refinance market saw a 35% jump in activity, as borrowers continued responding to downward trending rates, the Mortgage Bankers Association said.

The lender says the acquisition will boost its retail run rate to more than $240 million per month.

Against the backdrop of high interest rates and inflation, consumers have held off buying homes or pursuing bigger renovations that typically need financing. This pullback in spending has hurt Home Depot and other retailers, a reversal from the pandemic when people upgraded their houses. 

Five other cities are now at over $1 million in median price, up from four in previous periods, the National Association of Realtors said.

Issuance of new mortgage-backed securities guaranteed by Ginnie Mae has returned to levels last seen during the year monetary policymakers began raising rates.

The administration will release $100 million in grant funds focused on slashing red tape at the state and local levels, and will advance other programs to increase home construction.

Pandemic era changes to credit reporting have dangerously distorted credit scores for mortgage borrowers. The market is in worse shape than we realize, writes a former Federal Housing Finance Agency director.

The change in medical debt reporting initiated by the three credit bureaus did not go far enough as 15 million Americans are still impacted, the groups led by the National Consumer Law Center said.