Category: Mortgages

Steven Mnuchin begins reforming America’s giant mortgage-guarantee firms

“THE LAST unfinished business of the financial crisis”: that is the rallying cry of those seeking to reform Fannie Mae and Freddie Mac, the two giant government-sponsored enterprises (GSEs) that back much of America’s mortgage industry. In 2008, amid the wreckage of the housing market, they were bailed out by the federal government to the…

NYU professor calls WeWork’s IPO ‘Botox on a lame Unicorn’ and says its price and valuation will be a ‘throne of lies’

The New York University professor, author, and pundit Scott Galloway on Friday fiercely criticized WeWork and questioned why the company is still planning to go public with a reportedly massively slashed valuation and questionable fundamentals. Galloway was responding on Twitter to governance changes at WeWork, which is set to float on the Nasdaq as The…

The Treasury plans to privatise Fannie Mae and Freddie Mac

THE EFFECTS of financial crises have a habit of lingering. In 2008, having suffered heavy losses amid the wreckage of America’s housing market, Fannie Mae and Freddie Mac, the two “government-sponsored enterprises” (GSEs) that support much of the country’s mortgage finance, were bailed out by the federal government to the tune of $188bn. They were…

Market Extra: Credit Suisse and Citigroup join other major banks in mortgage bond revival, with a twist

Credit Suisse CS, +1.08%  and Citigroup CITI, +1.78%  are moving back into a corner of the mortgage market where new home loans to borrowers with imperfect credit are being packaged into private bond deals. The two banks are following the lead of JPMorgan Chase JPM, +1.97%  and Wells WFC, +0.55%, which have already restarted similar…

Negative Mortgages Set Another Milestone in a No-Rate World

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BBVA will roll out biometric-enabled digital account opening to all markets this year

This is an excerpt from a story delivered exclusively to Business Insider Intelligence Banking subscribers. To receive the full story plus other insights each morning, click here. BBVA announced that it will extend its digital onboarding process based on biometric identification — provided in collaboration with BBVA’s 2017 joint venture with Spanish startup Das-Nano, Veridas…

MBA: Mortgage Applications Increased in Latest Weekly Survey

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 6, 2019. This week’s results include an adjustment for the Labor Day holiday. … The Refinance Index…

Past-due trainee loans, credit card debt could weigh on U.S. development

NEW YORK (Reuters) – More people in the United States appear to be struggling to keep up with their credit card and student loan debt, which could put pressure on one of the strongest drivers of economic growth. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019.…

Trump administration unveils plan to revamp the real estate market – The Washington Post

The Trump administration released a sweeping plan Thursday that could remake the U.S. housing market, starting with ending more than a decade of government control of two massive companies, Fannie Mae and Freddie Mac, that back half of the nation’s mortgages.The long-awaited plan from the Treasury Department features nearly 50 proposals, including many technical changes…

The mortgage-backed financial investment behind the financial crisis is in difficulty once again. One market expert explains the brand-new risk, and how to sidestep painful losses.

The rush to buy Treasurys continues unabated and is keeping bond yields near historic lows. Trade-war concerns have been the big catalyst of this decline, which occurs when bond prices rise amid spiking demand. Investors are staying away from risky assets that could see huge downsides if there’s a recession and rotating into more dependable…