The founder and CEO of a New York investment firm will spend more than four years in prison after being convicted of lying about the value of hedge funds that included residential mortgage-backed securities. The Attorney’s Office for the Southern District of New York announced this week that Anilesh Ahuja,
Despite spring commonly being thought of peak homebuying season, there’s actually another time of year when it makes the most sense to buy a home. And it’s coming right up. According to new analysis from ATTOM Data Solutions, there are only three days out of the year that see homes
Pending home sales fell in October after two months of gains because of a shortage of properties on the market, the National Association of Realtors said on Wednesday. The seasonally adjusted index measuring signed contracts fell 1.7% from the prior month, NAR said. It’s a frustrating data point for economists,
Mortgage rates ticked up this week as the U.S. economy showed signs of improvement. The average U.S. rate for a 30-year fixed mortgage rose two basis points to 3.68% this week, Freddie Mac said on Wednesday. That brings the monthly average for November to 3.7%, compared with October’s 3.69%. “Following
The U.S. economy grew at a 2.1% annualized pace in the third quarter, picking up speed from the second quarter’s 2% rate and surprising economists, who expected the Commerce Department’s second estimate to be unchanged at 1.9% on Wednesday. The upward revision was based on stronger readings for private inventory
The Department of Housing and Urban Development published a request for information to dig into how regulations could be creating barriers to affordable housing. The RFI is seeking public comment on federal, state, local and tribal laws, regulations, land use requirements and administrative practices that raise the cost of affordable
Last week, the nation’s mortgage rates remained below 4% for the second consecutive week, driving a 1.5% increase in application volume, according to the Mortgage Bankers Association. This means on an unadjusted basis, the index dropped 1.5% for the week ending on Nov. 22, 2019. The MBA indicates this week’s results
Earlier this year, Wells Fargo committed to donate $1 billion to increase affordable housing nationwide. Specifically, the bank committed $1 billion in philanthropy through 2025 to “address the U.S. housing affordability crisis, including homelessness, available and affordable rentals, transitional housing and home ownership.” The commitment included a focus on creating
Although housing inventory may be a little slim these days, Zillow says it expects for Baby Boomers to open the housing market back up as they vacate their homes over the next two decades. About a third of homes in the U.S. are owned by those who are 60 and
The U.S. government’s debt, which broke $22 trillion for the first time this year, is on an “unsustainable path,” according to a report from the Federal Reserve Bank of St. Louis. Debt in itself isn’t a problem unless income is lagging, the paper said, and for governments, that typically means
The mortgage industry continues to move toward automation, but there are still parts of the mortgage process that remain fragmented. Underwriting presents a particular challenge because of the many variables involved that seem to need human judgment, making it one of the most manual processes in any mortgage workflow. CoreLogic
As 2019 nears its close, experts across the housing industry are doing what they do at this time every year: Looking ahead. Looking back at this time last year, however, many economic predictions missed the bullseye, and some missed the target altogether. For example, CoreLogic was projecting 30-year fixed mortgage
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Zillow News Truth Delta: Opinion & Editorial