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CNBC 25, Wednesday, September 17, 2014
(RECAP: The Federal Reserve remained on its easy-money course Wednesday, allaying market fears that it might start raising interest rates sooner than expected. In a statement released following its two-day meeting, the U.S. central bank left largely intact key provisions, despite expectations in some quarters that it would indicate a tightening bias. It also cut its bond-buying program down to $15 billion a month and indicated quantitative easing will end in October.)
CNBC 25, Tuesday, September 16, 2014
(RECAP: As the U.S. economy improves and adds jobs, younger Americans—millennials—are slowly starting to move out from their parents' basements, where a record number of them have been living for the past few years. They're not buying homes as much as they are renting them, but how much and where is crucial to know in order to understand where the housing recovery is headed.)
Reuters, Tuesday, September 16, 2014
(RECAP: The state of Virginia said on Tuesday that it sued units of Citigroup Inc, Deutsche Bank AG and 11 other banks, accusing them of defrauding the state's retirement fund by selling it shoddy mortgage bonds in the run-up to the recent financial crisis. The lawsuit seeks $1.15 billion in damages from the banks, who allegedly misled the Virginia Retirement System about the quality of loans in investments purchased between 2004 and 2010. The other banks named in the lawsuit include units of Bank of America Corp, Credit Suisse AG, Goldman Sachs Group Inc, HSBC Holdings plc, Morgan Stanley, and JPMorgan Chase & Co.)
The Wall Street Journal , Tuesday, September 16, 2014
(RECAP: Citigroup Inc. and Bank of America Corp. will provide mortgages at discounted interest rates as part of their efforts to help borrowers with low incomes or subprime-credit histories. Citigroup, the seventh-largest mortgage lender by volume in the U.S., has agreed to fund 15-year fixed-rate mortgages with below-market interest rates for these borrowers. The move comes after Bank of America, the third-largest mortgage lender, signed on earlier this month. The loans are being originated and distributed by the Neighborhood Assistance Corp. of America, a national nonprofit based in Boston that works primarily with low- to moderate-income borrowers, including those who have subprime credit.)
HousingWire, Tuesday, September 16, 2014
(RECAP: The new Housing And Urban Development Secretary sees HUD as a department of opportunity, not just a department of housing. The keynote afternoon speaker at the Bipartisan Policy Center’s Housing Summit in Washington, D.C., Julián Castro, said he is focused on advancing policies at the nearly 50-year-old HUD that create opportunity across the country, creating a solid foundation for the next 50 years.)
Mortgage News Daily , Monday, September 15, 2014
(RECAP: Lack of knowledge and misinformation may be discouraging Americans from buying a home according to a recent survey sponsored by Wells Fargo &Company. The survey, conducted in June by Ipsos Public Affairs, found that many prospective homebuyers do not take the plunge because of uncertainty about their ability to qualify for a mortgage or about navigating the homebuying process.)
Mortgage News Daily , Monday, September 15, 2014
(RECAP: In July, housing starts rose to a seasonally adjusted annual rate of 1.09 million units and on an unadjusted basis was the highest monthly start rate in more than six years, 101,000 units. Construction of buildings with at least five units hit the highest monthly construction pace since early 2006, but today, unlike then, condominium complexes are not the driving force. A demand for rental units, especially by younger households, has created a boom in the construction of rental apartments and in 2014 that construction has been running at the highest level in a quarter century.)
HousingWire, Monday, September 15, 2014
(RECAP: Former Housing and Urban Development Secretary Henry Cisneros says that the current affordable housing assistance programs are skewed in both scope and effect, shutting out three of four of those in need. Worse, the Clinton-era secretary said, the programs are like a lottery win for the fourth of the four, often setting them on assistance for life. Cisneros was speaking at a luncheon at the Bipartisan Policy Center’s Housing Summit in Washington, D.C. on Monday afternoon.)
The Wall Street Journal , Monday, September 15, 2014
(RECAP: Rather than funneling profits from housing-finance giants Fannie and Freddie to the government, those funds could be put to better use by providing capital that supports a transition to a new mortgage-finance system, a housing expert said Monday at a summit in Washington. Under a bailout agreement with the government, Fannie and Freddie send their quarterly profits to the U.S. Treasury. Critics have said this cash-cow arrangement has cut the urgency among U.S. lawmakers to move forward with comprehensive housing-finance reform that includes winding down government sponsored enterprises Fannie and Freddie.)
Bloomberg, Sunday, September 14, 2014
(RECAP: As the Federal Reserve winds down its third round of unprecedented stimulus, one thing has become increasingly clear in the bond market: the U.S. economy just isn’t going to grow enough to upend demand for Treasuries. While more than $3 trillion of debt purchases since 2008 have helped the U.S. recover from its worst recession in seven decades, bond-market indicators for long-term inflation, growth and funding costs are all lower now than they were at the end of the central bank’s first two rounds of quantitative easing.)
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