19 September 2017

Ten-X: Housing inventory hovers more than 50% below prior peak

Home sales remain significantly below their previous peak levels, due in part to the low levels of housing inventory in both new and existing homes. A new report from Ten-X shows new housing inventory is still 50% below its previous peak, and existing home inventory is lower still. Source: Housing Wire News

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19 September 2017

Massachusetts becomes first state to sue Equifax over massive data breach

Following through on a threat made last week, the state of Massachusetts is suing Equifax over the credit reporting agency’s massive data breach, which exposed the personal information of 143 million U.S. consumers to hackers. Massachusetts’ lawsuit is the first enforcement action taken by a state in the wake of the data breach at Equifax. […]

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19 September 2017

CNBC survey: Yes, the Fed will raise interest rates in December

A new survey conducted by CNBC shows industry experts are expecting the Fed to raise interest rates in December. While market prices suggest less certainty, 76% of respondents believe the Fed will raise rates. What’s more, many of them also believe the Fed will begin to reduce its balance sheet in October. Here’s what that […]

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19 September 2017

[Charts] CoreLogic: New mortgage demand about to boom, along with fraud risks

The days of a refinance-driven market are quickly coming to an end as purchase applications start to take over. Compared to refis, with the shift to purchase applications, there comes an increase in fraud risk due to increased opportunities to commit mortgage origination fraud. This latest report from CoreLogic backs this up, highlighting what the […]

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19 September 2017

Executive Conversation: Cheryl Travis Johnson on solving the industry's toughest challenges

The primary mission of CIFS is to help the financial services industry recognize the economic benefits of inclusion in employment and supplier opportunities, and to enhance the public education about financial products and services for growing personal wealth. CIFS is a platform to help the financial services move towards a norm of inclusion. Source: Housing […]

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19 September 2017

Blame the hurricanes? Homebuilders report huge drop in housing starts

Housing starts decreased slightly in August due to a downward pull from multifamily construction, however single-family housing construction increased. And while building permits shows the multifamily sector could soon see an increase, building permits in the single family sector dropped. Source: Housing Wire News

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18 September 2017

Here's why Congress can create bipartisan fix to flood insurance this year

In an unlikely pairing, Reps. Earl Blumenauer, D-Ore., and Sean Duffy, R-Wis., co-authored a blog for Bloomberg to emphasize the urgency and need to fix America’s flood insurance program. While the two noted that their first job is to help the victims of Hurricanes Harvey and Irma, the two are hopeful that Congress can come […]

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18 September 2017

New York wants NYDFS oversight of credit reporting agencies in wake of Equifax data breach

In the wake of its massive data breach that exposed the personal information of 143 million U.S. consumers to hackers, Equifax is already facing inquiries from the CFPB, the FTC, the HFSC, the SFC, the office of New York AGl Eric Schneiderman, and a lawsuit from the state of Massachusetts. While all those inquiries cover […]

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18 September 2017

CFPB forces companies to pay $21.6 million for illegal student loan debt collection

Studies show student debt continues to be a major hindrance to homeownership in the U.S., however the latest action from the Consumer Financial Protection Bureau shows that debt may not even always be real. The CFPB announced Monday it forced a student loan trust and its debt collector to pay a total of $21.6 million […]

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18 September 2017

Will sexual harassment claims cost SoFi its FDIC bank charter?

Shortly before the sexual harassment claims at SoFi overtook news headlines, the company filed a bank charter application with the Federal Deposit Insurance Corporation. Chances were already low though that SoFi would be approved for a bank charter, and the controversy surrounding SoFi only increases the likelihood that the company will be denied. Source: Housing […]

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18 September 2017

Credit Suisse books $80 million to settle RMBS litigation with MassMutual

Credit Suisse said late last week that it set aside nearly $80 million to settle a pair of lawsuits brought by Massachusetts Mutual Life Insurance Company over 19 residential mortgage-backed securities from 2006 and 2007. Source: Housing Wire News

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18 September 2017

NAR reveals how long student debt delays homeownership

An overwhelming majority of Millennials with student debt do not own a home, and believe this debt is the cause for the delay. A new study from the National Association of Realtors and nonprofit American Student Assistance showed just how long that delay is, and how much student loans are affecting first-time or even trade-up […]

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