Today’s News Synopsis:
In The News:
DS News – “Fed Chairman Yellen Urges Congress to Reject Fed Reform Bill” (11-17-15)
“Federal Reserve Chairman Janet Yellen on Tuesday wrote a letter to newly-appointed Speaker of the House Paul Ryan and House Democratic leader Nancy Pelosi urging Congress to reject a proposed bill that would increase transparency from the Fed.”
Housing Wire – “BREAKING: DOJ reportedly pursuing criminal charges against JPMorgan Chase, RBS executives” (11-17-15)
“Following through on policy changes announced earlier this year that opened the door to individuals being held criminally responsible for corporate misconduct that helped cause the financial crisis, the Department of Justice is reportedly pursuing criminal charges against executives at the Royal Bank of Scotland (RBS) and JPMorgan Chase (JPM).”
NAHB – “Builder Confidence Drops Three Points in November” (11-17-15)
“Builder confidence in the market for newly constructed single-family homes slipped three points to 62 in November from an upwardly revised October reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”
Bloomberg – “Home Depot Dodges Retail Malaise as Profit Exceeds Estimates” (11-17-15)
“Home Depot Inc. posted third-quarter profit that topped analysts’ estimates, showing that consumers are still willing to spend on big-ticket items like their houses even while they pull back on purchases elsewhere.”
Housing Wire – “House passes bill to cap Fannie, Freddie CEO pay” (11-17-15)
“The U.S. House of Representatives officially passed legislation to cap the salaries of the Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton on Monday night after being delayed two weeks by a busy Congressional calendar.”
DS News – “Many Consumers Still Weighed Down by Mortgage Debt” (11-17-15)
“Many Americans are still struggling with mortgage debt, which is the third most-popular form of debt in the nation. Much of this debt stems from borrowing at the wrong time and for the wrong purpose, preventing consumers from achieving financial stability.”
Mortgage Bankers Association – “Mortgage Foreclosures and Delinquencies Continue to Drop” (11-17-15)
“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.99 percent of all loans outstanding at the end of the third quarter of 2015. This was the lowest level since the first quarter of 2007.”
Realty Trac – “New Financing Rules Brighten Condo Market” (11-17-15)
“For millions of Americans, “home” is a condo. There are roughly 6.2 million financed condo units, according to RealtyTrac, and with the publication of new Federal Housing Administration (FHA) rules on Nov. 13, they should now be easier to finance and refinance.”
DS News – “Exposure to Risk is Declining for Fannie Mae and Freddie Mac-But So Are Revenues” (11-17-15)
“Seven years after the housing market crashed, serious delinquency rates for most mortgage portfolios are at or near pre-recession levels, and the GSEs are no exception.”
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.
In a big news story, the Supreme Court agreed to hear two cases from Bank of America regarding underwater mortgages. California was expected to add over 10,000 construction jobs to the economy by the end of the year. Mel Watt of the FHFA spoke in front of the Senate Banking Committee to testify about expanding credit.
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