Consumer confidence retreats in January

A survey conducted by The Conference Board by Nielsen shows that Americans are less confident in the economy in January. However, other measures of consumer confidence disagree with that notion. Americans are more confident in their present situation, but less optimistic about the future.
Source: HousingWire Magazine

New mortgage product increases Ally Financial net income in Q4

Ally Financial saw a net income increase in the fourth quarter, but was still down from the previous year. Its mortgage department, however, nearly doubled from the previous quarter and the previous year. In fact, Ally saw its mortgage finance triple over the year.
Source: HousingWire Magazine

CFPB orders Prospect Mortgage to pay $3.5 million for improper mortgage referrals

The Consumer Financial Protection Bureau today announced Prospect Mortgage will pay a total of $3.5 million in fines for illegally offering kickbacks for mortgage business referrals. Three of the companies that received alleged kickbacks are also being fined.
Source: HousingWire Magazine

Senate Democrats boycott Mnuchin and Price, delay confirmation vote

Democrats on the Senate Finance Committee boycotted the already rescheduled Tuesday meeting to vote on two of President Donald Trump’s Cabinet nominees, Steve Mnuchin, as Treasury secretary, and Tom Price, as head the Health and Human Services department. The move delays the vote even further as Democrats demand answers on recent reports. Republicans leaders, however, say the move is offensive, especially since many Democrats said they’ll vote ‘no’ regardless.
Source: HousingWire Magazine

Trulia reports Millennials think housing no longer part of American Dream

The homeownership rate remained the same as it did previous years and previous quarters. The outlook of future homeownership rates may be bleak as Millennials stop saying homeownership is part of the American dream. However, Trulia explains the good news buried in the homeownership rate report.
Source: HousingWire Magazine

S&P: Private mortgage insurance all set for another banner year

Why such an upbeat outlook? Well, troubled vintages are winding down in an orderly fashion. Also, recent mortgages are comparatively high credit in terms of underlying quality. And it’s not just for 2017, as S&P predicts private mortgage insurers are set to enjoy robust earnings over the next few years. But, here’s the catch.
Source: HousingWire Magazine

Step one: MBA reveals proposal to reform Fannie Mae and Freddie Mac

Talks around reforming Fannie Mae and Freddie Mac are only growing stronger as the nation transitions to a Republican administration. As the association representing the housing finance industry, the Mortgage Bankers Association released its initial plans for its recommended approach for GSE reform. The team behind the plans is made up of some of the top lenders in the industry.
Source: HousingWire Magazine

Ten-X predicts increase in January existing home sales

After December’s decrease in existing home sales, Ten-X predicts January will bring a fresh start with new increases. It also predicts a continued rise in home prices for the month. Here’s more on the company’s predictions, and how close those predictions were in December.
Source: HousingWire Magazine

Why isn't Freddie Mac on board with all these rosy outlooks?

Clearly, the housing market is doing just fine. Read the latest Case-Shiller. Housing pretty much recovered. And Ten-X, too. Home sales increased in January. Don’t forget Black Knight. Home prices are so close to a new peak. So why isn’t Freddie Mac on board with all these rosy, housing outlooks?
Source: HousingWire Magazine

Case-Shiller: Housing market now officially, completely recovered

Home prices increased in November, bringing a chairman of the Index Committee to explain that the housing market is completely recovered from the crisis. Case-Shiller’s top 20 cities all posted monthly increases after seasonal adjustment. One expert explains why the new administration could push home prices even further in the months to come.
Source: HousingWire Magazine