New York Governor Kathy Hochul is reversing course and throwing support behind a proposed annual tax on high-end second homes in New York City. Hochul, who had previously resisted the measure, now says affluent property owners — particularly those with multimillion-dollar second homes — should help shoulder the burden of growing revenue gaps. The proposed […]
Will new tax on ultra-luxury NYC homes derail red hot demand? Read More »
On Tuesday, the average top-tier 30yr fixed mortgage rate hit the lowest level in exactly 4 weeks. If you’re not interested in splitting hairs, today’s rates are essentially the same. Although our official average is 0.01% higher, that’s such a small change that many of today’s rate quotes will look the same as yesterday’s. In
Mortgage Rates Essentially Sideways at Recent Lows Read More »
Foreclosures inched up in the first quarter and surged ahead of last year’s levels in a manner that points to a change in dynamics, Attom reported Thursday. Processing Content The 118,727 properties with filings represented a 6% on a consecutive-quarter increase and a level 26% higher than a year earlier, the data and analytics firm
Foreclosures ‘could signal shifting housing market dynamics’ Read More »
Dozens of fired Fannie Mae workers are mulling their next steps after a judge dismissed their defamation complaint against the mortgage giant. Processing Content U.S. District Judge Leonie M. Brinkema last week granted Fannie Mae and the governments’ motions to dismiss the lawsuit, seven months after it was filed. The case was dismissed without prejudice,
Fired Fannie Mae workers’ defamation lawsuit dismissed Read More »
Key insight: The White House budget would cut funding from the Community Development Financial Institution Fund, as Vought outlined in a House Budget hearing. Forward look: The program historically has broad bipartisan support in Congress, including a large number of Republicans, but OMB can cause delays in disbursing CDFI funding, even if Congress fully funds
OMB’s Vought: CDFIs funded ‘woke’ programs Read More »
LeadPoint, a marketing lead provider serving home lenders, said it was ending all mortgage-related activity upon resolving Connecticut allegations of operating as an unlicensed entity for years. Processing Content Connecticut banking officials lodged a $50,000 penalty against LeadPoint in a consent order issued in late March. Both parties agreed to the order after a 2025
Lead generation firm fined for years of unlicensed activity Read More »
While the share of mortgage files with errors that pose wire and title fraud risks is lower compared with prior quarters, the mortgage industry is still creating the same vulnerabilities, the latest FundingShield Fraud Analytics Report found. Processing Content Total issues found during the first quarter were down to 43.7% for the three-month period, the
Mortgage fraud vulnerabilities dip to 43.7% in Q1 Read More »
Key insight: President Donald Trump says he will remove Fed Chair Jerome Powell from the central bank if he does not leave after his term expires on May 16. Trump also said his administration will not drop its probe into Powell over renovations at the central bank’s headquarters. Expert quote: “I’ll have to fire him
Trump threatens to fire Fed Chair Powell if he doesn’t resign Read More »
US homebuilders’ confidence fell to a seven-month low in April as the Iran war pushed up mortgage rates and materials costs at the start of the spring selling season. Processing Content An index of market conditions from the National Association of Home Builders and Wells Fargo declined four points to 34, according to data out
Homebuilder sentiment falls to seven-month low Read More »
Key insight: Sen. Elizabeth Warren, D-Mass., is pressing the Fed for records on Kevin Warsh’s actions during the 2008 financial crisis, arguing he downplayed subprime risks and helped funnel taxpayer-funded bailouts to major Wall Street firms. Forward look: Warsh’s path to confirmation is already complicated, with Democrats uniformly opposed and Republican Sen. Thom Tillis withholding
Exclusive: Warren to probe Warsh on his role in 2008 crisis Read More »