Category: Mortgage

2017 Mortgage Rate Outlook: The Trump Effect

For the first time in almost a year, mortgage rates are above 4%. While still low by historic standards – the annual average rate on a 30-year mortgage in 1981 was 16.63%, according to Freddie Mac – most observers expect rates to keep climbing in 2017.

DoubleLine Fund Sees Record $3.5 Billion Outflow in December

Investors pulled a record $3.5 billion in December from Jeffrey Gundlach’s DoubleLine Total Return Bond Fund, according to Bloomberg estimates, and its annual performance trailed the benchmark index for the first time. The $55.7 billion fund, which invests predominately in mortgage-backed securities, returned 2.2 percent in 2016, compared with 2.7 percent for the Bloomberg Barclays U.S. Aggregate index.

Financial Trends: What’s In and What’s Out in 2017

Now that 2016 is over, you may be reflecting on what went well, and what didn’t. Were you unemployed? Did you carry some debt? Land a gig? Buy a new home? With unemployment at a nine-year low, jobs being created at an average of 180,000 per month, the economy growing at better than three percent in the most recent quarter and some signs of a pickup in inflation, it makes sense that we got an interest rate hike last month, and that we’ll get a few more in 2017.

Ex-Deutsche Bank’s Jain to Join Cantor Fitzgerald as President

Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, restarting his career at a much smaller firm after leaving Germany’s largest bank amid mounting legal and regulatory problems. Jain will help with the privately held firm’s expansion, according to a statement from the New York-based firm Monday.

3 Frequently Asked Reverse Mortgage Questions

Home equity has served as a very important source of cash for millions of retirees over the generations. One method to access that money without having to sell the property is with a reverse mortgage — something that makes sense for a lot of older Americans who need extra money to make ends meet but also want to stay in their current home.

Maryland bank VP stole from elderly, deceased customers, prosecutors say

The former vice president of a Maryland bank was charged with embezzlement and wire fraud Friday after allegedly stealing more than $1.8 million from customers over six years, prosecutors said. From 2010 to mid-2016, 54-year-old Melissa Strohman of Nottingham, Md., was senior vice president at the now-defunct Hopkins Federal Savings Bank with branches in PikesA ville and Highlandtown, court documents said.

Why Silver Wheaton, Endologix, and PHH Corp. Jumped Today

The stock market continued its slow trudge lower on Thursday, adding to its losses for the week as investors seemed content with the double-digit percentage gains that most major market benchmarks have posted for 2016. The Dow fell slightly, widening the gap between its closing level and the 20,000 mark to nearly 200 points, and the S&P 500 and Nasdaq also fell tiny fractions of a percentage point.

Mortgage Rates Today, Wednesday, Dec. 28: Slight Decreases;…

Thirty-year and 15-year fixed rates reversed course from yesterday and fell slightly, while 5/1 ARM rates notched up again Wednesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning. November saw newly built, single-family home sales rise by 5.2 percent, according to data released last week by the Department of Housing and Urban Development and the Census Bureau.

CEO’s Winning Gamble May Keep Scrooge From Deutsche Bank Bonuses

Deutsche Bank AG employees may owe their cash bonuses for 2016, however modest, to a last-minute bargain by Chief Executive Officer John Cryan. The beleaguered German bank, long embroiled in negotiations with the U.S. Justice Department, was inching closer in recent weeks to a resolution over its sale of defective residential mortgage-backed securities that fueled the financial crisis.

Boost Your Retirement Income With These 10 Tips

With fewer and fewer of us able to enjoy traditional pension income, it’s more important than ever that we plan for our future financial security and set ourselves up to receive sufficient income when we’re no longer working. Here are 10 ways you can boost your retirement income.

Deutsche Bank, Credit Suisse Settle U.S. Subprime Probes

Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5 billion to resolve U.S. investigations into sales of the toxic debt that fueled the financial crisis, putting behind them a major dispute that undermined confidence in the banks and raised questions about their turnarounds. Deutsche Bank will pay $7.2 billion and take a $1.2 billion pretax charge this quarter, while Credit Suisse agreed to a $5.3 billion deal and will recognize a $2 billion hit to earnings, the banks said in separate statements early Friday.

Stocks Struggle for Momentum, But Weekly Gains in Sight

U.S. stocks were little-changed in their final trading day before the holidays on Friday, and while indexes remained on track for a positive week, the “Santa rally” that has taken indexes to repeated records appeared to stall with few catalysts to spur buying. While the Dow once again appeared unlikely to pierce through the closely watched milestone of 20,000, the blue-chip index is set to log its seventh weekly gain in a row.

A Sudden Burst of Activity on Mortgage Litigation

In the span of just 12 hours, three U.S. enforcement matters left over from the financial crisis made significant progress: Deutsche Bank AG and Credit Suisse Group AG separately announced that they would pay a combined $12.5 billion to resolve U.S. investigations into their sales of toxic mortgage debt, whereas Barclays Plc chose to roll the dice and let the Justice Department file a fraud lawsuit over its debt sales. Before these latest two deals, the U.S. investigations had already yielded more than $46 billion from six U.S. financial institutions.

Barclays to Face Off Against U.S. Over – Craptacular’ Loans

The U.S. Justice Department sued Barclays Plc for fraud over its sale of mortgage bonds after the bank balked at paying the amount the government sought in settlement negotiations. The lawsuit announced on Thursday is rare for big banks, which typically negotiate a settlement with the government rather than risk drawn-out litigation and a possible trial.

Deutsche Bank to Settle U.S. Mortgage Probe for $7.2 Billion

Deutsche Bank AG said it reached a $7.2 billion agreement to resolve a years-long U.S. investigation into its dealings in mortgage-backed securities, removing a legal hurdle that fueled investor angst. Deutsche Bank will pay a $3.1 billion civil penalty and provide $4.1 billion in relief to consumers under a settlement in principle with U.S. authorities, according to a statement early Friday.

Reverse Mortgage Line of Credit Could Fund Long-Term Care

There’s a 70% chance that people over 65 will need some kind of long-term care, including services such as home care, assisted living and skilled nursing, according to government statistics . There are lots of ways to pay for long-term care services, including Medicare, Medicaid, traditional health insurance, long-term care insurance , life insurance and annuities.

Ahead of the Bell: US home sales

The National Association of Realtors reports on November sales of existing U.S. homes Wednesday at 10 a.m. Eastern. SALES PULLBACK: Economists surveyed by the data firm FactSet predict that sales of existing home retreated 1.8 percent last month to a seasonally adjusted annual rate of 5.5 million.

5 Big Mortgage Market Predictions For 2017

With the Federal Reserve raising interest rates last week, with more rate hikes to come in ’17, next year should be a whirlwind for the mortgage market. With chestnuts roasting by an open fire, Federal Reserve Chair Janet Yellen is nipping at the noses of mortgage industry professionals with one interest rate hike in the bank this year and two or three more likely on the way in 2017.

Lloyds to Buy BofA’s U.K. Credit Card Unit for $2.4 Billion

Lloyds Banking Group Plc agreed to buy Bank of America Corp.’s MBNA credit-card business in the U.K. for 1.9 billion pounds in cash, marking its first major deal since being rescued by British taxpayers eight years ago. The acquisition of MBNA, which has about 7 billion pounds of assets, will add 650 million pounds a year to Lloyd’s revenue, equivalent to a 4 percent increase, according to a statement Tuesday.

SoFi Pushes Back IPO Plans Amid Financial Tech Sector Struggles

The online lending company known as SoFi, which specializes in refinancing student loans, is pushing back plans for an initial public offering in order to focus on developing other business lines, said Chief Executive Officer Mike Cagney. Meanwhile, the company hasn’t yet closed a $500 million funding round, an effort that has SoFi courting international investors to purchase loans and potentially take an equity stake at the same time.

5 Lowest 7-Year ARM Mortgage Rates

Homebuyers can still snag the absolute lowest rates, especially if they don’t plan on staying in their first home for more seven years. U.S. mortgage rates have risen in the aftermath of the presidential election, as potential homeowners face higher monthly payments amid a stagnant economy with slow wage growth.

Citigroup’s Larsen Exits as Retail Banking, Mortgage Head

Citigroup Inc.’s global head of retail banking and mortgages, Jonathan Larsen, who has been known as an advocate of digital banking, resigned for personal reasons, the lender said. The New York-based bank is yet to choose a replacement for his “critical role,” it said in an internal memo dated Dec. 9. Citigroup spokesman James Griffiths confirmed the contents of the document.