Archive for Mortgage

Good Thursday. Here’s what we’re watching:

• A slowdown in lending could pose a threat to the economy.

• Could oil prices return to $100 a barrel next year?

• Walmart’s journey to its biggest deal.

• How Michael Cohen made $2 million as a gatekeeper.

• The latest fallout from Trump’s foreign policy…

One Risk to the Economy — A Slowdown in Lending: DealBook Briefing

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  • Deal removes ‘uncertainty’ over the potential cost, CEO says
  •  Lender must still hash out final terms with U.S. authorities

Royal Bank of Scotland Group Plc said it reached a tentative agreement to pay a $4.9 billion penalty to resolve a long-running U.S. probe into its packaging and sale of mortgage-backed securities before the 2008 financial crisis.

While most of the cost will be covered by money the company already set aside, the deal will cut second-quarter earnings by $1.44 billion, the bank said in an emailed statement. Analysts had estimated the firm would pay more to resolve U.S. scrutiny of its mortgage business. At Deutsche Bank AG they projected $9 billion, and at Bloomberg Intelligence more than $11 billion…

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  • Almost 50% of existing mortgages are up for renewal in 2018
  • Households set to feel pinch of higher rates, economist warns

The indefatigable ability of Canadians to shoulder an ever increasing mountain of debtis being tested.

The country’s biggest banks began raising key borrowing rates last week, just as the busy season for residential real estate gets underway. In addition, the mortgage market looks set for a particularly heavy year of renewals in an environment where debt-servicing costs are already rising at the fastest pace in a decade…
Jumping Mortgage Rates Further Tighten Debt Vise for Canadians
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Ten years after the 2008 crisis, crucial flaws need fixing.

Regulators have done a lot to reform the financial system since the 2008 crisis, but they still haven’t fixed the market where the trouble started: U.S. mortgages. It’s an omission they need to put right before the next crisis hits.

Looking back, it’s easy to see what made U.S. housing finance so vulnerable. Loosely regulated companies, financed with flighty short-term debt, did much of the riskiest lending. Loan-servicing companies, which processed payments and managed relations with borrowers, lacked the incentives and resources needed to handle delinquencies. Private-label mortgages (which aren’t guaranteed by the government) were packaged into securities with extremely poor mechanisms for deciding who — investors, packagers or lenders — would take responsibility for bad or fraudulent loans…
America’s Mortgage Market Is Still Broken
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  • FSA’s Berg says refinancing is real threat to mortgage system
  • Banks are capable of meeting Basel III capital demands: Berg

Denmark’s mortgage industry needs to stop complaining about the cost of complying with new capital rules for banks and focus on more pressing challenges, according to the country’s top financial regulator…

Danish Mortgage Lenders Told to Stop Whining About Capital Rules

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