Home Price Gains Slow on FHFA Index

The Federal Housing Finance Agency (FHFA) reported on Tuesday that home prices were up in 48 states and the District of Columbia during the second quarter of 2017.  The agency said that More »

The financial cost of 16 years in Afghanistan

President Trump vowed on Monday to beef up the American military presence in Afghanistan, a strategy that promises to extend the longest war in U.S. history and add billions to its financial More »

Prominent Theater Director Detained in Moscow

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Angola’s Dos Santos to Quit After 38 Years in Power

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Afghan President ‘Grateful’ for Trump’s Commitment to Fighting Taliban

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CFPB investigates scandal-ridden Wells Fargo…again

Wells Fargo is under investigation once again as it seems that while the bank was opening fake accounts, it could have been closing real ones.

The bank disclosed in a regulatory filing that the Consumer Financial Protection Bureau is looking into claims found on its database which state the bank closed customers accounts and left them without access to their funds, according to an article by Dan Freed for Reuters.

From the article:

A Reuters review of the regulator’s complaints database found several instances of customers reporting financial hardship in recent years after Wells Fargo unexpectedly froze or closed their accounts.

Some of the complaints described fraudulent deposits of unknown origin. Others said they were victims of identity theft and Wells Fargo closed their accounts and refused to reopen them or open new ones. One customer said the bank closed an account after a hacker changed personal information, and then Wells Fargo improperly sent funds to the wrong address.

But one common theme ran through all the complaints: the consumers were confused as to why their account was frozen, and expressed frustration with Wells Fargo’s costumer service.

From the article:

“We continue to work with our regulator on this matter. As always, our goal is to protect our customers and the bank from fraud, and we want to do so in ways that minimize the risk and impact on our customers,” Wells Fargo spokesman Kristopher Dahl said in an email to Reuters.

But this is only the latest in a long line of scandals to emerge from the bank. Earlier this month, HousingWire reported Wells Fargo will pay $108 million for allegedly overcharging veterans on refis.

In July, it was discovered Wells Fargo may have wrongfully forced auto insurance on 570,000  customers, and would be refunding $80 million.

That same month, the bank accidentally leaked personal information of 50,000 of its customers.

And of course, Wells Fargo continues to face the consequences of its fake accounts scandal, where more than 5,000 of the bank’s former employees opened more than 2 million potentially unauthorized accounts to receive sales bonuses. The bank was initially fined $185 million, but that was only the beginning.

(Photo credit: DW labs Incorporated / Shutterstock.com)

Article source: https://www.housingwire.com/articles/41050-cfpb-investigates-scandal-ridden-wells-fargoagain

FHFA: Home prices increase 6.6% in second quarter

Home prices increased in the second quarter, but moved only slightly from May to June, according to the House Price Index from the Federal Housing Finance Agency.

The HPI increased 1.7% from the first quarter to the second quarter of 2017, and increased 6.6% from the second quarter last year. However, the seasonally adjusted month index increased only 0.1% from May to June.

The chart below shows the continually increasing home prices which showed a slowdown over the past couple of months.

Click to Enlarge

FHFA HPI

(Source: FHFA)

The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.

“U.S. house prices rose in nearly every state during the second quarter,” FHFA Senior Economist William Doerner said. “New home sales are climbing but, relative to the overall population, they still remain low from a historical perspective. The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years.”

Home prices increased in 48 states and the District of Columbia from the second quarter of 2016 to the second quarter of 2017. The states that didn’t show an annual increase were Alaska with a decrease of 0.3% from last year and West Virginia which dropped 1.2%.

Regionally, the increased ranged from a quarterly increase of 2.6% and annual increase of 8.9% in the Pacific division to a quarterly increase of just 0.8% in the Middle Atlantic division.

Here is a list of which states are in each of those divisions:

Middle Atlantic: New York, New Jersey, Pennsylvania

Pacific: Hawaii, Alaska, Washington, Oregon, California

Article source: https://www.housingwire.com/articles/41059-fhfa-home-prices-increase-66-in-second-quarter

Interest income helps boost 2Q bank gain to $48.3B: FDIC

WASHINGTON — Bank gain jumped 10.7% in a second entertain from a year earlier, to $48.3 billion, increasing by rising net seductiveness income as banks kept waste in check, a Federal Deposit Insurance Corp. pronounced Tuesday.

The agency’s Quarterly Banking Profile pronounced net seductiveness income rose 9.1% from a year earlier, or $10.3 billion, while a net seductiveness domain rose to 3.22%, from 3.08%. Noninterest income rose 1%, to $66.8 billion. Meanwhile, noninterest waste rose 3.3%, to $108.6 billion, compared to a second entertain of 2016.

Though a news forked to many certain signs for a industry, loan enlargement remained muted in a second quarter. The rate of annual loan enlargement slowed for a third uninterrupted quarter, with sum loans and leases rising usually 1.7%, or $161.2 billion, from a initial quarter. Year over year, loans rose by 3.7%, compared with a 6.6% boost logged over 2015.

“This was another certain entertain for a banking industry,” FDIC Chairman Martin Gruenberg pronounced in prepared remarks. “Revenue and net income enlargement were both strong, profitability reached a post-crisis high, net seductiveness margins improved, and a series of unprofitable banks and ‘problem banks’ continued to fall.”

“However,” Gruenberg added, “as a economy enters a ninth year of an enlargement characterized by medium growth, a annual rate of loan enlargement continued to delayed for a third uninterrupted quarter.”

Overall, banks were profitable, with tighten to two-thirds of a attention stating yearly enlargement in net income, compared to usually 4% stating a net loss. The industry’s normal lapse on resources reached a post-crisis record, rising to 1.14%, adult from 1.06% a year before.

The attention was assured adequate to post a medium diminution in loan-loss reserves, that forsaken usually 0.2%, to $197 million. The coverage ratio, measuring loan detriment pot compared to noncurrent loans and leases, meanwhile, rose to 104.3% from 97.5%, a top post-crisis turn ever. This was driven by a 13.3%, or $1.1 billion, diminution in pot for blurb loan waste by banks with resources over $1 billion. Those institutions also forsaken their residential genuine estate loan detriment pot by 5.5%, or $922 million, and increasing their credit label waste by 4.3%, or $1.4 billion.

The FDIC cautioned that some tools of a attention remained on unsure ground. “The interest-rate sourroundings and rival lending conditions continue to poise hurdles for many institutions,” Gruenberg said. “Some banks have responded to this sourroundings by ‘reaching for yield’ by higher-risk and longer-term assets.”

Still, a volume of loans and leases that were 90 days or some-more past due fell by 6.7%, or $8.4 billion, compared to a initial quarter. Noncurrent balances forsaken in all vital loan categories, including by 7.9% on residential debt loans and 9.5% in CI loans.

Community banks continued to record solid growth, stating $5.7 billion in boost in a second quarter, an 8.5% boost from a year earlier.

The Deposit Insurance Fund change rose by $2.7 billion, to $87.6 billion, in a second quarter. The ratio of insured pot to deposits reached 1.24%, a 4-basis-point boost from a initial entertain and a top turn given 2005.


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Article source: http://www.nationalmortgagenews.com/news/interest-income-helps-boost-2q-bank-earnings-to-483b-fdic

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