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Wells Fargo Continues Mortgage Retreat

It's a changing of the guard in the mortgage market. Wells Fargo, once the dominant player in the market, continues retreating from the space. Wells Fargo wholesale stopped existing years ago, yesterday it was announced that they were shutting down correspondent...

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Wells Fargo fined for Wells Fargo-ing. Again.

On Tuesday, federal regulators fined Wells Fargo $1.7 billion for "widespread mismanagement" over multiple years that harmed over 16 million consumer accounts. The Consumer Financial Protection Bureau (CFPB) described the bank's "illegal activity" as including...

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Mortgage Rates Fall for 5th Week in a Row

Hot on the heels of the Fed announcing another interest rate increase, data has come in showing that mortgage rates have decreased for the fifth week in a row. This is a timely reminder that the Fed does not set mortgage rates, individual banks and lenders do, and...

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Fed’s Latest Rate Increase: What You Need to Know

The Federal Reserve took a historic step Wednesday, raising its benchmark interest rate by 50 basis points, putting the key benchmark federal funds rate at a range of 4.25% to 4.5%. This marks the fourth rate increase this year and the ninth since 2015. With this...

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Housing market shows signs of stabilization amid lower rates

The housing market has been showing signs of stabilization in recent weeks, thanks in part to lower mortgage rates. Purchase application data for the last week of November showed a 3% decline week-over-week, but the year-over-year decline of 40% is the smallest since...

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Recessions, Inflation, Home Values: Correlations?

Recessions, Inflation, Home Values: Correlations?

Just for kicks, I took a chart showing recessions and home value changes during those recessions, and overlaid inflation the year before, of, and after, the start of the respective recession. Here it is: Sources are: Corelogic, The Balance, macrotrends,net, and (for...

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