Wingspan Portfolio Advisors filed for Chapter 7 bankruptcy on Tuesday in the United States Bankruptcy Court for the Eastern District of Texas, the court confirmed to DS News. In a Chapter 7 bankruptcy, the company ceases operations while a trustee liquidates a company's assets in order to pay off debt. A company in Chapter 7 bankruptcy continues operations only if the trustee decides to continue.
Read More »House Subcommittee Examines Fed’s Transparency and Accountability
One of the key takeaways from the hearing, according to the Subcommittee, is that the Fed's newly granted powers under Dodd-Frank call into question whether or not the central bank's accountability to Congress, the Judicial System, and the American people.
Read More »Foreclosure Metrics Experience More Double-Digit Declines
On a year-over-year basis, foreclosure inventory—residential homes in some state of foreclosure—declined by 27 percent nationwide, down to about 491,000 homes, according to CoreLogic. This number represents about 1.3 percent of all residential homes with a mortgage nationwide. In May 2014, about 676,000 homes were in foreclosure, comprising 1.7 percent of all mortgages nationwide.
Read More »Investors Prefer Flipping Over Hold-to-Rent Strategy for Third Straight Quarter
According to the report, investors bidding at live events are more likely to flip the properties they purchase based on survey responses collected in the second quarter of 2015. Respondents noted a preference toward flipping over holding to rent in every state where Auction.com conducted live events.
Read More »Earnings Statements Indicate Strong Q2 Results for Chase and Wells Fargo
The net revenue for Chase in Q2, $24.5 billion, was down by 3 percent year-over-year, largely due to a drop in mortgage banking revenue and lower CIB Markets revenue related to business simplification. Chase's mortgage banking net income declined by 20 percent in Q2, down to $584 million.
Read More »More Millennials Are Willing to Sacrifice Conveniences for Homeownership
About 75 percent of millennials, commonly known as generation Y, would rather apply for a mortgage loan with a traditional bank as opposed to an alternative lender or nonbank institution, according to the survey, indicating that millennials think more like their parents when it comes to obtaining financing for a first home.
Read More »Consumer Credit Outstanding Annual Growth Rate Slows
Non-revolving consumer credit outstanding grew at a seasonally adjusted annual rate of 7.0 percent during May (about $174 billion), which was about 0.8 percentage points faster than the rate at which it grew in April.
Read More »Congressional Hearings to Cover Economy, Monetary Policy, and Agencies’ Activities
On Wednesday, July 15, the House Financial Services Committee will receive the testimony of Fed Chair Janet Yellen in a full Committee hearing titled "Monetary Policy and the State of the Economy." Chair Yellen will update the Committee on the progress of the economy toward meeting the four benchmarks for the economy as set by the Full Employment and Balanced Growth Act (Humphrey Hawkins) Act of 1978.
Read More »Consumer Expectations Toward Housing and Economy Growing More Positive
The survey found that home price change expectations rose to 3.5 percent, their highest level this year, and median earnings growth as well as household spending growth expectations increased from the prior month. Median consumer inflation expectations at both the short and medium term horizon continue to be stable, while labor market expectations also continued to improve and credit availability expectations were largely unchanged.
Read More »New York AG Highlights Success of Home Retention Programs
Schneiderman said the three programs his office has created, the Homeowner Protection Program (HOPP), the New York State Mortgage Assistance Program (NYS MAP), and AGScamHelp.com, have benefited tens of thousands of homeowners in New York State by helping them avoid foreclosure and keeping them in their homes.
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