News 

Credit Karma Buys Online Mortgage Company

“Approved, the online mortgage platform company, announced Thursday (Aug. 16) in a blog post that it has been acquired Credit Karma” reports pymnts.com. In an interview, Credit Karma Chief Product Officer Nikhyl Singhal said getting into mortgages is a natural next step. “As we’ve expanded, you’ve seen us move from credit cards as a way to help members with that part of their life to first personal loans to auto — meaning auto loans, auto insurance,” he said. “Today, we’re really talking more publicly about mortgage. Mortgage being, for many…

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Markets News 

Rumors of the death of the housing market may be exaggerated

“Rumors of the death of the housing market are exaggerated, economists said” writes Senior Economics Reporter for marketwatch.com. Gregory said the underlying trend for housing starts is no longer “constantly climbing” and is more about converging to a steady state.These stories are a little premature,” said Richard Moody, chief economist at Regions Financial Corp.The Commerce Department will release the July housing starts report on Thursday at 8:30 a.m.Moody noted that housing starts also had a decent 4.8% rise in May. Source: marketwatch.com Share This:

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Paul Manafort judge admits he erred when he scolded federal prosecutors

“Manafort applied for a mortgage loan from the institution, and prosecutors allege he submitted false documentation to secure the loan” reports washingtonexaminer.com. U.S. District Judge T. S. Ellis III acknowledged Thursday that he may have been incorrect when he scolded federal prosecutors a day earlier for allowing an expert witness to remain in the courtroom for the duration of proceedings during Paul Manafort’s trial. Source: washingtonexaminer.com Share This:

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Try these strategies if you’re going to retire with debt

“People also could consider downsizing to eliminate or reduce mortgage debt, Farinola says” writes Liz Weston for marketwatch.com. People with good credit scores, and sufficient discipline, can use 0% balance transfer offers to consolidate and pay off their credit card debt.If it would take over five years to pay off the debt, however, their debt load may be unmanageable.People have the most options to deal with debt if they create a plan before they retire, financial planners say.Mortgage debt, especially, can be a huge burden in retirement. Source: marketwatch.com Share This:

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News Stocks 

Zillow shares hammered, CEO hints at more mortgage acquisitions

“The stock was trading at about $48.50 in early trading, giving the company a market value of $9.7 billion” writes John Cook for geekwire.com. Shares of Zillow Group tumbled more than 17 percent in Tuesday trading, a day after the Seattle online real estate powerhouse posted quarterly revenue of $325.2 million and announced the acquisition of Kansas-based Mortgage Lenders of America.And it appears that Zillow may not be done with its mortgage expansion, with CEO Spencer Rascoff telling Dan Primack of Axios that Mortgage Lenders of America isn’t big enough…

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Zillow to acquire Mortgage Lenders of America for undisclosed sum

“Zillow said that owning a mortgage lender will make more money through partnerships with real estate brokers with existing in-house mortgage operations or mortgage affiliates” writes Tech Reporter for marketwatch.com. Zillow shares closed up 1% to $58.17 during regular trading, as the S&P 500 index SPX, +0.35% closed up 0.4%.Mortgage Lenders of America was founded in 2000 and has about 300 employees, the company said.Zillow class C shares were down less than 0.1% in after-hours trading. Source: marketwatch.com Share This:

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Wells Fargo faces tax credit probes, new problems with mortgage borrowers

“An error in Wells Fargo’s underwriting tool improperly excluded those borrowers, 400 of whom eventually had their homes foreclosed upon, the bank said” writes Midwest Communications Inc for 95kqds.com. The tax inquiries are being conducted by multiple agencies, which Wells Fargo did not name in its 10-Q filing with the U.S. Securities and Exchange Commission. The bank also updated disclosures on issues it has discovered in auto lending, wealth management, fiduciary and custody accounts, foreign exchange trading, mortgage rate-lock extensions, “add-on” products like identity theft protection, and frozen or closed…

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Wells Fargo discloses federal probes into use of low-income housing tax credits

“WFC, +0.93% disclosed in a filing Friday that unspecified U.S. government agencies are looking into the bank’s use of low-income housing tax credits” writes Claudia Assis for marketwatch.com. Earlier this week, the U.S. Justice Department said that Wells Fargo had agreed to pay $2.09 billion in a settlement over the sale of crisis-era mortgage loans.”Federal government agencies have undertaken formal or informal inquiries or investigations” about how Wells Fargo bought, and negotiated the purchase of, “certain federal low income housing tax credits in connection with the financing of low income…

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Which banks have passed on the interest rate increase to customers?

“TSB said it was reviewing its variable interest rates on mortgages and will make an announcement as soon as possible” writes Ben Chapman for independent.co.uk. All savings products linked to the base rate will move in line with the increase from the end of August. Nationwide has not yet announced rates, while the Post Office will raise its variable mortgage rates 0.25 per cent from 1 September.After the Bank of England’s interest rate hike on Thursday, some high street lenders have again been quick to pass on the increase to their mortgage…

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