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...US financial technology start-up Plaid has hired its first chief financial officer, a milestone in its highly anticipated plans to go public following a failed sale to Visa two years ago....
...Its gain-on-sale margin — which measures how much is earned when mortgages are sold — came in at 2.6 per cent in the first nine months of 2023, compared with 4.5 per cent in 2020....
...Homeowners who have locked in on low mortgage rates are reluctant to sell, limiting the supply of houses for sale....
...The news outlet/hedge fund Hunterbrook, in its debut article/short sale, sent the stock of United Wholesale Mortgage down 8 per cent....
...One way for homebuilders to boost sales is by offering a “buy-down”, which provides buyers with a lower mortgage rate on a property than is available in the market....
...High-priced dealmaking failed to yield compensatory sales growth, cost savings or serious disruption to incumbent banks or payment networks....
...A total of $117bn in commercial mortgages tied to US offices will come due this year, according to the Mortgage Bankers Association....
...of elevated mortgage rates....
...NYCB’s shares had plunged more than 40 per cent earlier on Wednesday, before being halted at $1.86 for the announcement, after a report about the potential stock sale....
...The existing-home market is being squeezed by high mortgage rates, but the effects have been offset by the surge in new home sales, up nearly 20 per cent this year....
...If customers aren’t gorging on subscription lines, margin loans, interest-only mortgages and other tailored debts, it diminishes the selling points of a bank....
...But rates have proved a blessing for homebuilders because their rapid rise has in effect trapped many current owners in their properties, reducing the stock of existing houses for sale and driving would-be...
...“They had to drive an hour or more into a big city just . . . to try to get a mortgage or car loan,” he said....
...Fixed-rate mortgages, at around 2 per cent, are still relatively low, though it’s hard for Americans to get loans....
...Emerging markets are set to add to the deluge of bond sales, after government debt climbed to an all-time high of 68.2 per cent of GDP last year, according to the Institute of International Finance....
...Blackstone Mortgage Trust and KKR Real Estate Finance Trust, two of the biggest mortgage real estate investment trusts, have halted loans to any new borrowers....
...Sales slid at the apparel and shoemakers it owns, which includes Fruit of the Loom, and its real estate-related businesses which continued to struggle with lower demand given high mortgage rates....
...Rising rates could also offer an opportunity to expand mortgage sales and connected services by using data to develop appealing digital products....
...Mentioned in this podcast: Walmart sales rise as inflation keeps consumers hunting for bargains Target sales hit by Pride backlash and consumer caution Saudi Arabia and UAE race to buy Nvidia chips to...
...However, while higher mortgage rates have cooled the pace of existing homes sales, new homes sales have remained surprisingly robust owing to the limited supply....
...This was in contrast to Walmart’s rosier outlook for a strong start to back-to-school shopping, which typically bodes well for upcoming festive season sales....
...And, of course, an outright recession would be bad for home sales....
...The company blamed “significant increases in home mortgage interest rates” for curtailing demand....
...These fixed-income products differ from typical corporate debt, and include mortgages, car loans, consumer lending and home improvement loans....
...Anticipation of the FDIC’s sales has already hit MBS prices....
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