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...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...The National Association of Home Builders/Wells Fargo Housing Market Index rose to a reading of 37, up from 34 in October, marking the first increase in four months....
...Already, there has been an uptick in new mortgage applications and pending home sales....
...Next we’re going to tackle questions about choosing different types of mortgages, a decision that’s proving tricky for home buyers as well as those who are refinancing....
...A law firm consultant said a managing partner of a top firm once called his Newport, Rhode Island, holiday home, “the house that Citi built”, because of the deal he got on his mortgage....
...Despite this, in recent days executives from the country’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — said during earnings calls that consumers were resilient....
...Net mortgage lending rose €12bn last month, the biggest monthly increase for more than a year, largely driven by a jump in French home loans....
...This month, US homebuilder confidence slipped for the first time this year according to an index compiled by the National Association of Home Builders and Wells Fargo....
...Wells Fargo is a case in point....
...Home improvement store Home Depot also reports earnings as well as energy groups Diamondback Energy and Chesapeake Energy and homebuilder Toll Brothers....
...The National Association of Home Builders/Wells Fargo housing market index fell from 56 to 50 this month, signalling a slowdown in business for companies that build single-family homes....
...More than 4,000 lenders provided home loans in the US last year, 60 per cent of which were made by independent mortgage companies, not banks....
...Tembo, the digital mortgage broker, has a Slack channel that shares online reviews from customers, as well as emailed thanks....
...Great if you have a mortgage. It doesn’t grow while your wages do. Not bad also if you own equities. Tangible asset values, as well as dividends, rise with inflation....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...The move is the latest attempt by JPMorgan to beef up its legal wealth management business after two decades of trying to break the grip of Citi in New York, as well as that of Wells Fargo, which dominates...
...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....
...which was picked up by mainstream press, including the FT, Richard Handler, the chief executive of Jefferies, offered all of the analysts and associates at his investment bank a free Peloton bike, Mirror home...
...“She was dealt a very difficult hand that she is playing well.” stephen.gandel@ft.com...
...In December, the Consumer Financial Protection Bureau fined Wells Fargo $1.7bn and ordered it to pay $2bn in redress to customers for mismanagement of mortgages, car loans and bank accounts....
...But they were unimpressed by the bank’s 10 per cent increase in profits, eclipsed by Wells Fargo (68 per cent) and JPMorgan (38 per cent) last week....
...occurred under Wells Fargo’s current leadership....
...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....
...Meanwhile, mortgage rates keep flirting with new cycle highs, which will continue to pressure new home prices in the short term....
...Wells denied mortgage modifications that should have been allowed, leading some borrowers to lose their homes....
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