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- Mega banks tap loan-loss reserves | REwired
Federal regulators warned banks to remain cautious about padding profits with money set aside to cover soured loans, but some of the biggest institutions did much more of that in the third quarter when compared to earlier this year.
The nation’s largest banks by assets — including JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC) — recorded nearly $5 billion in loan-loss reserves in the third quarter, up by roughly a third from both the second quarter and year-ago adjustments, according to the Wall Street Journal.
The move comes during a time when banks are being slammed by revenue slowdowns, thanks to plunging mortgage lending and trading activity.
Source … https://www.housingwire.com/blogs/1-rewired/post/27652-monday-morning-cup-of-coffee-mega-banks-tap-loan-loss-reserves-mba-100th-kicks-off
Canada’s surprisingly strong real estate market is leading to heightened scrutiny of the data used to assess sales.
CREA [Canadian Real Estate Association] does not revise its numbers each month, but rather on a schedule that it says minimizes distortions to comparisons. “It may be argued that TREB’s [Toronto Real Estate Board] methodology produces a more accurate picture of history once all revisions have been incorporated, and it may also be argued that CREA’s methodology produces more historically comparable statistics for the current month being reported on,” Mr. Klump [CREA chief economist Gregory Klump] said.
Source … https://www.theglobeandmail.com/report-on-business/industry-news/property-report/accuracy-of-canadas-housing-data-under-scrutiny/article15107922/
- MBA urges FHA to adopt QM safe harbor | 2013-10-25 | HousingWire
The Mortgage Bankers Association sent a letter to the Federal Housing Administration Friday, asking the agency to treat all FHA-insured loans as Qualified Mortgages with the heightened safe-harbor legal standard attached.
“MBA strongly believes that if the HUD QM rule is finalized correctly, it will foster sound and sustainable FHA-insured mortgage financing for consumers,” explained MBA senior vice president of public policy and industry relations Stephen O’Connor.
Source … https://www.housingwire.com/articles/27650-mba-urges-fha-to-adopt-qm-safe-harbor
… with a few ‘big box’ units now under construction and a pick-up in development of smaller units this points to a sign that not only confidence but market fundamentals have improved.
Source … https://www.joneslanglasalleblog.com/EMEAResearch/2013/10/a-return-of-speculative-industrial-development/