Mortgages

The credit card issuer is seeking to rebound following a tumultuous year in which top executives departed and key retail partners declared bankruptcy.

Fed makes emergency cut, JPMorgan tests contingency plan; the justices appeared divided on whether to give the president power to fire the agency’s director.

The Fed’s decision to cut its benchmark interest rate amid growing coronavirus concerns is bound to have an impact on banks, but just how broad and how deep remains to be seen.

Demand for home loans has been strong in recent months and is expected to increase coronavirus fears push rates lower.

The Federal Housing Finance Agency authorized the government-sponsored enterprises to contribute $502.2 million to two funds that help preserve and build affordable housing.

The agency's director said both steps will come as part of an ongoing review of agency rules and show her "commitment under the law to be effective and evidence based” in providing clarity to stakeholders.

With interest rates and unemployment at rock-bottom lows and home values rising, the part of JPMorgan's retail business that sells home loans to consumers made money last month, marking the first profitable January in five years, according to people familiar with the matter.

The company is buying a homebuilder finance portfolio with $47 million in loans and $80 million in commitments.

Fannie Mae and Freddie Mac are expected to retain “limited and tailored government support” after they are released from U.S. control, Treasury Secretary Steven Mnuchin said in a letter to lawmakers.

Dana Wade would succeed Brian Montgomery, the acting deputy secretary of the Department of Housing and Urban Development.