Mortgages

Navy Federal, the nation's largest credit union, is facing a lawsuit about its allegedly discriminatory mortgage lending practices.

For the past week, the benchmark 10-year Treasury closed above 4%, as the markets priced in an increase in the consumer price index.

The country's largest credit union is learning the hard way that failure to assure inclusivity in lending practices is a recipe for both financial and reputational damage.

Mike Weinbach, a former Wells Fargo and JPMorgan leader, will replace president Chris Marshall who's expected to retire at the end of this year.

The top five banks and thrifts have nearly $96 billion in combined home equity loan portfolios as of September 30, 2023.

Southern Bancorp in Little Rock, Arkansas, plans to put $250 million in equity capital it received from the Treasury Department to good use making mortgages and acquiring banks.

But this week the 30-year fixed rate mortgage average increased for the first time in two months.

The real estate investment trust — which counts the private equity firm C-III Capital Partners among its top shareholders — owes more than $100 million to creditors but has less than $50 million of assets, according to a Chapter 11 petition.

Rates that have been below 7% for two consecutive weeks have given originators a gift at what's typically a slow time of year, Freddie Mac said.

The banks' resistance to changes being recommended by the Federal Housing Finance Agency do not bode well for their future or that of the industry.