The Federal Reserve has launched enforcement actions against Lender Processing Services relating to its foreclosure services.
This should be viewed as a positive for ASPS.
Mortgage Malaise
More weak mortgage data this morning.
Both new mortgage and refinancing applications dropped again -- 5% and 8%, respectively.
The bulls continue to argue that a supposedly improving jobs market, a decade high in affordability, favorable case for ownership vs. renting, relatively low mortgage rates and low levels of new home construction all augur for a gradual improvement in the residential real estate markets.
Given the immense phantom inventory of unsold homes and other factors, I am less optimistic.
From my perch, housing will scrape along the bottom for the next couple of years.
Donald Trump will announce that he has no intention to run for president.
Why?
As with Howard Stern in years past, he (Trump) is unwilling to disclose his personal finances.
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