Mortgages

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

The enterprise is now calling for a recession to start in the second quarter of next year, with negative growth expected for the full year.

A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.

The Fed's announcement is responsible for a 19 basis point drop in the 10-year yield over a two-day period, pushing the 30-year fixed under 7% for the first time since August, Freddie Mac said.

Falling interest rates are behind a recent spike in government-backed lending as well as refinances, according to the Mortgage Bankers Association.

Overall, the loans also have a weighted average (WA) FICO score of 742, an original cumulative loan-to-value ratio of 77.9%, and debt-to-income ratio of 37.5%.

Decreasing availability of jumbo and non-QM products accounted for most of November's pullback, as other types of loan offerings saw minimal changes, the Mortgage Bankers Association said.

The judge also sealed a document in the lawsuit the AARP Foundation joined but the defendants still must produce fee codes in the proposed class action.

While home lending employment fell, a stronger-than-expected report on the broader labor market immediately raised concerns about the potential for higher interest rates.

Income-producing loans secured by real estate are under pressure at banks, the government-sponsored enterprises, insurers, and in CMBS to varying degrees.