A year ago, New Jersey contractor Michael Mroz’s customers were focused on saving money when renovating kitchens and baths, he said. Now, with a resurgence of home equity lending, they’re ready to pay for the best.
The U.S. regulator of Fannie Mae and Freddie Mac is proceeding with plans to scale back their financing of apartment-building loans next year, shrinking what opponents call a critical support for rental housing.
Ginnie Mae, the U.S. government- owned corporation that guarantees almost $1.5 trillion of mortgage bonds, is no longer actively considering merging its two types of securities, President Ted Tozer said.
Canada’s Toronto-Dominion Bank is expanding its U.S. mortgage lending by holding loans on its books -- a business model U.S. banks are just starting to revive as policy makers seek to reduce the government’s dominant role.