The 30-year fixed rate has fallen each of the past eight weeks, according to the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com . Last week’s 30-year rate was the lowest this year. The launch of a new consumer mortgage news publication will help current and prospective borrowers take advantage of these low rates while giving them an improved understanding of available options and the mortgage process.
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American International Group Inc., the bailed-out insurer, fell to the lowest in more than a year, as investors bet the U.S. Treasury Department may struggle to find buyers for the rest of its shares.
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MetLife Inc., the largest U.S. life insurer, said it’s weighing acquisitions in Latin America as ING Groep NV considers selling its business in the region.
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Asian stocks swung between gains and losses as raw materials producers advanced after Goldman Sachs Group Inc. said it was “turning more bullish” on commodities, countering declines by Asian exporters after reports signaled economic growth is slowing in the U.S. and Europe.
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Billionaire Warren Buffett, whose Berkshire Hathaway Inc. is the largest shareholder in Wells Fargo & Co. and has a stake in U.S. Bancorp, said the country’s lenders are less attractive investments than they once were.
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Residential originations were down 9 percent at The PNC Financial Services Group Inc. The company managed a 2 percent quarterly increase in its servicing portfolio, though its mortgage assets declined. Home-loan delinquency, meanwhile, improved 3 basis points during the quarter.
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Asian stocks fell, with the regional benchmark index headed for its lowest since March 29, as oil and metal prices dropped, tempering gains by carmakers after Nomura Holdings Inc. said they were “oversold.”
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Citigroup Inc., Deutsche Bank AG, Bank of America Corp. and JPMorgan Chase & Co. have been asked by U.S. regulators to make employees available to testify as witnesses in a probe of potential interest-rate manipulation, two people briefed on the plans said.
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Sterling Edmunds Jr. has assumed the role of executive vice president — national sales and production manager at SunTrust Mortgage Inc. He was president and chief executive officer at the lender. The demotion is immediately effective.
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Reverse Mortgage Solutions Inc. announced it would expand into reverse mortgage originations. Business will be generated from a new retail channel. However, a correspondent channel has also been created.
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