Industry News

Real estate lenders battle for top spot

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Invited to promote company efforts to create an all-electronic mortgage transaction, executives of Countrywide Financial veered into some controversial, socio-political issues at an industry conference in Miami last week. Richard Jones, senior managing director, declared that it was the company's goal for "everyone (in America) to own their own home" and he boasted of Countrywide's continuing commitment to fund loans for minority borrowers – a pledge that recently increased to $1 trillion by 2010. Jones was asked about positions taken by groups like Center for Economic and Policy Research, which recently issued a policy paper stating that "home ownership should not always be viewed as the primary housing option for low-income families." In the paper, Dean Baker, CEPR co-director, noted that "the recent run-up in home prices in many parts of the country makes it unlikely that home buyers (including low-income home buyers) will experience capital gains when they sell their home...