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☆ Meet the candidates in the running to replace James Gorman as Morgan Stanley's CEO
▼ + stars: | 2023-10-20 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Morgan Stanley CEO James Gorman plans to retire by May 2024, leaving big shoes to fill. AdvertisementAdvertisementSuccession has traditionally been a bloody sport on Wall Street with the losers leaving and taking their lieutenants with them. Morgan Stanley CEO James Gorman, who plans to retire by May 2024, wants the buck the trend so the bank can hold onto all three candidates. "Wall Street has had a history of that not happening," said Gorman in a July earnings call. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, —, Gorman, Morgan, Ted, He's, Tony James, Morgan Stanley's, Pick, Simkowitz, Dodd, Frank, Fannie Mae, Freddie Mac, Dan, Andy Saperstein Saperstein, Merrill Lynch, Bloomberg, Hayley Cuccinello Organizations: Service, Archegos Capital Management, Washington , D.C, Federal Reserve, Treasury, General Motors, AIG, Citigroup, McKinsey, Staten, Disney, Hamptons Locations: Washington ,, hcuccinello@insider.com

☆ Financing a tiny home just got easier. Here's why.
▼ + stars: | 2023-10-18 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

A change in housing finance policy will make it easier for people to build ADUs. AdvertisementAdvertisementIt just got easier for many homeowners to build a tiny home on their property. Ryan O'Connell and Jakota Rivas, a California ADU grant recipient, in front of her ADU in California. Cities across the country — in red and blue states alike — have passed legislation that makes it easier to build. Laws like this, and a similar congressional bill, will help middle class homeowners build an ADU with more financial ease.

Persons: Fannie Mae, Freddie Mac, It's, —, Fannie, Freddie, Ryan O'Connell, O'Connell, Jakota Rivas, Eric Santucci, he's, Bill Organizations: Service, Administration, FHA Locations: California, Los Angeles, . California , Vermont, New York

Mortgage rates are likely to stay at frightening levels even after the Halloween season is over. But we may finally see 30-year mortgage rates dip back below 7% next year, Fannie Mae says. "With ongoing affordability constraints and rising mortgage rates, much of that activity has essentially been given back. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.89% last week, according to Freddie Mac data.

Persons: Fannie Mae, they've, Fannie Mae's, Doug Duncan, Freddie Mac, it's Organizations: Zillow Locations: Chevron

☆ This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else
▼ + stars: | 2023-10-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

Morgan Stanley CEO James Gorman plans to retire by May 2024. "Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture," Gorman wrote in a memo at the time. Morgan Stanley, which was the lead underwriter, had to step in to prop up the stock. In 2010, Morgan Stanley was picked as one of two lead underwriters — the other being JPMorgan — for the IPO of General Motors. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, He's, Simkowitz, Eaton Vance, Pick, Morgan, Getty, Dan, doesn't, Gorman, Morgan Stanley's, Saperstein, executive's protégé, Andy, Alex, Brown, Ted, she'd, Simkowitz's, Dean Witter Reynolds, Eaton, Calvert, Ruth Porat, Bob Scully, Fannie Mae, Freddie Mac, Will Dotson, Dan Akerson, TIMOTHY A, CLARY, Erik Gordon, Dodd, Frank, David Bieri, Gonzalo Marroquin, Patrick McMullan, Paul Taubman, Colm Kelleher, coheads, John Mack, Phil Purcell, Hayley Cuccinello Organizations: Disney, Harvard, McKinsey, Columbia Business School, Maccabiah Games, Team USA, Maccabi USA, Trenton Almgren, Davis, Lucent, Verizon, Mesa West Capital, JPMorgan, Calvert Research, Management, Facebook, Massachusetts Securities Division, Treasury, JPMorgan —, General Motors, Government Motors, General, New York Stock Exchange, Getty, University of Michigan's Ross School of Business, Citigroup, Virginia Tech, US Securities and Exchange Commission, United States Attorney's Office, Southern, of Locations: Bloomington , Indiana, Trenton, New York, Tokyo and Hong Kong, Boston, Washington, Switzerland, of New York, hcuccinello@insider.com

Average 30-year mortgage rates are down a bit compared to where they've been in recent weeks. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: they've, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

This will likely allow mortgage rates to fall. Average 30-year mortgage rates dropped a bit last week. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal, Mortgage Bankers Association, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

☆ Fannie Mae CEO Priscilla Almodovar on Breaking Barriers
▼ + stars: | 2023-10-11 | by ( Bertha Coombs | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFannie Mae CEO Priscilla Almodovar on Breaking BarriersFannie Mae is a critical part of the housing market—owning nearly 1 in 4 mortgages in the U.S. today. When Pricilla Almodovar became the company CEO less than a year ago, she also became the only current Latina CEO of a Fortune 500 company. She shares her journey, experiences and the challenges she faced on her climb to the top job with CNBC's Bertha Coombs. 15:56 2 hours ago

Persons: Fannie Mae, Priscilla Almodovar, Pricilla Almodovar, Bertha Coombs Organizations: Fortune Locations: U.S

New York CNN —Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot. A housing bubble can form when prices rise to unsustainable levels. “I see much less speculation in the housing market today, thank goodness,” said Bair. ‘Dizzying heights’Legendary investor Jeremy Grantham shares Bair’s concern about a housing bubble. In many ways, today’s housing market is the polar opposite of the one that preceded the Great Recession.

Persons: Sheila Bair, ” Bair, Bair, ”, she’s, there’s, Jeremy Grantham, ” Grantham, Goldman Sachs, Fannie Mae, Priscilla Almodovar, it’s, ” Almodovar, Lawrence Yun, homebuyers shouldn’t, ” Yun, Yun, America doesn’t Organizations: New, New York CNN, National Association of Realtors, CNN, Federal Deposit Insurance Corp, NAR, “, UBS Locations: New York, Los Angeles, San Diego, Richmond, Cincinnati, Zurich, Tokyo, Miami, Toronto, Vancouver, London, America, “

Average 30-year mortgage rates remain around a half a percentage point higher than they were a month ago. Mortgage rates have increased dramatically this year, and they'll likely remain elevated for the remainder of 2023. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices.

Persons: Fannie Mae's, homebuyers, Fannie Mae Organizations: Federal Reserve, Mortgage, Zillow, Association, Sky, ARM Locations: Chevron

☆ Bad news, homeowners: 1 of these 3 things needs to happen for house prices to be considered affordable, says a real estate expert
▼ + stars: | 2023-10-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Andy Walden of ICE Mortgage Technology told CNBC there are 3 key ways to make US home prices affordable. AdvertisementAdvertisementThe US housing market is getting so expensive that it will take a lot for prices to be considered affordable. "Those are massive movements that we're talking about," Walden told CNBC. he told CNBC. If not, you're going to just see this stalemate play out in the market," Walden added.

Persons: Andy Walden, —, Walden, Fannie Mae's, That's, Zillow, Freddie Mac Organizations: ICE Mortgage Technology, CNBC, Service, Census Bureau

Mortgage rates spiked quite a bit last week, with 30-year mortgage rates reaching a high of 7.58%, according to Zillow data. When mortgage rates will fall largely hinges on inflation, and this week's CPI data will give us the latest look at how prices are trending. But right now, experts generally expect that inflation will continue to slow, allowing mortgage rates to trend down throughout 2024. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Labor Statistics, Federal Reserve, Zillow, Fed, Mortgage, Association, Sky Locations: Chevron

☆ Is China really dumping Treasury bonds and sending yields higher? A former US official explains the mystery
▼ + stars: | 2023-10-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

China is not actually dumping its stockpile of US bonds, former Treasury official Brad Setser wrote. A large part of China's holdings are not accounted for in official US data, he said. While it has sold some Treasurys, Beijing has also bought up US debt in the form of agency bonds. Agency bonds are issued by government-sponsored enterprises, and some of the top issuers are US-backed firms like Fannie Mae and Freddie Mac. During 2022 and the first six months of 2023, China purchased over $100 billion agency debt and sold just $40 billion in Treasurys, he estimated.

Persons: Brad Setser, —, Torsten Sløk, Setser, Belgium's, China's, Fannie Mae, Freddie Mac Organizations: Treasury, Service, Council, Foreign Relations, Apollo, Treasury International Capital, Foreign, Administration of Foreign Exchange, Agency Locations: China, Beijing, Treasurys

Average 30-year mortgage rates have increased around 15 basis points compared to where they were this time last week. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: they've, Fannie Mae Organizations: Federal, Bureau of Labor Statistics, Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

James R. HagertyJames R. Hagerty, known as Bob, is based in Pittsburgh and writes obituaries and other feature stories for The Wall Street Journal. Over the past four decades, he also has worked as a reporter, editor and bureau chief for the Journal and the International Herald Tribune in Hong Kong, London, Brussels, Paris, Atlanta and New York. He served as managing editor of The Wall Street Journal's Asian edition (1994-1998) and London bureau chief of the WSJ (2000-2003). He is the author of “The Fateful History of Fannie Mae,” published by History Press in 2012, and "Yours Truly," published by Kensington's Citadel Press imprint, a book on how to tell life stories. He can be reached by email at jamesrhagerty888@gmail.com via LinkedIn at LinkedIn or on Twitter at @JamesRHagerty.

Persons: James R, Hagerty James R, Bob, “, Fannie Mae, ” Organizations: Wall Street, International Herald Tribune, University of North, History Press, Kensington's Citadel Press, LinkedIn, Twitter Locations: Pittsburgh, Hong Kong, London, Brussels, Paris, Atlanta, New York, University of North Dakota

After spiking last week, mortgage rates initially inched down this week but have since trended back up. Average 30-year mortgage rates are currently around 30 basis points above their September average. Whether mortgage rates will fall sooner rather than later depends on the path of inflation and the Federal Reserve's response. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Customer service is also available 24/7 for Navy Federal student loans, a perk unmatched by many similar companies in the industry. How Navy Federal student loans workNavy Federal offers both fixed-rate and variable-rate undergraduate and graduate loans. Warning: Go after federal student loan options before looking at private student loans, including a Navy Federal loan, as you'll get better terms and protections through the government. What options do I have to repay my Navy Federal student loans?

Persons: Mae, Sallie Mae, Q, You'll, you'll Organizations: Federal, Navy Federal Credit Union, Navy Federal, Federal Credit Union Discover Bank, FDIC, Discover, cosigners, Better, Bureau, BBB

☆ Want to build a tiny home in your backyard? Here's how you can finance it.
▼ + stars: | 2023-10-02 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +7 min

Backyard tiny homes, called ADUs, are becoming increasingly popular. AdvertisementAdvertisementBackyard tiny homes, called accessory dwelling units or ADUs, are becoming more popular as some state and local governments roll back zoning restrictions. That's because government-backed mortgage providers Fannie Mae and Freddie Mac set the strict standard for all other mortgage lenders. Sometimes, when financing an ADU loan, programs like RCUs may consider the property's worth after the ADU is constructed when underwriting the loan. Clark and her husband moved into the main home, and Sandoval-Clark and her family live in the ADU.

Persons: —, Fannie Mae, Freddie Mac, Freddie, Ryan O'Connell, you've, Peter Bohler, Suszi Lurie McFadden, O'Connell, RCU, RenoFi, it's, Katie Sandoval Clark, Marshall, Barbara Clark, Mother Barbara Clark, Katie Sandoval, Clark, Sandoval Organizations: Service, CAST, —, Denver Post, Redwood Credit Union, ADUs, Area Locations: California, — New York , California, Vermont, Denver , Colorado, Napa County , California

☆ Should you apply early to college? It could affect your odds of acceptance but also your financial aid
▼ + stars: | 2023-10-02 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

Early decision, on the other hand, can "help leverage someone's admissions chances." Despite the possibility of improving your odds of acceptance, there are other factors to consider, especially when it comes to financial aid. For colleges, early decision is a win-winFor schools, offering students an option to apply early has clear advantages. In addition, getting a head start on the makeup of the freshman class helps admissions officers balance out enrollment needs with financial aid requests. (Some schools also offer another option, called Early Decision II, which is due in January.)

Persons: Eric Greenberg, Rick Castellano, Sallie Mae, — that's, Vasconcelos, Robert Franek, Greenberg, Franek, Jeff Greenberg, Louis Organizations: Greenberg Educational Group, Federal Student Aid, The Princeton, Greenberg Educational, Getty, Princeton, Emory University, Colgate University, Swarthmore College, Tulane University, Middlebury College, Washington University Locations: New York, St, Vermont

Average 30-year mortgage rates have increased over 20 basis points compared to last week, and they remain the highest they've been since the early 2000s. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices.

Persons: Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

While borrowers can't control the macroeconomic conditions that have led to higher mortgage rates, they can do some things with their own finances to ensure they snag the lowest rates available. By boosting your credit score, you can keep your mortgage payment down, even when rates are sky high. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they've, you'll, Fannie Mae Organizations: Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

☆ Realtors and mortgage lenders are feeling a serious recession, says Fannie Mae's Douglas Duncan
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRealtors and mortgage lenders are feeling a serious recession, says Fannie Mae's Douglas DuncanDouglas Duncan, Fannie Mae chief economist, and Don Peebles, chair and CEO of the Peebles Corporation, join 'The Exchange' to discuss home supply challenges, the shrinking appetite for refinancing, and ongoing strength in the homebuilders sector.

Persons: Fannie Mae's Douglas Duncan Douglas Duncan, Fannie Mae, Don Peebles Organizations: Realtors, Peebles Corporation Locations: homebuilders

NEW ORLEANS (AP) — Louisiana folklorist Nick Spitzer and Mississippi blues musician R.L. Boyce are among nine 2023 National Heritage Fellows set to be celebrated later this month by the National Endowment for the Arts, one of the nation’s highest honors in the folk and traditional arts. He founded the Louisiana Folklife Program, produced the five-LP Louisiana Folklife Recording Series, created the Louisiana Folklife Pavilion at the 1984 World’s Fair in New Orleans and helped launch the Baton Rouge Blues Festival. “But see, I play the old way, and nobody today can play my style, just me.”Boyce has played northern Mississippi blues for more than half a century. He has shared stages with blues greats John Lee Hooker, a 1983 NEA National Heritage Fellow, and Howlin’ Wolf.

Persons: Nick Spitzer, R.L, Boyce, Spitzer, Bess Lomax Hawes, ” Spitzer, Willie Nelson, Ray Charles, Dolly Parton, Fats Domino, “, Hawes, ” Boyce, ”, John Lee Hooker, Howlin ’ Wolf, Jessie Mae Hemphill, Ed Eugene Carriere, Michael A, Cummings, Joe DeLeon “ Little Joe ” Hernandez, Roen, Elizabeth James, Perry, Luis Tapia, Wu Man Organizations: ORLEANS, Heritage Fellows, National Endowment, Arts, Heritage Fellowship, Library of Congress, Washington , D.C, Tulane University’s School of Liberal Arts, Tulane, Louisiana Folklife Program, Louisiana Folklife, Baton Rouge Blues, Smithsonian’s Center for Folklife, Heritage, Associated Press, NEA, Blues, Heritage Fellow Locations: Louisiana, Mississippi, Washington ,, New Orleans, Acadiana, Washington, Indianola , Washington, New York, Temple , Texas, Waimea , Hawaii, Dartmouth , Massachusetts, Santa Fe , New Mexico, Carlsbad , California

If price growth remains stubborn, the central bank could hike rates again, which would keep mortgage rates elevated. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Dan Richards, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Girls and young women want to be homeowners by the time they're 30 — a higher priority even than getting married or earning a lot of money. About half, 52%, of young women ages 7 to 21 want a house by 30, the most of any goal, according to Girlguiding's Girls' Attitude Survey 2023 . To compare, 48% want to be married by age 30, and 39% said it's a goal to earn a lot of money. The organization polled 2,614 girls and young women in the U.K. between the ages of 7 and 21 earlier this year. Lenders look at your debt-to-income ratio to figure out how much mortgage debt you can take on.

Persons: Fannie Mae, it's, Melissa Cohn, William Raveis, Kamila Elliott, Cohn, Jessica Lautz, Elliott, Roth, Lazetta Rainey Braxton, Braxton Organizations: Fannie, William Raveis Mortgage, Federal Reserve, Wealth Partners, National Association of Realtors, CNBC, Partners, IRA, CNBC FA Council, CNBC FA Locations: New York, Atlanta

This means mortgage rates are likely to stay near their current levels, barring any changes in the current economic outlook. Average 30-year mortgage rates will likely continue to hover right around 7% for at least the next few weeks. We'll also likely see mortgage rates drop once the Fed starts cutting rates, though that might not be until later next year. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Selma Hepp, We'll, There's, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron

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