Good morning! Today is Wednesday, April 8. The U.S. reported its highest daily death toll from coronavirus, rising to 12,910. The White House is putting together plans to reopen the U.S. economy, and Amazon suspends its delivery service that competes with UPS and Fed Ex to focus on a surge in orders. And in mortgage and housing news … NO HELP FOR YOU: Responding to industry warnings of a looming cash crisis among non-bank mortgage lenders, the head of the Federal Housing Finance Agency said he sees “zero evidence” that the federal government needs to intervene and declares concerns “spin.” FORBEARANCE PLEASE: Mortgage forbearance requests skyrocketed in early days after the passage of the CARES Act as homeowners seek financial relief in the face of the…
Good morning! Today is Tuesday, April 7. Just weeks after a $2 trillion stimulus bill is signed into law, Congress is already preparing for more economic aid for small businesses and individual Americans as the economy suffers from coronavirus devastation. Wisconsin’s primary is set to go ahead today after courts block attempts to delay voting. And in mortgage and housing news … JOURNALISM: In a glowing profile, the Detroit Free Press is oddly silent about new United Wholesale Mortgage leadership coach Mateen Cleaves’ recent legal challenges. FIRST BANK FAILS: The Federal Deposit Insurance Corporation announced the first failure of a bank during the coronavirus pandemic, though the bank was struggling before economic challenges began. LIQUIDITY: An array of mortgage, real estate and housing organizations called on…
Good morning! Today is Monday, April 6. The United States is bracing for the most difficult week yet of the coronavirus pandemic. The coronavirus crisis is putting many bankrupt hospitals back in service, as local governments commandeer shut-down hospitals to add space for increasing demand. And in mortgage and housing news … MARKET REPORT: Industry trend reports are starting to show the effects of the coronavirus pandemic on the U.S. housing market. REGULATORY RELIEF: Federal and state banking regulators will grant regulatory flexibility to mortgage lenders as they scramble to work with borrowers who are impacted by the coronavirus pandemic. MORTGAGE MARKET CRISIS: Investment banker and author R. Christopher Whalen demands the firing of Federal Housing Finance Authority Director Mark Calabria for shutting down the servicer liquidity facility planned…
Good morning! Today is Friday, April 3. Coronavirus infections across the globe surpassed 1 million. Google is offering user location data to help health officials track people’s movements amid the coronavirus pandemic. A 104-year-old veteran from Oregon recovered from coronavirus just in time to celebrate his birthday. And in mortgage and housing news … RATES DROP: Mortgage rates dropped for the second week in a row – and almost reached the nearly historic lows from before the coronavirus fully hit the United States. What will that mean for mortgage applications? SAVING DETROIT: Detroit billionaire and Quicken Loans founder Dan Gilbert is marshaling his businesses to help after a surge in coronavirus cases has the city girding itself for the possibility of becoming the latest hot spot…
Good morning! Today is Thursday, April 2. It’s World Autism Awareness day. U.S. stock futures rebounded this morning. Coronavirus guru Dr. Fauci gets a security detail amid threats. And in mortgage and housing news … HOW TO: Many homeowners believed that the mortgage relief items in the CARES Act applied to all borrowers but are quickly discovering they aren’t universally available. Homeowners in need must work with their lenders to identify the best solution for their individual situations. MORTGAGE APPLICATIONS: It turns out people don’t apply for mortgages when you ban real estate activities and issue stay-at-home orders, as applications in coronavirus hot spots plunged last week. SPRING BUYING SEASON: The housing market started the year strong. Now, the pandemic threatens real estate markets nationwide during…
Good morning! Today is Wednesday, April 1. Stock futures sank after President Trump warned Americans that it’s “going to be a painful two weeks.” A 6.5 magnitude earthquake hits Idaho. Private sector employment and construction spending numbers are due out today. And in mortgage and housing news … FLEXIBILITY: The Federal Housing Finance Agency announced Tuesday that Fannie Mae and Freddie Mac will be more flexible on several loan processing steps to help ease the homebuying and borrowing process during the coronavirus pandemic. FLOOD INSURANCE: FEMA announced that it is extending the grace period to renew flood insurance policies from 30 to 120 days as homeowners across the nation cope with the coronavirus pandemic. PATCHWORK AID: Many banks, large and small, are working on a case by case…
Good morning! Today is Tuesday, March 31. Wall Street has rallied for four of the past five sessions, but stocks are expected to record their steepest first quarter losses since 1987. China sees sharp March rebound in economic activity, but analysts caution that recovery faces serious challenges. Ford says it will build 50,000 ventilators in 100 days. And in mortgage and housing news … ON THE BRINK: Mortgage industry advocates warn that without a federal intervention, an extended downturn could set off a chain of economic and financial crises akin to the 2008 panic and recession. MORTGAGE CRUNCH: Banks are about to face a severe mortgage problem, and analysts report Wells Fargo appears particularly exposed. LONGER LEASH: New Jersey realtors can conduct limited business – but they still…
Good morning! Today is Monday, March 30. CDC guidelines on social distancing will now last until the end of April. As monthly bills come due, how Americans navigate the next few days will shape how the coronavirus pandemic impacts the economy. And in mortgage and housing news … LENDER LIFELINE: Ginnie Mae announced that it would support non-bank mortgage lenders with the cash they need to weather the coronavirus after Congress left the institutions out of the $2 trillion relief bill. MARGIN CALLS: Mortgage bankers say the SEC needs to save them from a flood of margin calls on hedges that lenders have entered into to protect themselves from losses. BAD BOYS, BAD BOYS: Pennsylvania State Police notified a Berkshire Hathaway HomeServices real estate firm that it…
Good morning! Today is Friday, March 27. Global stocks pause following record three-day rally on Wall Street as U.S overtakes China as the world’s most active coronavirus hotspot. Federal Reserve Chairman Jerome Powell told media the U.S. economy can’t reopen until the coronavirus pandemic is under control. And in mortgage and housing news … RELIEF BILL: An analyst tells The Mortgage Note that the $2 trillion relief bill expected to be passed by the House today basically means nobody has to pay their mortgage for six months, if not a year. INDEPENDENT MORTGAGE LENDERS: The massive $2 trillion COVID-19 relief bill leaves non-bank lenders on the outside looking in when it comes to government providing cash to back loans that lower- to middle-class borrowers may…
Good morning! Today is Thursday, March 26. Stock futures fell as investors anticipate jobless claims that could jump into the millions amid the coronavirus pandemic. Coronavirus deaths in the U.S. top 1,000. The Senate approved a $2 trillion stimulus package. Apple may delay the launch of the 5G iPhone. And in mortgage and housing news … SO IT BEGINS: Mortgage applications dropped 29.4 percent last week from a week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. MBA’s refinance index dropped 34 percent for the week, though was still 195 percent higher than the same week a year earlier. PRICE INDEX: House prices in the United States rose 5.2 percent in January over a year earlier, continuing a string of strong housing economic…
