Morning Mortgage Notes

As Corona virus cases increase, China shakes up leadership. Barclays CEO is under investigation for links to Jeffrey Epstein. President Trump sets the stage to pardon Roger Stone, while one member of Congress floats new impeachment proceedings. Meanwhile in mortgage news … As low mortgage rates attract buyers, U.S. home prices surge. The median price of an existing single-family home increased 6.6 percent in the fourth quarter, hitting $274,900, according to the National Association of Realtors. Housing Wire’s Q&A with former FHFA director Ed DeMarco shows he is still on a mission to reform the GSEs and create a level playing field for private capital. Low mortgage rates are offsetting home affordability issues, according to the National Association of Realtor’s…

Bernie Sanders wins in New Hampshire. President Trump pulls former US attorney Jessie Liu’s nomination for Treasury role. Meanwhile in mortgage news … Mortgage lending just had its biggest quarter in 14 years with originations climbing to their highest level since 2005, according to fourth quarter lending data from the Federal Reserve Bank of New York. The President’s budget for FY2021 calls for the elimination of block grant programs and a reduction of the Department of Housing and Urban Development’s budget by 15 percent. As employment remains strong, so does mortgage loan performance. Mortgage delinquencies dropped to a 40-year low in the fourth quarter as strong employment bolstered borrowers’ ability to make timely payments, the Mortgage Bankers Association said. With…

President Trump will propose a $4.8 trillion budget, with big cuts to foreign aid and safety net programs. The Iowa Democratic party released updated numbers that show Mayor Buttigieg the winner and Bernie Sanders second in Iowa caucuses. Meanwhile in mortgage news … The January jobs report bodes well for the housing market. The US Department of Labor announced that 225,000 jobs were created in January, while the unemployment rate was 3.6%, slightly higher than December as more people entered the work force. The labor force participation rate increased to its highest point since 2013. Home mortgage giants Fannie Mae and Freddie Mac announced they will stop purchasing adjustable-rate mortgages tied to the London Interbank Offered Rate (LIBOR) after 2020.…