Google is resisting demands from states to surrender documents for an investigation into possible anticompetitive practices. Justin Bieber and Twitter CEO Jack Dorsey are among 10.6 million affected by MGM Resorts cyber attack. Meanwhile in mortgage news … President Trump will nominate Dana Wade to Assistant Secretary for Housing, Federal Housing Commissioner. Wade was the Acting Federal Housing Administration Commissioner and Assistant Secretary for Housing. The Federal Housing Administration has a $1.3 trillion portfolio. Fannie Mae and Freddie Mac have published a Joint Credit Score Solicitation, which outlines the process for third-party credit score model developers to submit applications to the GSEs. Freddie Mac announced that a transfer of $9.1 billion of credit risk on $231 billion of single-family mortgagesfrom U.S. taxpayers to the private sector…
Last night’s debate among Democratic presidential candidates was full of attacks and animosity. White House economists predict growth won’t hit Trump’s 3 percent target unless big changes occur. Two passengers of the Diamond Princess cruise ship who contracted the coronavirus have died in Japan. Meanwhile in mortgage news … Federal Reserve officials dubbed coronavirus a “new risk” to the economy and indicate no major changes to rates are likely, according to minutes released Wednesday. Fannie Mae’s Economic and Strategic Research (ESR) Group suggest that low mortgage rates and strong demand will keep housing on a strong growth track. The housing industry is calling for changes that would allow mortgage loan originators more freedom when it comes to changing their compensation. Mortgage loan originator compensation rules are strictly regulated by the…
The Democrats are set to debate in Las Vegas tonight ahead of the Nevada caucuses. Meanwhile, in mortgage news … Mike Bloomberg’s financial reform policy plan has sweeping implications for the housing industry. Mortgage Bankers Association CEO David Stern urges everyone to give the plan a close read. As Bloomberg prepares to join in his first Democratic presidential debate tonight, his new financial industry reform plan gives him an answer to 2020 contenders who say he’s too close to Wall Street. Other sectors of the banking industry are also on alert after Bloomberg surprised many with a comprehensive financial policy plan to rein in Wall Street. American Banker rounds up reactions from financial industry observers. Weekly mortgage applications take a hit as mortgage rates rise, according to the Mortgage…
As coronavirus fears spread, the more common flu has already hit 22 million people in the United States, health officials said. Meanwhile in mortgage news … The New York Times details how a millennial
generation of aggressive savers could leave central bankers with less room
to cut interest rates, which they have long done to boost growth in times of
economic trouble. Millennials don’t trust lenders or the housing industry,
leaving realtors and lenders struggling to connect with a huge demographic. A Housing
Wire columnist outlines an approach
to building trust. Less than 12 percent of homes sold in the fourth quarter
were affordable to households earning the area’s median income, according to
the National
Association of Home Builders and…
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.…
