Good Morning! Today is Wednesday, December 15. Congress passed a measure raising the government’s borrowing limit by $2.5 trillion. Mr. Trump lost his bid to shield his tax returns from the House Ways and Means Committee after a federal judge dismissed the case. Britain’s antitrust regulator said Apple and Google hold a “vise-like grip” over how people use mobile devices, limiting innovation and choice and leading to higher prices. And in mortgage and housing news… Thompson Tapped For Full Term…: President Biden will nominate Sandra Thompson, currently the acting director of the Federal Housing Finance Agency, to a full term at the regulator, the White House announced. …And The Industry Responds: The industry’s response has been largely positive. Mortgage App…
Good Morning! Today is Tuesday, December 14. Members of the Federal Open Market Committee begin their two-day policy-setting meeting today. Larry Nassar’s victims reached a $380 million settlement. The Supreme Court turned down emergency requests by New York healthcare workers for a religious exemption from state requirements to vaccinate against Covid-19. And in mortgage and housing news… Rental Rates Skyrocket: More than a quarter of the states in the country have experienced a rental price increase of 20% or more in 2021 and a senior research analyst says people moving out of cities and into more rural communities are partially to blame. November 2021 Originations: Rate lock volume fell 4.7% month-over-month in November, Black Knight’s latest Originations Market Monitor report…
Good Morning! Today is Monday, December 13. At least 90 people are dead after tornadoes leveled 250 miles across six states. Stock buybacks hit a record $234.5 billion in Q3 as companies responded to pandemic hardship. Chris Wallace is leaving Fox News to join CNN. And in mortgage and housing news… Reality Check: There will be more houses on the market in 2022 because of the number of people who have died due to COVID-19 and its variants, a sobering reality was highlighted during the National Association of Real Estate Editors conference in Miami, Fla., last week. Mortgage Credit Down: Mortgage credit availability shrank in November, falling by 0.6% to 124.9, according to MBA’s Mortgage Credit Availability Index. OCC Reports…
Good Morning! Today is Friday, December 10. The Senate voted to allow Congress to raise the debt ceiling with a simple majority vote. The FDA authorized Pfizer boosters for 16- and 17-year-olds. Workers at a Buffalo Starbucks voted to unionize, making them the first of 9,000 stores to do so. And in mortgage and housing news… Rates Stay The Same: Mortgage rates once again remained basically the same over the last week, averaging 3.10%, Freddie Mac reported. Forbearances Plunge: Forbearances plan exits surged during the first week of December, though plan starts grew for another week. Equity Continues To Soar: Homeowners with a mortgage gained over 31% in equity YOY in Q3, according to CoreLogic. Inflation Up To 39-Year-High: U.S. inflation reached a nearly four-decade high in November, as…
Good Morning! Today is Thursday, December 9. British government members are under fire for a video showing them laughing about attending a party last year when group gatherings were prohibited. President Biden ordered government agencies to phase out gas-powered vehicles. New Zealand wants to ban all cigarette sales by raising the legal smoking age. And in mortgage and housing news… Webinar Hot Topics: Millennials keeping the market hot, racial bias affecting home appraisals, and automated valuation technology were discussed on Tuesday during a webinar designed to address what mortgage professionals should expect in 2022 and beyond. CFPB Finds Lending Violations: A CFPB report highlighted mortgage-related violations in 2021, including late fees charged to people in forbearance and discriminatory lending practices.…
Good Morning! Today is Wednesday, December 8. The US will spend $400 million on vaccine distribution in Africa and elsewhere. The House passed a $768 billion defense policy bill, which now moves to the Senate. Chris Cuomo’s publisher canceled his planned book. And in mortgage and housing news… Mortgage Applications Up: Mortgage loan application volume rose 2% last week, MBA’s weekly survey reported. Missed Rent Payments: Renters were three times more likely to miss payments than homeowners during September and October, according to research from RIHA. Commercial/Multifamily Delinquencies: Delinquencies on commercial and multifamily mortgages fell in Q3 2021, according to MBA’s Commercial/Multifamily Delinquency Report. NAR Political Spending: NAR’s political spending is in opposition to its stated desire to support education…
Good Morning! Today is Tuesday, December 7. New York City will implement a vaccine mandate for private employers this month. President Biden will speak with Vladimir Putin today in an attempt to stave off a Russian invasion of Ukraine. Republican Representative Devin Nunes will resign to run Donald Trump’s media company. And in mortgage and housing news… CT Town Settles For $350,000: Officials from the U.S. Department of Justice have announced a settlement in a lawsuit against a Connecticut town that enacted zoning laws making housing for persons with mental health disabilities unavailable. Mortgage Monitor: Tappable equity reached an all-time high in October 2021, according to Black Knight’s latest mortgage monitor report. New FinLocker SVP: FinLocker has named Andria Thomas …
Good Morning! Today is Monday, December 6. Former Senate Majority Leader and Republican Presidential Nominee Bob Dole died yesterday. He was 98 years old. Bitcoin recovered from a weekend crash that brought its value below $50,000. Omicron may have been spreading at a New York anime convention before cases were officially confirmed in the US. And in mortgage and housing news… Market-Crash Flashback?: Fannie Mae and Freddie Mac have raised their loan limits to nearly $1 million in some communities. Does that mean lenders are repeating the same mistakes which led to the 2008 crash? Analysts React To Omicron: How will Omicron impact the housing market? Analysts are optimistic it won’t cause significant damage. Zillow Bouncing Back: Zillow is recovering…
Good Morning! Today is Friday, December 3. Congress averted a shutdown by passing a bill funding the government through February. The FTC is suing to stop a $40 billion merger between Nvidia and Arm. Florida Governor Ron DeSantis proposed a civilian military force overseen by him rather than the Pentagon. And in mortgage and housing news… Rates Flat: Mortgage rates remained basically the same over the last week, averaging 3.11%, Freddie Mac reported Thursday. “The Drop-Off Is Significant”: Mortgage lending declined at an unusually fast pace during Q3 2021, falling during peak buying season for the first time since 2000, ATTOM reported. Construction Still “Hobbled”: A new Zillow report found that despite construction companies’ best efforts, the completion of new…
Good Morning! Today is Thursday, December 2. The first US case of Omicron has been identified in California. Senate Republicans are threatening a government shutdown over the Biden administration’s vaccine mandate. Major league baseball is in a work stoppage after failing to reach a collective bargaining agreement. And in mortgage and housing news… Ex-Prez Sentenced: Ronald McCord, founder of First Mortgage Company and former MBA president, will pay $51.8 million in restitution for mortgage fraud and spend 8.5 years in jail. American Wealth Gains: The median net worth of American households rose 17.6% between 2016 and 2019, according to a new report from MBA’s RIHA. Better Layoffs: After a $750 million cash infusion ahead of a merger and plan to…
