Good morning! Today is Friday, December 11. Congress remains at odds over an economic stimulus package.Missouri joins five other states in supporting Texas’ Supreme Court fight against swing states to overturn their Presidential election results. NASA has named the 18 astronauts — half of them women — who will train for its Artemis moon-landing program. And in mortgage and housing news … IT’S OFFICIAL: President-elect Biden officially nominates Rep. Marcia Fudge to lead HUD. RECORD LOW: Mortgage rates remain at their lowest on record. UNDERWRITING RULES: The Consumer Financial Protection Bureau issued two final rules revising the definition of “qualified mortgage” to promote access to credit and transition the market away from an exemption given to Fannie Mae and Freddie Mac. GSE CONSERVATORSHIP: Wall Street continues to look…
Good morning! Today is Thursday, December 10. Facebook is being hit with antitrust lawsuits by the Federal Trade Commission and a bipartisan group of 46 state attorneys, accusing the social media giant of a yearslong campaign to buy up or freeze out potential rivals. SpaceX’s Starship prototype exploded during a test flight landing. The World Surf League will find another location for the women’s Maui Pro event, after a shark attack halted competition. And in mortgage and housing news … MORTGAGE CREDIT: Mortgage credit freed up in November to its highest level since July, according to a new report released by the Mortgage Bankers Association. MORTGAGE APPS: Mortgage applications dropped slightly last week, while remaining significantly higher than 2019 levels, according to a report released by…
Good morning! Today is Wednesday, December 9. The White House proposed a new Covid relief package with lower unemployment benefits in exchange for $600 stimulus payments. Tesla is moving the company out of Silicon Valley to Texas. An F-16 fighter jet crashed in Michigan’s Upper Peninsula. And in mortgage and housing news … HUD SECRETARY: President-elect Joe Biden is expected to name Congresswoman Marcia Fudge of Ohio as the Secretary of Housing and Urban Development. PURCHASE SENTIMENT: The Fannie Mae Home Purchase Sentiment Index dipped by 1.7 points in November, its first decline after three continuous months of increases. FORBEARANCE REPORT: The number of U.S. mortgages in forbearance held steady to close out November, with about 2.8 million homeowners still pausing their mortgage payments amid the…
Good morning! Today is Tuesday, December 8. The U.K. became the first Western country to start distributing a Covid-19 vaccine, rolling out a mass inoculation program that could provide a template for other countries. Uber is selling its self-driving car division after its five years of developing self-driving vehicles was marred by a fatal crash and litigation. Chuck Yeager, the pilot who broke the sound barrier, died at age 97. And in mortgage and housing news … TO-DO LIST: HFSC Chair Rep. Maxine Waters issued President-elect Biden a lengthy to-do list. GEORGIA SENATE: The American Bankers Association is jumping into the Senate runoff election in Georgia, dropping an ad thanking Sen. David Perdue for his role in “helping Georgia families and small businesses during…
Good morning! Today is Monday, December 7. Federal officials said a Covid-19 vaccine could be distributed to as many as 24 million people by mid-January. Rudy Giuliani tweeted that he is getting great care and feeling good, after being admitted to Georgetown University Hospital for Covid-19. A snowy Nor’easter knocked out power in Maine and New Hampshire. A California man punched a 350-pound bear to save his dog. And in mortgage and housing news … NOT SO FAST: Rep. Maxine Waters, the chairwoman of the House Financial Services Committee sent FHFA Director Mark Calabria a letter last week urging him to “fully engage with Congress, halt all efforts to raise the capital requirements for Fannie Mae and Freddie Mac and halt all…
Good morning! Today is Friday, December 4. Joe Biden said he will join former Presidents Obama, Bush and Clinton in getting the Covid-19 vaccine in public to demonstrate its safety. California issues a regional stay-at-home order after Covid cases spike. The DOJ is suing Facebook for illegally reserving high-paying jobs for immigrant workers it was sponsoring for permanent residence and for failing to adequately search for U.S. hires. And in mortgage and housing news … NEW RECORD: The 30-year fixed-rate mortgage dropped to its lowest level in history again this week, according to Freddie Mac’s weekly Primary Mortgage Market Survey. FORECLOSURE BAN: The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will extend the moratoriums on single-family foreclosures and real estate owned…
Good morning! Today is Thursday, December 3. The number of daily Covid-19-related deaths in the U.S. passed 3,000, while hospitalizations topped 100,000 for the first time. Democratic leaders conceded demands for coronavirus relief, fueling hopes that an agreement could be reached with Republicans by year’s end. Hawaii just created a long-term-stay program for U.S. residents, paying for airfare to 50 out-of-staters willing to spend at least a month in Hawaii volunteering with nonprofits. And in mortgage and housing news … MORTGAGE APPS: Mortgage applications decreased slightly Thanksgiving week, once adjustments are made for the long holiday weekend. FORBEARANCE UP: The share of mortgages in forbearance in the United States increased for the secondweek in a row before Thanksgiving GSE REDO: Treasury Secretary Mnuchin is in talks…
Good morning! Today is Wednesday, December 2. Britain became the first Western nation to grant emergency-use authorization for a Covid-19 vaccine, clearing a shot developed by Pfizer and Germany’s BioNTech to be distributed in limited numbers within days. The CDC advises that health care workers and long-term care facility residents get Covid-19 vaccine first. The first blood test for Alzheimer’s is on the market without FDA approval. And in mortgage and housing news … PAY REDUCED: With the Covid pandemic stretching into its 10th month in the United States, more than a third of full-time America workers report having their pay cut. ALABAMA TOWN SUED: The housing authority of a small Alabama town was sued by the U.S. Justice Department for allegedly discriminating against Black housing…
Good morning! Today is Tuesday, December 1. Today is Giving Tuesday, a global celebration of philanthropy and the work of nonprofits. Moderna is seeking approval for its Covid-19 vaccine after it was shown to be 94.1 percent effective, keeping the shot on track for use in the U.S. by year’s end. National Covid-19 hospitalizations are nearing 100,000 and expected to get worse following holiday travel. And in mortgage and housing news … HOME SALES: Pending home sales dipped slightly in the United States last month, though were significantly higher than in October 2019. HOME PRICES: The pandemic paused the housing market for a few months, but it has been on a rebound that has pushed the median price over $700,000. ADVERSE MARKET FEE: The Federal Housing…
Good morning! Today is Monday, November 30. Top health officials are asking Americans who traveled for Thanksgiving to get tested before returning to work and circulating in their communities. New York City will reopen elementary schools and reduce hybrid learning. Black Friday foot traffic plunged by half amid the pandemic while online sales rose 22 percent from a year ago. Consumers turned to Amazon and big-box chains that offer one-stop shopping. And in mortgage and housing news … NOT BUDGING: Mortgage rates didn’t budge this week from their record low, Freddie Mac reports in its weekly Primary Mortgage Market Survey. MORTGAGE APPS: Mortgage applications increased last week amid record-low interest rates and high demand for a limited number of homes on the market, the Mortgage Bankers…
