Good morning! Today is Tuesday, August 4. Coronavirus cases are increasing in the Midwest. Hurricane Isaias makes landfall in southern North Carolina and is chugging up the East Coast today. Major League Baseball postponed its “Field of Dreams” game after 13 Cardinals players and staffers test positive for COVID-19. And in mortgage and housing news … BORROWER SATISFACTION: With the economy in shambles and millions of Americans struggling to pay their mortgages, borrowers’ satisfaction with their loan servicers actually has increased this year, according to the J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Study. FORBEARANCE NUMBERS: The share of US mortgages in forbearance dropped for the seventh straight week, the Mortgage Bankers Association announced. HE’S BACK? If you thought the suspended Association of Independent…
Good morning! Today is Monday, August 3. White House coronavirus task force coordinator Dr. Deborah Birx said the U.S. is in a new phase in its fight against the coronavirus pandemic, warning that the virus is more widespread than it has been. NASA SpaceX astronauts made a splash down in the Gulf of Mexico after a successful mission to the International Space station. Two passengers were removed from a Delta flight for refusing to wear a mask. And in mortgage and housing news … EXTENDED ASSISTANCE: The Federal Housing Finance Agency announced it is extending a policy that allows Fannie Mae and Freddie Mac to purchase some single-family mortgages in forbearance in an attempt to support the liquidity of mortgage lenders during the…
Good morning! Today is Friday, July 31. NASA sent a helicopter to Mars to explore the planet’s minerals and look for signs of life. Tennis world No. 1 Ash Barty of Australia pulled out of the US Open, saying she wasn’t comfortable traveling during a pandemic. Hurricane Isaias dumps heavy rain on Bahamas, continues to track toward North Carolina. And in mortgage and housing news … GSE EARNINGS: Fannie Mae and Freddie Mac reported financial results for the second quarter, with Fannie notching net income of $2.5 billion and Freddie recording $1.9 billion. Both companies reported significantly higher net worth as of June 30. BELOW 3 PERCENT: After a week above 3 percent, mortgage rates in the United States dropped below that line for…
Good morning! Today is Thursday, July 30. Democrats and Republicans in Congress criticized the executives of Amazon, Apple, Facebook and Google for using their market power to quash competitors and amass data. There is still no agreement in Congress on extending emergency unemployment benefits that expire Friday or on reviving a moratorium on evictions that lapsed last week. The NBA starts its season tonight, playing games inside a Disney World bubble. And in mortgage and housing news … SUBURBS: President Trump said that his recent action to rescind an Obama-era housing rule will keep low-income housing out of the suburbs. FHA BOSS COMFIRMED: The U.S. Senate confirmed Dana Wade as the commissioner of the Federal Housing Agency by a 57-40 vote. THE FED: The Federal Reserve…
Good morning! Today is Wednesday, July 29. Amazon, Apple, Facebook and Google CEO’s will testify today before Congress, which is aiming to rein in what they view as excessive power. The Federal Reserve meets today about providing more support to the economy. Joe Biden says he will pick a running mate by the end of next week. And in mortgage and housing news … ROCKET IPO: Rocket Mortgage’s parent company – Rocket Companies, Inc. – announced details about its proposed IPO, including the filing of documentation with the Securities and Exchange Commission to offer 150 million shares of common stock to the public. FANNIE MAE SELL OFF: Fannie Mae announced it is putting 18,300 reperforming loans up for sale as part of its ongoing effort to…
Good morning! Today is Tuesday, July 28. The majority in the U.S. House of Representatives are backing a plan to bail out airlines. Four days after baseball restarted its season, a wave of positive coronavirus tests cast the league’s plans into doubt. Instagram is offering to pay TikTok users with millions of followers to switch to its new competing service. And in mortgage and housing news … DOWNTOWN BUSINESS: Although downtown business districts are struggling due to continued economic lockdowns and questions about safely reopening offices, the long-term outlook for these areas appears to be in good shape. FORBEARANCE NUMBERS: The share of mortgage loans in forbearance dipped slightly to 7.74 percent in the latest Mortgage Bankers Association forbearance survey. That works out to an…
Good morning! Today is Monday, July 27. Protesters have returned to the streets in Oakland, Seattle and elsewhere. Hurricane Douglas passes north of the Hawaiian islands in a close call. Lemonade stand owners affected by the pandemic pause can now get a $100 stimulus check from Country Time. And in mortgage and housing news … MORTGAGE HIRING: Freedom Mortgage company plans to add 3,000 jobs over six months. SELLERS PROFIT: During the second quarter of this year, home sellers netted a median $75,971 profit at resale, up from $66,500 in the first quarter and $65,250 a year earlier, according to research firm ATTOM Data Solutions. EVICTION RELIEF: A proposal being considered in the U.S. Senate will include another eviction moratorium,but it will take some time…
Good morning! Today is Friday, July 24. President Trump cancelled parts of the GOP convention set for Jacksonville, Florida, citing the threat of coronavirus spread. China ordered the United States to close its consulate in the western city of Chengdu. Aquanauts unveiled a design for the world’s largest underwater research station and habitat. And in mortgage and housing news … HOUSING RECOVERY: The housing market is back to pre-pandemic levels with some work to do. Boston, Seattle and NYC are leading the way. MORTGAGE RATES: After dropping below 3 percent, mortgage rates edged up slightly this week for the first time in weeks, Freddie Mac announced in its Primary Mortgage Market Survey. DISCRIMINATION SETTLEMENT: Bank of America will pay $300K to settle a Department of Justice mortgage…
Good morning! Today is Thursday, July 23. A new stimulus package with $1,200 checks and unemployment benefits will be debated in Congress today. California coronavirus cases surpass New York’s numbers. Today would have been the opening ceremonies for the 2020 Summer Olympic Games in Tokyo, but the coronavirus put the Games on hold until 2021. And in mortgage and housing news … HOME SALES: After three straight months of sales declines amid the coronavirus pandemic, existing home sales surged at a record pace in June, according to a report released by the National Association of Realtors. AIME SCRUBS CRITICS: After Anthony Casa announced he was taking a leave of absence from the Association of Independent Mortgage Experts, the organization removed his bio from…
Good morning! Today is Wednesday, July 22. While far higher than expected, the coronavirus infection rate in the U.S. is far below what is required for community immunity. The White House and Congress remain at odds over another coronavirus relief package. Europe is looking at bringing fans back to sporting events. And in mortgage and housing news … URBAN FLIGHT: While there is anecdotal evidence of people moving from urban environments to the suburbs and beyond, it could take several years before a full data picture to show whether the COVID-19 pandemic led to an urban flight. VACATION HOME MARKET: Real estate investors are scrutinizing second-home markets in the hunt for growth opportunities. FANNIE MAE WORTH: Fannie Mae could be worthless to public shareholders, according to its…
