Good morning! Today is Monday, June 22. The WHO reported the largest single-day increase in coronavirus cases, with Brazil leading the way followed by the United States. The guitar Kurt Cobain played on Nirvana’s 1993 “MTV Unplugged” performance months before his death sold for $6 million at auction. NASA’s next Mars mission will honor health care workers fighting the coronavirus. And in mortgage and housing news … HOME VALUES: Home prices have held on so far, but Zillow predicts they may fall in the second half of the year. BANK-HELD LOANS: The numbers seeking coronavirus mortgage relief is shrinking, but loans not backed by government agencies, either held by banks or in private-label securities, seem to be more troubled. BANKRUPTCY WAVE: Experts predict a spike in…
Good morning! Today is Friday, June 19. More companies and governments are recognizing today’s Juneteenth as a paid holiday to commemorate the Emancipation Proclamation. A California order requires masks in public following spike in coronavirus hospitalizations. NBA players will wear a “smart ring” to provide early warning of a coronavirus infection. And in mortgage and housing news … ANOTHER RECORD: Rates for a 30-year fixed-rate mortgage tumbled to an average of 3.13 percent his week, the lowest rate since Freddie Mac started tracking them in 1971. TECH HUBS LEAD: The recovery in the housing market is continuing – and is being led by five high-tech hubs, according to the Weekly Housing Recovery Report released by realtor.com. GSE RECAPITALIZATION: GSE’s are facing some speed bumps on their way to…
Good morning! Today is Thursday, June 18. Unemployment claims are still high, but easing substantially in the wake of the coronavirus economic meltdown. Other tennis stars are noncommittal, but Serena Williams says she can’t wait to play in the U.S. Open in August. Uncle Ben, Aunt Jemima, and Mrs. Butterworth are among those rethinking the racial stereotype of their brands. And in mortgage and housing news … FORECLOSURE MORATORIUM: FHA joins FHFA in extending foreclosure moratorium. GOOGLE BANS TARGETED ADS: Google announced that it will no longer allow realtors to target ads for housing based on ZIP code – in addition to several other changes. 9 WEEKS AND COUNTING: Mortgage purchase loan applications climb yet again – the highest levels in 11 years. GAINING STEAM: Single-family permits issued…
Good morning! Today is Wednesday, June 17. Retail spending is surging as states ease coronavirus lockdown restrictions. A new poll finds Americans are the unhappiest they’ve been in 50 years. Many airlines are banning alcohol on planes to minimize interaction between crew and passengers and reduce the spread of COVID-19. And in mortgage and housing news … GSE’S TOO BIG: FHFA Director Mark Calabria warned that Fannie and Freddie “do not have the capital necessary to withstand a serious downturn in the housing market.” BIDDING WARS BACK: A new report by Redfin found that 49.4 percent of Redfin offers faced competition in May – up 43.9 percent in April. The uptick is being fueled by a shortage of inventory. TASK FARCE: A group of consumer advocates allege the…
Good morning! Today is Tuesday, June 16. The Supreme Court ruled that LGBTQ workers are protected under federal civil rights law. Harvard won’t require SAT and ACT test scores for admission next year. Walmart is testing a store that will offer only self-checkout to protect against coronavirus spread. And in mortgage and housing news … FORBEARANCE NUMBERS: The percentage of Fannie Mae and Freddie Mac loans in forbearancedecreased for the first time since the start of the COVID-19 pandemic, according to the weekly forbearance survey released by the Mortgage Bankers Association. FHFA ELIGIBILITY: The Federal Housing Finance Agency announced that it will not implement new financial eligibility requirements for mortgage lenders that service or sell loans to Fannie Mae and Freddie Mac. HOUSING RECOVERY: In an…
Good morning! Today is Monday, June 15. New York Gov. Cuomo threatens to reverse reopening parts of the Hamptons and Manhattan after coronavirus social distancing violations. Florida sees its highest number of coronavirus cases. Elon Musk says he is a year away from creating a “Bionic Man” using implanted chips. And in mortgage and housing news … REDLINING LEGACY: More than 50 years after redlining was outlawed, the practice still has a profound impact on the wealth and property values in neighborhoods across the country, according to a report released by Redfin. FRONT GROUP? The Association of Independent Mortgage Experts (AIME) promotes itself as a membership organization , but does it really have the best interests of independent brokers in mind? Or, is it just a…
Good morning! Today is Friday, June 12. Businesses ranging from tech titans Apple and Google to toy maker Hasbro announced new measures and investments to promote racial justice. Twitter took down China-linked accounts spreading disinformation about the coronavirus. And in mortgage and housing news … STAYING AT 0: Federal Reserve Chairman Jerome Powell said the Fed is committed to “using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible.” FHFA EXTENSION: The Federal Housing Finance Agency announced it is extending the loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency. RATES HOVER: Mortgage rates hovered near record lows again this…
Good morning! Today is Thursday, June 11. Amazon says it will pause police use of its facial recognition technology for a year. NASCAR will ban display of Confederate flag at all events and properties. Disney will reopen the original Disneyland in Anaheim, Calif. on July 17, the 65th anniversary of the park’s opening. And in mortgage and housing news … 0 PERCENT: The Federal Reserve kept interest rates effectively at 0 percent and vowed to increase holdings in Treasury securities and mortgage-backed securities to support the economy during the coronavirus pandemic. MORTGAGE APPS: Mortgage applications for home purchases increased for the eighth straight week as the housing market continues to take steps forward from the depths of the coronavirus pandemic. FHFA CALABRIA ENCOURAGED: Federal Housing Finance Agency…
Good morning! Today is Wednesday, June 10. Three companies will start pivotal coronavirus vaccine testing in July. Nineteen states are seeing a spike in coronavirus cases. The rise of home workouts has led to a kettlebell shortage throughout the nation. And in mortgage and housing news … FHFA FIX: FHFA Director Mark Calabria told Congress he will submit legislative recommendations next week to strengthen the agency’s regulatory and supervisory authority “to fix structural flaws in our housing finance system.” CFPB COMPLAINTS: For the second straight month, Shellpoint Partners racked up the highest number of mortgage-related consumer complaints to the Consumer Financial Protection Bureau, according to publicly available data on the federal agency’s website. MORTGAGE CREDIT: Mortgage credit keeps getting tighter, but the decrease in credit availability leveled off in…
Good morning! Today is Tuesday, June 9. New York City, once the U.S. epicenter of the coronavirus, begins to reopen this week. IBM will no longer offer general purpose facial recognition and analysis software products over concerns about human rights. The Federal Reserve’s rate-setting committee meeting today is expected to keep rates near zero and issue no major policy decisions. And in mortgage and housing news … INDICTMENT: The former president of First Mortgage Company of Oklahoma City was indicted by a federal grand jury for bank fraud and money laundering as part of a scheme to defraud banks and pay for lavish homes for himself and his family, prosecutors announced. GINNIE MAE: Ginnie Mae announced that its total outstanding principal balance in May was…
