Trump Tweets: “GOODBYE SUBURBS!” Under Biden

President Trump once again warned Americans on Wednesday that the suburbs will be destroyed if former Vice President Joe Biden is elected next month. The President Tweeted, “Biden supports Cory Booker’s Bill that will force low income housing in the Suburbs, which will lower property values and bring crime to your neighborhoods. If Dems win, GOODBYE SUBURBS!” Biden supports Cory Booker’s Bill that will force low income housing in the Suburbs, which will lower property values and bring crime to your neighborhoods. If Dems win, GOODBYE SUBURBS!— Donald J. Trump (@realDonaldTrump) October 7, 2020 Sen. Booker’s HOME Act would require states that receive community development block grants to create “an inclusive zoning strategy” to attract more affordable housing and “create…

Census: 5.4 Million Expect To Lose Housing In 2 Months

There’s big housing news out of the U.S. Census Bureau’s latest Household Pulse Survey released Wednesday – and it doesn’t bode well for homeowners and renters. Of adults who are not current on rent or mortgage payments, 32.1 percent say it is somewhat or very likely they will be evicted or have their loans foreclosed on in the next two months, the survey found. The survey found that 6.8 percent of adults are either not current on their rent or mortgage payment. The survey findings would mean about 5.4 million expect to be evicted or face foreclosure in the next two months. This is based on a US adult population of roughly 250 million, according to the Census Bureau. Wyoming…

Urban Flight: How Will It Impact Election?

Could the trend toward greater suburbanization – and migration among states – have an impact on next month’s election in the United States? An analysis released Tuesday by realtor.com finds that the majority of out-of-town searches for homes in the battleground states of Florida, Michigan, Pennsylvania and Wisconsin – all of which voted for President Trump in 2016 – come from blue states and counties. But that doesn’t mean it will tip an election – at least not yet. “For years homebuyers have looked from urban areas to more suburban and rural areas to find the affordability that makes buying a home possible. The additional time at home and flexibility to work remotely as a result of the pandemic have…

Trump, Biden Spar Over Suburbs In Debate

The future of suburbs briefly took center stage Tuesday night in the first 2020 presidential debate between President Donald Trump and former Vice President Joe Biden – continuing a months-long dispute on the issue between the two. Following up an exchange about crime in American cities, Trump brought up the issue by saying, “By the way, the suburbs would be gone.” Biden: “You wouldn’t know a suburb unless you took a wrong turn …” Trump: “… I know the suburbs.” Biden: “Suburbs are by and large integrated. People driving their kids to soccer practice are black and white and Hispanic in the same care more than at any time in the past. (Suburbs) are dealing with Covid. They are dying…

NAHB Backs Trump’s Supreme Court Nominee

The National Association of Home Builders on Tuesday came out in support of Amy Coney Barrett’s nomination to be the next U.S. Supreme Court justice. “NAHB supports President Trump’s nomination of Judge Amy Coney Barrett as Associate Justice to the U.S. Supreme Court,” NAHB Chairman Chuck Fowke said. “Throughout her distinguished career as a federal appellate judge and Notre Dame law professor, Judge Barrett has been recognized for her sharp legal mind and as a steadfast defender of the Constitution. In her court decisions, Judge Barrett has been a bulwark against government overreach, ruling in favor of private property rights and providing certainty for small business owners who must constantly grapple with burdensome regulations.” Trump nominated Barrett on Saturday. Senate…

Loan Origination Flexibilities Extended Again

Yet another month. The Federal Housing Finance Agency announced Thursday that 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.  Originally put in place at the height of the pandemic, FHFA has repeatedly extended the flexibility offered by Freddie and Fannie. They include: Alternative appraisals on purchase and rate term refinance loans;Alternative methods for verifying employment before loan closing;Expanding the use of power of attorney and remote online notarizations to assist with loan closings; andAuthority to purchase mortgages in forbearance. …

Calabria Defends Adverse Market Fee

Federal Housing Finance Agency Director Mark Calabria on Wednesday defended his agency’s much maligned “adverse market fee” that is designed to help cover losses at Fannie Mae and Freddie Mac as a result of the coronavirus pandemic. “Conservative estimates price COVID-19 related costs for the Enterprises at roughly $6 billion … (and) $4 billion is from expected loan losses due to projected forbearance defaults,” Calabria testified before the House Committee on Financial Services. “The expected losses associated with the foreclosure moratorium amount to at least $1 billion. Other forbearance-related expenses and fees, such as the $500 fee the Enterprises pay to servicers for loss mitigation, account for another $1 billion.” The fee on refinances – which drew criticism from members…

CDC Issues Ban On Evictions

The Centers for Disease Control and Prevention issued a public health order Tuesday that bans residential evictions through the end of the year to prevent the spread of Covid-19. The CDC order, issued under the Public Health Service Act, covers renters of apartments or residential properties – but does not include a ban on foreclosures on home mortgages. It requires renters to certify to landlords that they would become homeless or forced to live with others “in close quarters” if they were to be evicted.  “In the context of a pandemic, eviction moratoria—like quarantine, isolation, and social distancing—can be an effective public health measure utilized to prevent the spread of communicable disease,” the CDC said in the order posted in the…

Fannie, Freddie Extend Ban On Foreclosures, Evictions

Fannie Mae and Freddie Mac announced Thursday that they are extending the ban on single-family foreclosures and evictions for properties with mortgages managed by the two companies. The suspension, which was put in place to protect homeowners and renters amid the pandemic, will be in effect through the end of the year. It had been set to expire next week. “The extension of our eviction and foreclosure moratorium is just one part of the comprehensive assistance we’re providing borrowers and communities impacted by COVID-19,” said Donna Corley, executive vice president and head of Freddie Mac’s Single-Family business. “We are committed to helping families affected by the pandemic, and we have instructed servicers to work with borrowers who are unable to…

FHFA Again Extends Flexible Fannie, Freddie Rules

One month at a time. The Federal Housing Finance Agency on Wednesday announced that Fannie Mae and Freddie Mac again extend flexible policies put in place in response to the COVID-19 pandemic, including buying loans in forbearance. “Extending these COVID-19 flexibilities helps keep the mortgage market moving and borrowers safe during the pandemic,” FHFA Director Mark Calabria said. The extensions cover: Buying qualified loans in forbearance.Alternative appraisals on purchase and rate-term refinance loans.Alternative methods for documenting income and verifying employment before loan closing.Expanding the use of power of attorney to assist with loan closings. The extension is through Sept. 30. The policies had been set to expire on Monday.…