Good Morning! Today is Friday, January 13. Attorney General Merrick Garland named a special counsel to investigate how classified documents had ended up in Biden’s home and office. A new rule could give House lawmakers a tax-free $34,000 pay bump. Storms and tornadoes left a trail of damage across the South and killed at least seven people.
The Mortgage Note Reports
WF Income Down 50% YOY: Wells Fargo’s net earnings dropped in Q4 2022, pushed down by a settlement payout, a shrinking economy, and low mortgage demand.
Price Growth Cools: The 30-year fixed rate dipped last week after inching up in the first weeks of the new year, but the market remains “hypersensitive” to changes.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
Listen To Our Podcast: Editor Kimberley Haas has been interviewing some of the leaders in the country. This podcast highlights the successes and innovations taking place in the mortgage industry.
In other mortgage and housing news…
WF Still Kicking: Wells Fargo announced it is shrinking its home lending footprint, but at the same time sent a notice to select groups clarifying that it’s open for business.
When Will Rates Chill? Rates have cooled the overheated housing market down, but they’re starting to tumble and may even fall below 6%.
“Big Problem For Housing”: Real estate experts say to expect “big trouble” for the U.S. market as the Federal Reserve continues its hawkish market reset.
SOFR Takeover: Fannie Mae will not include term SOFR as a benchmark for new loans or floating-rate securities as its transitions LIBOR loans and securities.
Company News: Motto has opened yet another office, this one in Clayton, NC; UWM launched another price reduction initiative to entice borrowers.
China’s Housing Scramble: China’s housing market, an indicator of global growth, will be restored this year but likely won’t thrive.