Morning Roundup (1/9/2025) – Ally Ends Originations

Good Morning! Today is Thursday, January 9. It is a national day of mourning for former President Jimmy Carter. Wildfires continue to rage in Southern California, where at least five people have been killed. The Justice Department will delay releasing the special counsel’s report on Donald Trump’s handling of classified documents. 

The Mortgage Note Reports

Ally Ending Originations: Ally Financial is shuttering its mortgage origination business, saying its borrowers are struggling with debt.

What Buyers Want: Prospective homebuyers are most interested in put-together homes that require little renovation and few additional expenses in 2025.

In other mortgage and housing news…

Ongoing Crisis: The LA wildfires have caused at least $10 billion in damage already and keep raging at a time when homeowners were already facing an “insurance crisis.”

December Minutes: Fed officials are not expected to cut rates this month, and expressed concern about Trump’s policies reenergizing inflation.

DOJ Win: The Mortgage Firm agreed to pay $1.75 million to resolve allegations that it redlined Black and Hispanic communities in the Miami metro…

And Another: … while Bayview Asset Management will face a $20 million penalty over a data breach and its alleged failure to cooperate with regulators in the aftermath. 

Costs Soaring: In 2024, nearly half of homeowners spent more than $5,000 on unexpected repairs, an increase from 36% in 2023. 

Best Of 2024: Harrisburg, PA, is 2025’s best market for first-time buyers, topping a list including metros everywhere from New York to Maryland to Florida.