Good Morning! Today is Thursday, October 12. Israel has blocked all electricity and fuel from entering Gaza as devastating attacks continue. Republicans nominated Steve Scalise to be the next House speaker but postponed a full vote. A winning ticket for the $1.8 billion Powerball jackpot has been sold in California.
The Mortgage Note Reports
First Federal VP: Industry veteran Schuyler Vaughan joined First Federal Bank of Kansas City as its Senior VP of Mortgage Banking.
FutureWave: Industry powerhouse Stephen Thomas is spearheading a new minority-owned national correspondent lender, FutureWave Finance.
In other mortgage and housing news…
CPI: Consumer prices overall rose 3.7% YOY in September, similar to August, as steady gains in rent and other services offset a smaller rise in gas and food costs.
FOMC Minutes: Fed policymakers suggested that high rates are here to stay but noted that the risks of overtightening have to be balanced against its inflation fight.
“Repeat Offender”: The CFPB is once again suing Freedom Mortgage for violating a law enforcement order and providing false data to federal regulators.
Listings Up, Buyers Out: New listings have inched up this fall, offering home shoppers a few more options, but buyers are retreating thanks to high rates.
Foreclosures: Foreclosures were up 28% from the prior quarter and 34% from a year ago in Q3, moving closer to pre-pandemic levels.
Copying Europe?: Denver may explore an affordable housing model popularized in Europe that provides homes for people across the socioeconomic spectrum.