Morning Roundup (10/13/2022) – “Growing Risk” Of Global Financial Crisis

Good Morning! Today is Thursday, October 13. The Biden administration will offer up to 24,000 Venezuelans a legal path into the country. The U.S. and NATO allies are sending more sophisticated defense systems to Ukraine to counter Russian missiles. Sandy Hook families won almost $1 billion in damages from Alex Jones.

The Mortgage Note Reports

Top Real Estate IssuesThe global chair of The Counselors of Real Estate says inflation and interest rates are this year’s leading concerns of his 1,000-member organization. Editor Kimberley Haas has the story.

“Growing Risk” Of Financial Crisis: Fannie Mae’s ESR group expects a moderate recession in 2023, but warns there’s a growing risk it could be worse than expected.

What questions would you like us to ask the experts? Share your thoughts by emailing us at [email protected].

In other mortgage and housing news…

Consumer Prices: The Consumer Price Index rose 8.2% in the year through September, another stubbornly high result that spooked the markets.

Market Switch-Out: As many as 101 zip codes switched to renter majority in the past decade, with renters surpassing homeowners in 41% of the 50 largest US cities.

“A Fall Cooldown”: National rents grew by only 7.8% in September, their lowest annual pace since June 2021, according to

Steep Losses: Fitch Ratings says the industry should expect to see consolidation and the exit of “weaker, sub-scale players” as operating losses shake lenders.

Foreclosures Still Rising: Foreclosure filings are up 3% from last quarter and 104% YOY, but still lag behind pre-pandemic levels.

Crypto Makes Money: Moon Mortgage, a crypto lending platform, raised a $3.5 million seed round despite a bearish crypto market.

Cedar Rapids Layoffs: Collins Community Credit Union eliminated 38 Cedar Rapids positions last week, many in their mortgage division.

Offers And Updates: Truv added insurance verification to its product suite, DataVerify will offer natural disaster info to lenders with impacted properties, and Equifax now delivers instant verifications of employment and income.