Good Morning! Today is Tuesday, October 18. More than eight million people have applied for student debt forgiveness since applications opened yesterday. Flooding in Nigeria has displaced more than a million people and killed at least 600 others.
Elizabeth Holmes, who was convicted on charges that she duped investors into believing her startup company had developed a revolutionary medical device that could detect a multitude of diseases and conditions from a few drops of blood, has asked for a new trial after a witness visited her at home.
The Mortgage Note Reports
New Home Apps Down: New home mortgage applications dropped sharply in September, putting pressure on worried builders who are already making concessions.
Price Growth Slows: Q3 2022 brought the slowest quarterly price growth since 2011, showing just how quickly home prices are changing as the market rebalances.
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In other mortgage and housing news…
Sq Ftg Flip Flop: Square footage in suburban homes was worth more than in urban homes for the first time on record now that home prices are falling fastest in cities.
Earnings Time: BOA’s quarterly profit and revenue topped expectations on fixed-income trading and gains in interest income, thanks to choppy markets and rising rates.
Suisse Payout: Credit Suisse has agreed to pay $495 million as part of a settlement with the U.S. over a years-long dispute tied to mortgage-backed securities.
More Opportunity: Freddie Mac added positive monthly cash flow data to its underwriting system, giving lenders another avenue for determining borrower eligibility.
Exec Updates: Realtor.com has named Mausam Bhatt as its chief product officer, and Kristin Broadley has joined QC Ally as Chief Innovation Officer.
Investing In REITs: Now may not be the best moment to invest in REITs, but The Motley Fool’s Brent Nyitray says to keep an eye on these three firms down the road.