Good Morning! Today is Friday, October 20. President Biden asked Congress to approve additional military aid for both Israel and Ukraine. Trump lawyer Sidney Powell pleaded guilty to conspiring to intentionally interfere with the performance of election duties in Georgia. Police arrested a man accused of shoving a woman into a moving subway in Manhattan.
The Mortgage Note Reports
Homeownership Obsession: The link between buying a house and success is strengthening, but that may not be benefitting society or the people who have to sacrifice to compete in the current market. Writer Chuck Green has the story.
Rates Close In: Mortgage rates crept closer to 8% last week, piling more lousy news on top of recent sales declines and price spikes.
Peach AI Updates: Loan management and servicing platform Peach Finance has joined forces with Google Cloud to produce new AI-driven technology.
Multistate Settlement: A multistate settlement has been reached after a testing error led to the unauthorized withdrawal of $2.3 billion from the accounts of nearly 480,000 mortgage holders serviced by Mr. Cooper.
In other mortgage and housing news…
“Completely Broken”: For the first time since the Fed started raising rates, every part of the housing market is now poised to worsen, Conor Sen argues in Bloomberg.
Open Banking: The CFPB proposed new rules to accelerate a shift toward open banking, a move that would encourage more competition in the industry.
Fight For Equality: The Justice Department’s Combating Redlining Initiative has secured over $107 million for communities experiencing mortgage lending discrimination.
Social Housing: California will take steps towards expanding the state’s social housing sector, which may lead to decommodified shelter on a large scale.
Double Take: Has the housing market turned Millennials into their parents?