Morning Roundup (10/5/2021)– Pandora Papers, Forbearances Fall

Good Morning! Today is Tuesday, October 5. Prices for West Texas Intermediate (WTI) crude oil shot to their highest levels since 2014. Facebook whistleblower Frances Haugen is testifying today before a Senate consumer protection panel. An international group of journalists released the “Pandora Papers,” more than 11.9 million documents showing celebrities and world leaders have used offshore tax havens to conceal their financial activities.

And in mortgage and housing news…

Forbearances Keeping Falling: Forbearances fell to 2.89%, continuing to trend down as relief plans expire, according to MBA’s latest survey.

Debt Ceiling: President Joe Biden warned of ominous outcomes if efforts to raise the debt ceiling didn’t pass. Is that true?

New Treasury Guidelines: Grantees that haven’t utilized at least 65% of the funds received under the pandemic Emergency Rental Assistance program by Sept. 30 have to submit an improvement plan or face losing their money, according to new Treasury Department guidelines.

NYC Surge: More apartments sold in Manhattan in the third quarter than at any other time in the last 32 years.

JP Morgan Tackles Generational Wealth: JP Morgan Chase announced it is increasing equity investments in Minority Depository Institutions and Community Development Financial Institutions to $100 million and has added 10 new institutions as recipients.

Sounding The Alarm: Wharton finance professor Jeremy Siegel warned that the market isn’t prepared to handle inflation fallout. “Inflation, in general, is going to be a much bigger problem than the Fed believes,” he said.

Pandora Papers: The offshore financial system investigation released as the “Pandora Papers” include revelations of $106 million worth of U.S. real estate owned by Jordan’s King Abdullah II.

Fee For Nonbank Providers: A Colorado law will require nonbank mortgage servicers to sign up with the administrator of the state’s Uniform Consumer Credit Code and pay an annual fee.

Former Loan Officer Jailed: Former Synergy One Lending, Inc. loan officer Matthew Mazzocco was sentenced to 45 days in prison after taking part in the Capitol riots on January 6.