Good Morning! Today is Wednesday, November 10. Moderna is locked in a patent dispute after excluding three government researchers who worked on the vaccine from its application. General Electric will split into three companies focused on aviation, energy, and healthcare. A federal court denied Donald Trump’s attempt to withhold records from the committee investigating the January 6 riot.
And in mortgage and housing news…
HUD Awards $36M For Affordable Housing: HUD announced $36 million in “capacity-building” grants to boost affordable housing programs across 250 communities.
Mortgage Credit Up: Mortgage credit availability rose slightly in October but remains tight overall, posing “significant” problems for first-time buyers.
Applications Rise Alongside Rate Drop: Mortgage loan application volume rose 5.5% last week, responding to falling interest rates.
Inflation Reaches New High: U.S. consumer price inflation rose 6.2% YOY in October, its highest point since December 1990 and worse than analysts expected.
UWM Posts Strong Q3 Earnings: United Wholesale Mortgage reported $330 million in profits for Q3 2021, reaching $63 billion in origination volume.
Quarles Stepping Down: Randal Quarles, the Fed’s vice chairman for bank supervision, plans to step down by the end of the year.
Delinquencies Continue Falling: Mortgage delinquencies fell to their lowest point since May 2020 in August as homeowners prioritized making outstanding payments, according to CoreLogic’s latest Loan Performance Insights report.
Rocket And Experian Kick Off Charity Campaign: The Rocket Community Fund is collaborating with Experian to call Detroit homeowners at risk of tax foreclosure through Experian’s Neighbor to Neighbor housing stability program.
Lakeview x Silver Hill: Lakeview and Silver Hill Funding are partnering to expand their product line-up, including Non-QM loans.
Douglas Elliman Leaving Vector: Luxury real estate brokerage Douglas Elliman is filing to split from Vector Group to become a standalone, publicly-traded company.