Morning Roundup (11/21/2024) – Future Of GSEs

Good Morning! Today is Thursday, November 21. The U.S. cast the sole vote against a U.N. Security Council resolution calling for a cease-fire between Israel and Hamas. The DOJ asked a federal court to force Google to sell Chrome. House Republicans blocked the release of a report about allegations against Trump nominee Matt Gaetz.

The Mortgage Note Reports

Future Of GSEs: Industry leaders are discussing what a potential release from conservatorship might look like for Fannie Mae and Freddie Mac under Trump’s second term. Editor Kimberley Haas has the story.

New Lawsuit: The DOJ filed a lawsuit against Pennsylvania to challenge a fire safety code that limits affordable housing for people with intellectual disabilities and autism.

Existing Sales Data: Existing home sales found their footing in October, rising in all four regions as rates moderated and inventory improved.

In other mortgage and housing news…

Slight Improvement: Residential lending grew by 2% last quarter, driven by refinances and home equity deals as rates descended.

Loan-Level Pooling: The Community Lenders of America sent a letter to Ginnie Mae requesting that the government agency provide capabilities to allow for loan-level pooling. 

2025 Predictions: Fannie Mae expects the recent run-up in rates to keep existing home sales near historic lows through 2025.

ICE First Look: Serious delinquencies hit a 17-month high in October while foreclosure activity remained historically muted.

Company News: Rate Insurance appointed Mitchell Brown as VP of Commercial Insurance, while Rate added Jesse Q. Allen as President and Greg Pahel as EVP of Consumer Direct Reverse Lending.

Buyer Power: Buyers are gaining leverage in negotiations across the nation as competition eases, especially in Florida and Texas.