Good Morning! Today is Monday, December 13. At least 90 people are dead after tornadoes leveled 250 miles across six states. Stock buybacks hit a record $234.5 billion in Q3 as companies responded to pandemic hardship. Chris Wallace is leaving Fox News to join CNN.
And in mortgage and housing news…
Reality Check: There will be more houses on the market in 2022 because of the number of people who have died due to COVID-19 and its variants, a sobering reality was highlighted during the National Association of Real Estate Editors conference in Miami, Fla., last week.
Mortgage Credit Down: Mortgage credit availability shrank in November, falling by 0.6% to 124.9, according to MBA’s Mortgage Credit Availability Index.
OCC Reports Improvement: The Office of the Comptroller of the Currency reported Seriously delinquent mortgages dropped by more than half YOY at seven national banks.
“The Real Fed-Funds Rate Is Too Low”: Sky-high inflation shows the Federal Reserve’s interest-rate policy is providing even more fuel to a hot economy, and growth in rents and wages could keep inflation high enough to prompt Fed rate increases.
Lenders Gone Wild: A video has gone viral of a fight between 2 groups of mortgage brokers believed to be in Atlantic City for the Triple Play Realtor Convention and Trade Expo.
The Month In Review: Mark Paoletti’s Mortgage Economic Review for NMP lays out the big news of November in interest rates, home prices, and the economy.
Better.com CEO Booted…: Better’s board of directors announced CEO Vishal Garg would be taking time off effective immediately after the “very regrettable events over the last week.”
…But It’s Not Just Because Of That Zoom Call: Corporate disclosures filed by Better in advance of a public offering of its stock show the company had concerns about Garg prior to placing him on leave.
NAR Named As One Of The Best Places To Work: The National Association of Realtors has been named one of the best places to work in the US for a second year.
Amerant Expands Wholesale: Amerant Mortgage is expanding its wholesale division, onboarding 28 new employees for the department.
Geneva Financial In Colorado: Geneva Financial announced the opening of a new branch in Grand Junction, Colorado, headed by Jason Jones.
Investing In The Metaverse: There is a finite amount of “land” in the Metaverse. Fortune breaks down how to buy some.