Morning Roundup (12/16/2021)– FOMC Pace To Double, Lenders Expect Profits To Drop

Good Morning! Today is Thursday, December 16. The CDC found Covid-19 tests from early in the pandemic had a basic design flaw that made them inaccurate. Derek Chauvin pleaded guilty to violating George Floyd’s civil rights, as well as those of a 14-year-old in 2017. Bruce Springsteen sold his music catalog to Sony, a transaction that may exceed $500 million.

And in mortgage and housing news…

Taper Pace Doubles: The FOMC said it would double the pace of tapering and signaled a rate hike will come next year…

Industry Responses: and analyst response to the announcement has focused on rising costs.

Fannie MLSS: Lenders reported reduced consumer demand in the last three months, with 65% saying they believe profit margins will shrink in 2022, according to Fannie Mae’s Mortgage Lender Sentiment Survey.

Builder Confidence Up: Builder confidence rose for the fourth consecutive month due to high consumer demand and limited existing inventory. 

McCargo Confirmed: The Senate confirmed Alanna McCargo as president of Ginnie Mae, the GSE’s first president in four years.

Proposed CRA Rule Change: The OCC struck down the June 2020 proposed Community Reinvestment Act rule and replaced it by adapting the rules adopted jointly by the federal banking agencies in 1995.

HouseCanary CFO: HouseCanary named Greg Straughn as its chief financial officer.

New Deephaven VP: Deephaven hired Steve Lemon as the company’s senior vice president and national head of wholesale sales.

Ledn Funds Bitcoin Project: Ledn raised $70 million in series B funding for a product that would enable its clients to use Bitcoin to buy property.

Win For Curbio: Curbio’s CEO Rick Rudman ranked among Comparably’s “2021 Best CEOs” for small to mid-size companies.