Morning Roundup (12/2/2022) – Guild Acquires Inlanta, Rates Cool Again
Good Morning! Today is Friday, December 2. The Biden administration will give three Native tribes $75 million to move away from areas with high climate risk. The Senate passed a bill to avert a nationwide rail strike. Elon Musk suspended Kanye West from Twitter after he posted an image of a swastika.
The Mortgage Note Reports
Potential Prison Time: Two Kentucky real estate professionals who allegedly conspired to rig bids for farmland and timber rights each face up to 10 years in prison and a $1 million fine. Editor Kimberley Haas has the story.
Guild Swoops In: “Growth-oriented” Guild Mortgage announced it is acquiring Inlanta Mortgage just after the Wisconsin-based lender said it would close next year.
Rates Cool Again: Mortgage rates fell again last week, giving buyers some breathing room and adding to analysts’ arguments that they’ve peaked.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
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In other mortgage and housing news…
Employment Report: Employers created 263,000 jobs in November, only a slight drop from October, even as a wave of layoffs in the tech industry made headlines.
More Job Cuts: Wells Fargo laid off hundreds more mortgage employees yesterday, with reductions occurring across the country.
Hike Slowdown Incoming: Jerome Powell said the Fed may slow the pace of interest rate increases as soon as December, sending stocks up.
Cooper Under Fire: An Ohio couple is suing Mr. Cooper, claiming a mortgage servicing subsidiary wrongly denied their request for a pandemic-related loan modification.
Homes Delisted: A record number of homes for sale were delisted in November as both buyers and sellers pulled away from the market.
“Stop Wall Street Landlords”: House Democrats introduced a bill to deter institutional landlords from buying homes.