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.
How are you helping your community this holiday season? We want to know. Share your story by emailing us: [email protected]
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.