Good Morning! Today is Friday, December 8. Trump’s lawyers appealed a judge’s ruling that he is not immune from prosecution. Hunter Biden has been charged with failing to pay taxes on millions in income. The Eastern U.S. is bracing for a severe storm this weekend.
The Mortgage Note Reports
Past To Present: First-time homebuyers have complained that they need to spend more to get less than their parents. Are they right? Writer Chuck Green explores how much home people are getting today compared to previous generations.
Hedge Fund Bill: A bicameral bill introduced this week would force hedge funds to sell at least 10% of the total number of single-family homes they currently own to homebuyers every year for 10 years.
Rates Plummet: The 30-year fixed rate mortgage fell nearly 20 bps in one week to 7.03%, but purchase demand dwindled, proving rates alone won’t bring buyers back.
A Brighter 2024?: This year was one of the worst on record for affordability, but with the market experiencing record lows, the only move now is up.
In other mortgage and housing news…
Employment Report: The U.S. labor market added 199,000 jobs in November, while the unemployment rate fell to 3.7% from 3.9%.
BOA Suit: A group of former loan officers is suing Bank of America for alleged “failure to pay overtime and partial failure to pay minimum wage.”
Pennymac Pays Up: An arbitrator awarded Black Knight $155M from Pennymac in a four-year-long trade secrets theft lawsuit…
Betting On 2024: …At the same time, Pennymac will offer a $650 million aggregate principal amount of senior notes due in 2029, possibly signaling a market turnaround.
Simpler Condo Loans: Freddie Mac updated its Condo Project Advisor tool with the goal of streamlining condo loan originations and reducing project underwriting.