Morning Roundup (2/25/2022)– MoneyLine CEO Fights Back, Mortgage Rates Drop

Good Morning! Today is Friday, February 25. German Chancellor Olaf Scholz condemned Russia’s actions in Ukraine, stating that Europe “will not accept this violation of Ukraine’s sovereignty by Russia.” The United Kingdom banned civilian Russian aircraft from its airspace.

The Mortgage Note Reports

America’s MoneyLine CEO Fights Back: The CEO of California-based America’s MoneyLine is fighting back after being slapped with a $2.8 million lawsuit from lending giant United Wholesale Mortgage.

Freddie Mac: Mortgage rates dropped last week after jumping to almost 4%, averaging just 3.89%.
And in other mortgage and housing news…

And in other mortgage and housing news…

Jobless Claims: The number of Americans collecting unemployment benefits fell to a 52-year low after another decline in jobless aid applications last week.

Gaining Steam: The number of homes newly listed for sale dropped just 2% YOY, the smallest decline since mid-November, while pending sales rose 1%, the first increase since mid-January.

Racial Bias: Congresswoman Maxine Waters called on federal regulators and the Appraisal Institute to investigate appraiser misconduct and potential illegal discrimination.

New Record: The U.S. homeownership rate was up 1.3% from 2019, the largest annual increase on record, though Black homeownership remains lower than a decade ago.

First Look: Foreclosure starts rose sharply in January as borrower protections begin to roll off, with 32,900 loans referred to foreclosure in the month, Black Knight reported.

FHFA Update: The FHFA re-proposed minimum financial eligibility requirements​ for Fannie and Freddie seller/servicers, a move intended to “strengthen, and provide transparency and consistency of, required capital and liquidity for seller/servicers with different business models.​”

Impact Of Rising Rates: Real estate prices can be slow to respond to changes in borrowing costs, such as rate hikes, which some economists call a form of “inertia.”