Morning Roundup (2/3/25) – OCMBC President Arrested

Good Morning! Today is Monday, February 3. Asian and European stock markets fell as President Trump’s tariffs went into effect. Elon Musk said Trump agreed to shutter USAID. Beyonce won Album of the Year at the Grammy Awards. The Mortgage Note Reports Tragedy Strikes: The president of OCMBC has been arrested after allegedly killing an elderly man while driving under the influence in Orange County. Lending With Heart: Cornerstone Capital Bank announced a new Community Lending Division to help members of underserved communities attain homeownership. |
Quote Of The Day “Tariffs on lumber and other building materials increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.” Carl Harris, chairman of the National Association of Home Builders |
In other mortgage and housing news… Reversal: Homebuilders who previously expressed optimism about Trump’s economic plans are asking for an exemption from 25% tariffs on lumber and other essential imports. Shake Up: The Trump administration fired Rohit Chopra, the director of the Consumer Financial Protection Bureau. Picking Up The Tab: California’s last resort for fire insurance may fail, and everyone will be stuck with the bill for one of the costliest disasters in U.S. history. Company News: Anthony Denk joined Freedom Bank as Senior Vice President and Director of Sales and Production. Cause For Concern?: A recent surge in unsold new homes is reminiscent of past economic downturns, raising fears in some analysts of a potential recession. “Weird Dance”: What do Taiwanese life insurers have to do with American mortgage rates? The small island leaves a surprisingly big footprint. |