Good Morning! Today is Tuesday, March 12. Biden’s budget includes plans to tax the rich to fund social services but is not expected to pass in the House. Zimbabwe expelled U.S. officials, accusing them of promoting “regime change.” An audit found dozens of problems in the manufacture of Boeing’s 737 Max.
The Mortgage Note Reports
One-On-One: The CEO of Dark Matter Technologies says they remain focused on streamlining processes for their clients as they work to revolutionize the mortgage industry. Rich Gagliano recently sat down with Editor Kimberley Haas to talk about it.
Fudge Out At HUD: HUD secretary Marcia Fudge resigned due to family circumstances and will be replaced by Deputy Secretary Adrianne Todman.
Willing To Go Higher: Gen Z and Millennial buyers say they will accept rates as high as 6.3% and 6.2%, respectively, in order to buy a home in 2024.
In other mortgage and housing news…
“Less Money, Less House”: Homebuilders are prioritizing narrower houses with fewer doors, windows, and cabinets to produce more affordable homes.
Second-Lien Boom: Second-lien mortgages have been getting a new lease on life as more borrowers with sky-high equity tap their homes for cash.
Slowly But Surely Returning: The rate lock-in effect is easing, with more new listings hitting the market, but it hasn’t completely dissipated.
Company News: Marc King stepped down as president of Keller Williams, replaced by Mark Willis; Motto Mortgage Mountaintop Partners opened in Florida; Cloudvirga expanded its integration with Informative Research to offer VOE/I data.
Hard Choices: Divorcees who bought homes when rates were historically low are having to make uncomfortable decisions to avoid today’s near-7% rates.