Good Morning! Today is Tuesday, March 21. Amazon is laying off another 9,000 workers. Biden issued his first veto to preserve investment managers’ ability to take account of climate change. Los Angeles school employees are set to begin a three-day strike today, shutting down the nation’s second-largest school district.
The Mortgage Note Reports
Merger Lawsuit: A shareholder has filed a class action complaint over a merger deal with United Wholesale Mortgage, saying he and others were misled by leaders at Gores Holdings. Editor Kimberley Haas has the story.
Guild CEO Retiring: Guild Mortgage CEO Mary Ann McGarry is retiring this June after forty years in the industry, to be succeeded by current president Terry Schmidt.
Existing Home Sales: Existing home sales exploded in February, breaking a full-year downward streak thanks to retreating interest rates.
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.
What are you seeing this spring homebuying season? We want to know. Email us at [email protected].
In other mortgage and housing news…
“Financial Trap”: Cash-out refis at a high interest rate can leave borrowers in a trap that can worsen their financial stability for years to come, AEI Housing Center warns.
Rent Growth Slows: Single-family rent price growth was up by 5.7% year over year in January 2023, the lowest rate of appreciation since the spring of 2021…
Pressure Still On: …but many Americans are still spending more than they can afford on rent as affordability worsens despite the growth slowdown.
In With The New: The spring homebuying season is starting off sluggish, but committed buyers may find good prices on new homes from builders motivated to sell.
Forbearances Down: The number of loans in forbearance fell by 4 BPS in February, “welcome news” as other credit types see an increase in missed payments.
Looking For Lifestyle: Priced out of luxurious lifestyles in major U.S. cities, Americans are buying homes in Europe, but the influx risks upsetting local residents.