Morning Roundup (5/11/2023) — Default Scenario

Good Morning! Today is Thursday, May 11. The Covid emergency ends today. FDA advisers voted unanimously in favor of selling birth-control pills over the counter for the first time. Representative George Santos, R-NY, was indicted on federal charges including wire fraud and money laundering.

The Mortgage Note Reports

Default Scenario: What happens to housing if the U.S. defaults on its debt?

DTI Goes Down: The FHFA has rescinded a rule changing upfront fees based on borrowers’ debt-to-income ratios, and industry leaders are applauding the move.

Aidium CEO: The CEO of Aidium Mortgage CRM says companies are investing in technology designed to streamline the mortgage loan origination process to improve efficiency and profitability. Editor Kimberley Haas has the story.

Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers to the market. Check out our spring podcast.


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.

In other mortgage and housing news…

Producer Prices: U.S. producer prices rose 0.2% in April, less than expected and the lowest rate since January 2021.

Home Point Snuffed Out: Mr. Cooper bought Home Point for $324 million in cash, and its remaining operations will be shut down.

Company News: Home equity fintech Hometap launched a new digital platform.

Foreclosures Correct: Foreclosures declined in April, with starts down 7% and completed foreclosures down almost 40%.

Equity Leverage: More than half of homeowners are unlikely to borrow against their home equity in the next year, but 70% plan to take out a home equity loan or HELOC.

“Golden Handcuffs”: Many Americans facing rate lock-in want to move but can’t, unable to afford a new home at current interest rate levels.

Most Popular Getaways: Arizona is the number one second home destination for 2023, followed by South Carolina and Florida.