Good Morning! Today is Monday, May 2. House Speaker Nancy Pelosi made an unannounced visit to Kyiv this weekend. Coronavirus outbreaks in Beijing and Shanghai are battering the Chinese economy. A dinosaur skeleton that inspired the raptors in “Jurassic Park” is up for auction.
The Mortgage Note Reports
Industry Feud Reignited: The CEO of United Wholesale Mortgage has come under fire after posting online that he is “disappointed” with Rocket Mortgage’s decision to offer buyouts to members of its workforce.
FOMC Meeting Causing Stock Turbulence: U.S. stock indexes saw losses ahead of this week’s FOMC meeting, where analysts expect to see a 50-point rate hike.
AMDC Appointment: CBC Mortgage Agency’s Tai Christensen has been named chair of the American Mortgage Diversity Council.
And in other mortgage and housing news…
Redfin Settlement: Redfin will change its minimum housing price policy and pay $4 million to settle a redlining lawsuit brought against it by fair housing associations.
“Kind Of Pernicious”: Home-price appreciation has created a “mass wealth event” with few parallels in American history, but it is inextricable from the affordability crisis.
CFPB Trouble: A proposal by the CFPB to crack down on “junk fees” has bankers, credit unions, lenders pushing back, calling it price-fixing and regulatory overreach.
“New Feudalism”: Investors buying up homes threaten to create a society of propertyless serfs unless we make changes now, Valerie Hudson argues.
Bronze Stevie: Instamortgage CEO Shashank Shekhar was named an Entrepreneur of the Year at the 20th American Business Awards in the Financial Services Category.
GDP Contraction: Fannie’s ESR Group says Q1 GDP was disappointing, but not an “early start” to the modest recession they forecast for the second half of 2023.
All Cash Purchases: Housing costs may be going up, but all-cash purchases are on the rise in these metros.