Morning Roundup (6/23/2022) – Housing Payments Surpass 30% Cost-Burdened Threshold

Good Morning! Today is Thursday, June 23. Biden asked Congress to lift the federal gas tax through September. At least 1,000 people are dead and another 1,600 are injured after an earthquake in southern Afghanistan. The Uvalde school district placed its police chief on leave amid criticism of his response to last month’s shooting.

The Mortgage Note Reports

Cost-Burdened: Housing payments have surpassed the dreaded 30% cost-burdened threshold as affordability sinks to its lowest point in more than 35 years.

Morrow Named President: Travis Morrow has been named president of 7 Mortgage.

And in other mortgage and housing news…

Storm Risk: Nearly 7.8 million homes with more than $2.3 trillion in RCV are at risk of hurricane-related damages, with NYC and Miami in the most trouble.

Ishbia’s Michigan Donations: The Detroit Free Press is suing Michigan State for not handing over gift agreements with two donors, one being UWM’s Mat Ishbia.

Pitch Battle: NAR announced it is now accepting applications for its tech startup Pitch Battle at the Innovation, Opportunity & Investment Summit this September.

Fair Lending: A GAO review found that the OCC used outdated examination guidance and inconsistent procedures in overseeing banks’ compliance with fair lending laws.

Luxury Report: The Institute’s June Luxury Market Report is out and taking a look at the significance of a May listing uptick and subsequent rising inventory.k

Wells Fargo: Wells Fargo is undergoing a major transformation under CEO Charlie Scharf, but controversies and layoffs continue to dog the bank.

Better Execs Out: Three more senior executives of have resigned as the company continues shedding talent in the wake of high-profile scandals.

Meta Settlement: The DOJ has entered a settlement with Meta in a lawsuit alleging that Meta’s housing advertising system violates the Fair Housing Act.