Morning Roundup (6/7/2024) — “Jet” Brand Theft

Good Morning! Today is Friday, June 7. The European Central Bank cut interest rates for the first time since 2019. A judge ordered Steve Bannon to report to prison by July 1 to serve a four-month sentence for contempt of Congress. SpaceX’s big Starship rocket completed its first successful return from space.

The Mortgage Note Reports

Brand Theft?: A new lawsuit accuses lender OCMBC (dba Jet Alliance Mortgage) and its employee Michael Turturro of an elaborate scheme to steal an entire brand.

Rates Down: Homebuyers benefitted last week as rates fell back below 7%, but they are souring on long-term affordability recovery.

Bad Time To Buy: Consumer attitudes toward homebuying fell to an all-time low, as rates remain elevated and affordability tight.

In other mortgage and housing news…

Equity Soars: Homeowners’ equity increased 9.6% year-over-year in the first quarter of 2024, the highest number since late 2022, to nearly an all-time high.

“Can’t Just Sit Forever”: Commercial property deals are starting to pick up, but at deep discounts that are forcing lenders around the world to brace for souring loans…

Syndicators In Trouble: …and individual investors who pool funds are losing big as CRE troubles persist and intensify.

More Work To Do: The U.S. needs an additional 1.5 million vacant homes for rent or sale for inventory and demand to reach historical averages.

Employment Data: The economy added a blockbuster 272,000 jobs last month and the unemployment rate rose to 4% from 3.9%.

More Layoffs: Newrez will fire another 271 workers in Colorado beyond the 103 it said it would dismiss in early May, cutting a total of 374 loan servicing jobs.