Good Morning! Today is Thursday, July 7. British Prime Minister Boris Johnson is stepping down, planning to serve until the fall. Trump is not welcome as a guest on Joe Rogan’s podcast.
The Mortgage Note Reports
Pessism: More than 80% of consumers think the economy is on the “wrong track,” reporting pessimism as they struggle against inflation and a tough housing market.
May Prices: Home price growth saw its largest single-month slowdown since 2006 in May as the market begins to correct, but inventory remains 60% below historic averages.
Have It All: The newly named Chief Executive Officer for Bonzo said in a recent interview that a secret to success is building work around your life. Editor Kimberley Haas reports.
And in other mortgage and housing news…
FOMC Minutes: Federal Reserve officials at their June meeting said another interest rate increase of 50 or 75 basis points is likely at the July meeting.
Economic Views: A new working paper found that the pandemic weakened Americans’ view of the economy as being deeply connected to the unemployment rate.
More Layoffs: Wells Fargo is laying off an additional 107 employees in Des Moines, bringing the total number of jobs cut since April 21 to 197…
Plus A Closing: …and Sprout Mortgage shut its doors permanently, resulting in 300 employees losing their jobs over a conference call.
Perspective: What’s wrong with non-QM lenders and why are they shutting down?
“The Big Wrinkle”: Slowing economic growth, cheaper commodities, and bloated inventories could shift monetary policy outlook, but it all depends on home price growth.
BOA President: Bank of America has named Brian King president of Bank of America Maine, succeeding Bill Williamson.
UK Industry: The affordability crisis has sparked talk of 50-year mortgages in the UK.
Take A Look: The Woo-woo agents of real estate are lighting candles, reciting affirmations, and manifesting their way to home sales in an unpredictable market.