Good Morning! Today is Wednesday, August 17. President Biden signed the Democrats’ climate, health, and tax bill into law. Trump-critic Liz Cheney lost her primary race for Wyoming’s House seat. The F.D.A. will allow hearing aids to be sold over the counter.
The Mortgage Note Reports
Loan Apps Reverse Course: Mortgage loan applications fell 2.3% last week, reversing a two-week uptick and hitting their lowest level since 2000.
Volly CEO: Katharine Loveland has been named CEO of dynamic tech and marketing services provider Volly.
Helping Children: Bank of America has granted the Children’s Hospital of Philadelphia’s Center for Health Equity $1 million to launch a program that promises to improve children’s overall health in West Philadelphia.
Is your organization bettering the community? Share your story! Email Editor Kimberley Haas at [email protected].
And in other mortgage and housing news…
Financial Stress: Four in ten adults– including more than half of millennials– say they’ve cried about money in the past year, with most having done so more than once.
Potential Sales: Potential existing-home sales fell 0.2% from June and 14.4% YOY. FirstAm’s chief economist said the data are “a symptom of a housing market that’s coming off a two-year pandemic-influenced frenzy and settling into a pace that’s more in line with historical norms.”
Downturn Ahead?: Fitch Ratings said a severe housing downturn was “possible but not yet probable,” citing a worst-case scenario in which prices fall 10-15% nationwide.
Help For First-Timers: Ameris Bank committed $10 million in grants over the next three years to some first-time homebuyers for down payment and closing cost assistance.
Home Improvement: Home Depot’s overall revenue was up 6.5% YOY, which its CEO says “reflects continued strength in demand for home improvement projects.”
Blend Layoffs: New York-based Blend Labs laid off another 25% of its workforce.
GSE Goal Shift: The FHFA proposed new benchmark levels for GSE multifamily goals, based on the percentage of affordable acquisitions rather than the number of units.
Nations Lending Hire: Industry veteran Greg Griffin has joined Nations Lending as VP, Central Regional Manager.