Good Morning! Today is Wednesday, August 2. Donald Trump now faces new federal indictments over his alleged efforts to overturn the 2020 election. Fitch Ratings downgraded the government’s credit rating after fights over the debt limit. Overstock.com, which acquired the bankrupt retail chain’s intellectual property assets for $21.5 million, officially relaunched Tuesday as BedBathandBeyond.com.
The Mortgage Note Reports
WF Bouncing Back: Wells Fargo is beating Wall Street earnings estimates, a sign that the troubled bank may be on the road to recovery. Writer Scott Kimbler has the story.
Turning Tide: Mortgage applications slipped again last week as rates edged closer to 7%, with purchase apps falling to their lowest level since the beginning of June.
USDA Approves CBC: CBC Mortgage Agency has been approved to offer USDA loans to low- and moderate-income borrowers in rural areas.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
In other mortgage and housing news…
Working Together: Rivals Zillow and Redfin have joined forces to share new construction, with homebuilders’ listings now appearing automatically on both sites.
Foreign Money’s Out: The number of existing homes bought by international buyers in 2022 declined to 84,600, the fewest since 2009, thanks to low inventory and high costs.
Multifamily Lending Down: Multifamily borrowing was strong in 2022 until Q3 when rising rates and general uncertainty led to a lending dropoff that’s continuing today.
Company News: MMI acquired mortgage marketing platform Bonzo; Sherry Riano and Stephen Votino will open a series of Clear Mortgage branches; fintech Stavvy acquired servicing tech company Brace.
Bad Behavior: A Canadian real estate agent has been fined $15k for drinking a homeowner’s milk straight out of the carton during a showing.