Morning Roundup (9/1/2023) — GSE Anniversary

Good Morning! Today is Friday, September 1. The Mortgage Note will be off Monday for Labor Day and there will not be a newsletter that morning. In other news, Justice Clarence Thomas formally disclosed gifts from a billionaire conservative donor after months of public outcry. The Biden Administration proposed a rule that gun show salesmen must perform background checks on buyers.

The Mortgage Note Reports

15 Years: In September of 2008, Fannie Mae and Freddie Mac were placed in conservatorship. Writer Chuck Green explores the historical significance 15 years later and reports on whether there is an end in sight.

Rates Pull Back: Mortgage rates cooled last week, falling to 7.18%, after a weeks-long run of increases, though they remain elevated.

Stein At Crown: Dave Stein has been named Southeast Divisional Manager of Crown Home Mortgage, a sales division of Absolute Home Mortgage.

In other mortgage and housing news…

Data Breaches: PennyMac and Roundpoint were impacted by a data breach this week, which exposed customers’ information.

DOJ Settles: The Justice Department settled with Missouri apartment developers over their failure to design a St. Louis building to be accessible to people with disabilities.

Affairs Of State: The Biden administration asked the Supreme Court not to hear two related cases that deal with the payment of interest on mortgage escrow accounts.

Jobs Report: The labor market continued to moderate in August, with hiring remaining steady but the unemployment rate rising.

Red-Hot Miami: Miami prices are up 17% from the same time last year, the biggest increase the metro area has seen since October 2022.