Good Morning! Today is Tuesday, September 14. Californians vote on whether to recall Governor Gavin Newsom today. Chevron pledged to spend $10 billion in its new low-carbon unit, focusing on biofuels and hydrogen production. A Wall Street Journal investigation found that Facebook exempts high-profile users from its content rules.
And in mortgage and housing news…
Good News For Struggling Borrowers: The total number of loans in forbearance took a nosedive this week, with numbers down in every category.
Cash-Outs Soar: Black Knight’s latest Originations Market Monitor report showed cash-out refinancing rose 41% in the last three months, while overall rate locks for mortgage originations increased in August.
MHCs: Freddie Mac rolled out new tenant protections for manufactured home owners who rent the land they live on.
Breathing Room: Ginnie Mae is accounting for pandemic hardship by giving issuers an additional six months of leeway for mortgages made on or after April 2020.
CA Housing Market on Fire — Literally?: Despite danger and high insurance rates, Northern California’s housing market is so hot that developers continue to build in areas with high wildfire risk.
NAR Claps Back: NAR filed a petition to revoke the DOJ’s request to withdraw from their settlement agreement, claiming it violates legal precedent.
NAHB: NAHB is protesting a provision in the Build Back Better Act that it says would hinder affordable housing and limit energy choices for consumers. Fresh Pick For Ginnie Mae: The Biden administration picked HUD senior advisor Alanna McCargo to head Ginnie Mae. GNMA hasn’t had a president since 2017.
Rental Assistance Blues: The success of rental assistance rollouts likely hinged on early successes, but few states managed it. Some may never catch up.