Morning Roundup (9/16/2021)- Interest Rates Flat, Warren Calls For Break-Up Of Wells Fargo

Good Morning! Today is Thursday, September 16. The FDA found that an additional shot of Pfizer boosts immune response, but the typical two-shot regimen is still effective. The U.S., Britain, and Australia are teaming up to launch nuclear-powered submarines to patrol the South China Sea. Olympic gymnasts abused by Larry Nasser blamed the F.BI., USA Gymnastics, and the U.S. Olympic & Paralympic Committee for not responding to accusations in 2015.

And in mortgage and housing news…

Interest Rates Flat Again: Freddie Mac’s PMMS showed interest rates barely moved for another week, with 30-year fixed-rates averaging 2.86%.

“Middlemen”: Mat Ishbia says UWM’s in-house appraisal program will speed things up by removing AMCs, which needlessly hinder closing times.

Non-banks Non-primes Down: Fitch Ratings’ Q2 RMBS Servicer Metric Report found late-stage non-prime delinquencies down year-over-year (YOY) for both bank and non-bank mortgage servicers.

“Ungovernable”: Elizabeth Warren wants Wells Fargo broken up to protect its banking customers from its non-banking activities. “Continuing to allow this giant bank with a broken culture to conduct business in its current form poses substantial risks to consumers and the financial system,” she wrote in a letter to Federal Reserve chair Jerome Powell.

Black Knight LOS: Black Knight is launching its own cloud-based loan origination system, LoanCatcher.

Minimum Wage: Full-time minimum wage workers can’t afford to rent or own in any U.S. state, a LendingTree report found.

“Carrot And A Stick”: The Treasury Department is sending its remaining $13 billion in rental aid to states to stave off evictions, but only to states that have already allocated most of their emergency funds.

In The Running: CFL President Mike Calhoun is speculated to be in the running for FHFA head. He’s known for advocating for GSEs like Fannie and Freddie to be run more like utilities.

Lowest In Two Decades: FHFA is proposing changes to allow Fannie and Freddie to engage in more credit-risk transfers.