|Good Morning! Today is Thursday, September 2. New York Governor Kathy Hochul issued a state of emergency after remnants of Hurricane Ida caused flash flooding and power outages, resulting in at least nine deaths. A Texas law banning abortions after a fetal heartbeat can be detected (appoximately 6 weeks) took effect when the Supreme Court declined to block it. Purdue Pharma will be dissolved and the Sackler family will pay $4.5 billion to settle claims related to the national opioid epidemic.|
And in mortgage and housing news…
Freddie Mac Says Weekly Mortgage Rates Remain Unchanged: The rate on a 30-day fixed rate mortgage averaged 2.87%, the same as last week and lower than the 2.93% average a year ago.
Pending Home Sales Down: Pending home sales rose just 9% in August, the lowest they’ve been since April 2021, according to a report from Redfin.
Diversify or Die: Broker’s need to diversify their pipelines if they want to battle major wholesale brokers post-refinance boom, says Homepoint Financial president of originations Phil Shoemaker.
RocketStock: Rocket Companies shares soared more than 70% Tuesday, stoking analyst fears of a “Gamestop-esque” short squeeze.
“Cashing In”: Landlords under pressure from local eviction moratoria are selling their properties, stifling the rental market.
“Serious Implications”: The financial crime landscape is evolving, especially when it comes to income-related mortgage fraud, says OSB group financial crime head. Blockchange: Zventus is launching a blockchain lab for the financial services industry, specifically focused on modernizing the mortgage sector.
First Look: FHFA’s First Look program now gives owner-occupants, nonprofits and public entities 30 days to exclusively bid for Fannie Mae and Freddie Mac properties.