Good Morning! Today is Monday, September 27. Government funding is set to expire this week as Democrats push two sweeping legislative packages. States are beginning to roll out booster shots to at-risk Americans. China traded two detained Canadian citizens to bring home a Huawei executive accused of stealing trade secrets.
And in mortgage and housing news…
What Does Debt-Limit Mean For Mortgage Rates?: Mortgage rates could be impacted by Washington D.C.’s debate over raising the debt ceiling.
“LIFT”: Legislation aimed at first-time homebuyers proposes creating a 20-year-fixed-rate mortgage program through Ginnie Mae.
FHFA Loan Mods:Fannie Mae and Freddie Mac completed 217,020 foreclosure prevention actions in the second quarter, with 47% of loan modifications lowering monthly payments by more than 20%.
New Heights: A Bloomberg survey shows a four-month high in new home sales, up 1.5% in August to a 740,000 annualized pace following July.
CFPB On Complaints: White and wealthy communities tended to complain more about loan servicing and origination, while low-income communities and communities of color lodged more complaints about credit reporting, identity theft, and delinquent servicing.
CFPB On Seniors: 682,400 seniors are behind on their mortgages, and a further 236,000 don’t think they’ll make their next payment.
Common Denominator: What do inequality, falling birthrates, and climate change have in common? Some say it’s the housing market.
Forbearances Extended: Freddie Mac is offering extensions on forbearance plans for multi-family loans. The program was previously set to expire on September 30.
“Potential Income Stream”: Nearly half of new homeowners are willing to rent out extra space in their homes as a way to offset expenses, according to a Realtor.com survey.
TikTok Calls Out iBuyers: A viral TikTok by a Nevada real-estate agent accused companies of manipulating home prices with property purchases.