Morning Roundup (9/8/2021)- Mortgage Applications and Forbearances Down, Construction Sees Gains

Good Morning! Today is Wednesday, September 8. The Taliban named a wanted man on the US terrorism list as interior minister. Bitcoin selloff has cooled after a flash crash yesterday erased billions in its value. RFK’s widow Ethel Kennedy says his assassin, Sirhan Sirhan, should not be released from prison in California.

And in mortgage and housing news…

Mortgage Applications Down: Mortgage applications are down again this week, with refi applications dropping 3%, according to the MBA’s latest survey.

Forbearances Down, Too: The MBA reported that number of loans in forbearance fell from 3.25% to 3.23%.

Residential Construction Gains: Residential construction, especially multi-family properties, grew in suburban and small metro urban core markets during Q2, NAHB’s Home Building Geography Index reported

Ginnie Mae-king Money: Ginnie Mae’s digital collateral has risen to over $2 billion since earlier this year, when it began accepting mortgage securities backed by pools of loans with electronic documents. 

“Nah, Bruh”: “Forbearance crash bros” won’t get their housing crash when forbearance plans expire, Logan Mohtashami argues

Sending Up The Batsignal:  FHFA announced that Freddie Mac and Fannie Mae have to submit Equitable Housing Finance Plans to the agency by the end of 2021, and they’re asking for input from the industry. 

On Tuesday, MBA President and CEO Bob Broeksmit released a brief statement on FHFA’s announcement. Here it is in full:

 “MBA commends FHFA for engaging the GSEs in the development of comprehensive business plans to advance equity in housing. We have championed efforts to reduce the racial homeownership gap, and we will be releasing our policy recommendations in the coming weeks, including areas where the GSEs can play a critical role. We look forward to continuing to work with both FHFA and HUD, as well as Congress and other stakeholders, on policies that will promote fair, equitable, and sustainable access to homeownership for all Americans who aspire to it.”

Freddie Mac also released a statement in support of FHFA, applauding their dedication to equitable housing.