Good morning! Today is Monday, January 18 – a federal holiday honoring civil rights leader Martin Luther King Jr. The nation’s capital has heavy military and security presence ahead of the Presidential inauguration. The FBI used selfie photos and pictures from the capitol siege to identify more than 275 suspects and arrest 100. Richard Branson’s Virgin Orbit rocket reached space on Sunday, eight months after the first demonstration flight failed.
And in mortgage and housing news …
VRBO DC RESERVATIONS: Days after Airbnb announced it would cancel all Washington, DC, reservations during Inauguration week, VRBO signaled that it would not follow its competitor’s lead.
CFPB NOMINATION: President-elect Joe Biden will nominate Rohit Chopra to be the next director of the Consumer Financial Protection Bureau, according to four sources familiar with the decision.
ABOVE 3%: Here is how fast mortgage rates are expected to rise in 2021.
VACCINE EFFECT: With Covid-19 vaccines being rolled out, home buyers and sellers are hoping for a return to normal. A look at how vaccines could help and hurt the housing market.
BIDEN STIMULUS: The president-elect’s $1.9 trillion stimulus plan includes several housing-related proposalsto address the pandemic’s devastating economic impact.
BANK EARNINGS: Mortgage originations do appear to be falling slightly on average as the refinance boom has gotten long in the tooth, but bank earnings suggest that, overall, they’ve been surprisingly resilient, according to a Keefe, Bruyette & Woods report.
WELLS FARGO: Wells Fargo struggles to shake its troubled past.
COMMERCIAL DELINQUENCIES: “Last month’s rise in commercial mortgage delinquencies reinforces that many challenges remain between now and when the economy can fully reopen,” said Jamie Woodwell of the Mortgage Bankers Association.
RENTAL INCOME: Five financial strategies to help landlords bridge income gaps during economic uncertainty.
PERSONAL DEBT: Here’s how much debt the average American has – and how to pay it off.