Good morning! Today is Tuesday, November 24. President Trump said his administration would cooperate with President-elect Joe Biden’s transition to the White House, but continue to challenge the election. Elon Musk overtakes Bill Gates to claim the world’s second-richest ranking. New York City’s first and only Black mayor David Dinkins died at the age of 93.
And in mortgage and housing news …
GSE CONSERVATORSHIP: Federal Housing Finance Agency Director Mark Calabria is trying to pull Fannie Mae and Freddie Mac out of conservatorship before the Trump Administration ends on January 20.
FORBEARANCE AND DELINQUENCY: The share of mortgages in forbearance in the United States increased ever so slightly in mid-November, while a second report found that mortgage delinquencies overall were down in October.
MILLENNIAL CREDIT: About a third of millennials say they’ve been rejected when applying for credit cards, mortgages, car loans and other financial products this year because of their credit score.
IBUYING DOWN: While the housing market has come roaring back in the pandemic, iBuying activity hasn’t. Volumes and market share of iBuying activity is likely to finish 2020 at 50 percent less that of 2019.
FORBEARANCE END: While some homeowners are sure to feel the pain of forced sales, housing experts increasingly expect the end of forbearance to be a non-event for the gravity-defying housing market.
IT TAKES A VILLAGE: A growing number of buyers shopping for homes during the pandemic are taking friendly neighborhoods into consideration.
REFINANCING DOUBLES: Refinancing has become twice as popular as last year, and with good reason.
CAPITAL RULE: The Federal Housing Finance Agency (FHFA) has finalized its rule governing the required capital structures for Fannie Mae and Freddie Mac.
FIRST-TIME HOMEBUYER HELP: A roundup of some of the best national grants, programs and loans for first-time homebuyers that can help get you into your first home without needing to make a 20 percent down payment.