Mortgage Roundup (12/8/20) – Lists, Georgia & Lawsuits

Good morning! Today is Tuesday, December 8. The U.K. became the first Western country to start distributing a Covid-19 vaccine, rolling out a mass inoculation program that could provide a template for other countries. Uber is selling its self-driving car division after its five years of developing self-driving vehicles was marred by a fatal crash and litigation. Chuck Yeager, the pilot who broke the sound barrier, died at age 97.

And in mortgage and housing news …

TO-DO LIST: HFSC Chair Rep. Maxine Waters issued President-elect Biden a lengthy to-do list.

GEORGIA SENATE: The American Bankers Association is jumping into the Senate runoff election in Georgia, dropping an ad thanking Sen. David Perdue for his role in “helping Georgia families and small businesses during the Covid-19 pandemic.”

HOME PRICES: Home prices were at an all-time high in November and active listings fell 29 percent from last year at this time to a new all-time low.

TRUMP SUED: More than 130,000 current and former tenants filed a class-action lawsuit against President Trump and his family business for allegedly elevating rents in rent-regulated apartments since 1992.

MR. COOPER SETTLES: Mortgage servicer Nationstar, which does business as Mr. Cooper, agreed to pay a $74.5 million settlement with the Consumer Financial Protection Bureau, state attorneys general and bank regulators for violating a variety of federal laws designed to protect borrowers.

TIGHT MARKET: A Q3 analysis of affordability for first-time buyers shows no relief for those trying to get into a market characterized by low inventory and unaffordability.

RELOCATION BOOM: Nearly 9 million people relocated since the pandemic started. This is an increase of nearly 94,000 people changing the address of their residence compared to 8.84 million in 2019 during the same period. 

EVICTION: How big will the pandemic eviction wave be?

SHRINKING MORTGAGE: How to pay less than the average national monthly mortgage payment of $1,487.

GEN Z ECONOMY: The pandemic is putting Gen Z on track to repeat millennials’ money problems.

REAL ESTATE INFLUENCERS: Real estate agents turn to social media influencers to help sell a lifestyle — and apartments.