Mortgage Roundup (12/9/20) – Fudge, Court & Reports

Good morning! Today is Wednesday, December 9. The White House proposed a new Covid relief package with lower unemployment benefits in exchange for $600 stimulus payments. Tesla is moving the company out of Silicon Valley to Texas. An F-16 fighter jet crashed in Michigan’s Upper Peninsula. 

And in mortgage and housing news …

HUD SECRETARY: President-elect Joe Biden is expected to name Congresswoman Marcia Fudge of Ohio as the Secretary of Housing and Urban Development.

PURCHASE SENTIMENT: The Fannie Mae Home Purchase Sentiment Index dipped by 1.7 points in November, its first decline after three continuous months of increases.

FORBEARANCE REPORT: The number of U.S. mortgages in forbearance held steady to close out November, with about 2.8 million homeowners still pausing their mortgage payments amid the Covid-19 pandemic, the Mortgage Bankers Association announced.

SUPREME COURT: The Supreme Court is hearing a case today that could make it easier for the president to fire the head of the agency that oversees government-controlled mortgage giants Fannie Mae and Freddie Mac.

REAL ESTATE SHINES: These housing markets share positive traits that are catching economists’ attention heading into the new year.

DIGITAL REAL ESTATE: These two entrepreneurs help homebuyers choose their next home with a digital real estate app that streamlines the buying and selling process.

FHA LOANS: FHA loans allow borrowers easier access to homeownership. But there’s one major downside — they are expensive. Some say it still may be worth the price

GSE RELEASE: An assessment of the Federal Housing Finance Agency’s 11th-hour push to release government-sponsored enterprises Fannie Mae and Freddie Mac from their 12-year captivity.

REAL ESTATE FORECAST: On Thursday, the National Association of Realtors will hold a virtual Economic and Real Estate Summit that will provide a year-end review and outlook on the post-election real estate market and the economy.

COLLINS VS. MNUCHIN: The $124 billion Supreme Court case that could throw the housing market into turmoil, explained