Good morning! Today is Friday, February 19. Power is restored for most of Texas, following a devastating winter storm, but two-thirds of residents still don’t have drinking water. Facebook is blocking the collection of sensitive data via apps after a probe into reports of unauthorized sharing of personal information. One out of 10 U.S. workers will have to switch jobs by 2030 as Covid-19 increases e-commerce, deliveries and the use of artificial intelligence and robots.
And in mortgage and housing news …
MORTGAGE RATES: Mortgage rates climbed for the first time in weeks but remain near historically low levels, according to the weekly Primary Mortgage Market Survey released by Freddie Mac.
LOANDEPOT RESULTS: loanDepot reported lower quarterly net income for the fourth quarter – but significantly higher earnings for 2020 overall.
REFINANCING: Refinancing activity dies down on the heels of a mortgage rate rise.
ADVERSE MARKET FEE: GSE’s made billions from the “adverse market” fee, because the
avalanche of mortgage delinquencies never materialized.
SHARP AWARDS: Freddie Mac has announced the winners of its 2020 Servicer Honors and Rewards Program (SHARP), which annually recognizes mortgage servicers for superior servicing portfolio performance.
CANCEL CULTURE: Under proposed California legislation, landlords could not evict someone solely because of his or her political beliefs, and banks and other lenders would be barred from denying someone financing on the basis of his or her politics.
UTILITY SAVINGS: Energy efficiency is driving interest in new homes.
ECONOMIC PROP: Housing is the best performing sector of economy, but rising building costs, demand and the need for larger homes during the coronavirus pandemic may impact that growth.
PANDEMIC LUXURY: Luxury real estate is skyrocketing amid the pandemic.
HOMEOWNERSHIP DISPARITY: The stark racial gap in homeownership.