Good morning! Today is Monday, June 15. New York Gov. Cuomo threatens to reverse reopening parts of the Hamptons and Manhattan after coronavirus social distancing violations. Florida sees its highest number of coronavirus cases. Elon Musk says he is a year away from creating a “Bionic Man” using implanted chips.
And in mortgage and housing news …
REDLINING LEGACY: More than 50 years after redlining was outlawed, the practice still has a profound impact on the wealth and property values in neighborhoods across the country, according to a report released by Redfin.
FRONT GROUP? The Association of Independent Mortgage Experts (AIME) promotes itself as a membership organization , but does it really have the best interests of independent brokers in mind? Or, is it just a front group that’s offering competitive advantages to a select few lenders who pay to play?
BIDEN GSE REFORM: Biden could derail Fannie Mae, Freddie Mac reform, and fire FHFA director Mark Calabria if he wins the 2020 presidential election.
COLORADO EVICTIONS: Colorado’s temporary statewide ban on evictions expired at midnight Saturday, but Gov. Jared Polis issued an order hours before that deadline to effectively delay legal proceedings against tenants for another month.
UNDERWRITING STANDARDS: Lenders have tightened their underwriting rules to the point where only the best prospects — those with the most cash for a down payment and the highest credit scores — can qualify. And the new, stricter rules are likely to remain in place until the economy gets back on its feet — months, or even years, from now.
HOMEBUYER TIPS: 12 things you should prepare for now if you plan to purchase a new house in the months ahead.
FORECLOSURE PREVENTION: Proactive and relatively short-term mortgage forbearance paired with pragmatic loss mitigation solutions has proven to be the most effective combination for preventing unnecessary foreclosures following a market crisiS.
RECOVERY: A list of housing markets making the most progress recovering for COVID-19 economic setbacks.
CRYSTAL BALL: A 5-point analysis to understand where the housing market is headed.
COMMERCIAL REAL ESTATE: Commercial real estate lending may never be the same. The coronavirus pandemic is changing how segments like office and retail space will be used in the future, which could mess with overall demand.
BIDDING WARS: The coronavirus has drastically changed what homebuyers want.