Mortgage Roundup (6/9/20) – Indictment, Ginnie Mae & Listings

Good morning! Today is Tuesday, June 9. New York City, once the U.S. epicenter of the coronavirus, begins to reopen this week. IBM will no longer offer general purpose facial recognition and analysis software products over concerns about human rights. The Federal Reserve’s rate-setting committee meeting today is expected to keep rates near zero and issue no major policy decisions.

And in mortgage and housing news …

INDICTMENT: The former president of First Mortgage Company of Oklahoma City was indicted by a federal grand jury for bank fraud and money laundering as part of a scheme to defraud banks and pay for lavish homes for himself and his family, prosecutors announced.

GINNIE MAE: Ginnie Mae announced that its total outstanding principal balance in May was $2.15 trillion – up from $2.07 trillion a year earlier.

MILLENNIALS: A new analysis reports that it will take “nine months of saving to recoup a single month’s worth of expenses” for the average millennial.

LISTINGS BLIP: Zillow’s latest report shows a bit of a slow down, likely due to the Memorial Day holiday.

GSE PRIVATIZATION: The recent renewal of the efforts to release the government-backed mortgage buyers Freddie Mac and Fannie Mae from federal oversight could change the mortgage landscape for American borrowers, if the process is successful. 

COMMERCIAL REAL ESTATE: The coronavirus-induced dine-in closures and an increase in delivery growth, have converted every operational restaurant into a ghost kitchen. Two insights from the National Association of Realtors commercial real estate market report

CREDIT SCORES: With payments on pause, consumers are warned to watch their credit scores for changes

MULTIFAMILY REFINANCING: A New York real estate finance firm is expanding staff to accommodateincreasing demand for its new quarter-point fee for refinancing multifamily properties backed by Fannie Mae or Freddie Mac.

RENTALS: Four reasons why landlords should want to work with real estate agents.

LAS VEGAS: Las Vegas home sales were cut in half because of pandemic.