Mortgage Roundup (7/2/20). Trump, Chase & Risk

Good morning! Today is Thursday, July 2. The U.S. reported a record 50,000 new cases of coronavirus yesterday. North Carolina, Tennessee and Texas also hit daily records. CEOs from Apple, Facebook, Amazon and Google will testify before a house panel investigating antitrust issues in big tech. Three million Americans returned to work last month amid the reopening of businesses shuttered by coronavirus. 

And in mortgage and housing news …

TRUMP TARGETS FAIR HOUSING RULE: President Trump announced that he is considering doing away with a federal rule designed to overcome historic patterns of segregation and says Democratic candidate Joe Biden would devastate suburbs. 

MORTGAGE APPS FALL: Mortgage applications for home purchases and refinances dipped slightly last week, according to a report released by the Mortgage Bankers Association.

MISSING CHASE $: Chase banking customers’ money vanishes from some bank accounts.

WHERE ARE BORROWERS: Mortgage rates are super cheap right now, so why aren’t more people borrowing?

NEW JERSEY DELINQUENCIES: New Jersey ranks fourth highest in the nation for mortgage delinquencies, with delinquency rates rising to 10.49 percent in May from 8.81 percent in April.

GSE GREEN BONDS: Fannie Mae has been recognized as the largest issuer of green bonds in the world for the third consecutive year. 

RISKY MORTGAGES: Banks in flood-prone regions are much more likely to repackage mortgages into securities and sell it on the financial market. 

CONSTRUCTION SPENDING: U.S. construction spending fell 2.1% in May, though the level of homebuilding was above the year-ago level.

FITNESS TREND: Already a growing trend, health- and wellness-focused multifamily communities gain new purpose due to COVID-19.

HOUSING PRICES: COVID hasn’t stopped the housing market, but good luck finding a home you can afford.