Good morning! Today is Friday, July 24. President Trump cancelled parts of the GOP convention set for Jacksonville, Florida, citing the threat of coronavirus spread. China ordered the United States to close its consulate in the western city of Chengdu. Aquanauts unveiled a design for the world’s largest underwater research station and habitat.
And in mortgage and housing news …
HOUSING RECOVERY: The housing market is back to pre-pandemic levels with some work to do. Boston, Seattle and NYC are leading the way.
MORTGAGE RATES: After dropping below 3 percent, mortgage rates edged up slightly this week for the first time in weeks, Freddie Mac announced in its Primary Mortgage Market Survey.
DISCRIMINATION SETTLEMENT: Bank of America will pay $300K to settle a Department of Justice mortgage lending discrimination claim.
FDIC COMMITTEE: The Federal Deposit Insurance Corporation named five new members to its Systemic Resolution Advisory Committee, which provides guidance on “systemically important financial institutions.” The committee was created as part of the Dodd-Frank Act.
GINNIE MAE FORBEARANCE: Homeowner forbearance requests in Ginnie Mae-backed mortgages have led to elevated buyouts and weighed on their performance, a trend that may continue through summer’s end.
GRANNY FLATS: A nationwide boom in accessory dwelling units — also known as garage apartments, casitas, granny flats, carriage houses or in-law suites — has turned many American homeowners into developers and landlords.
USDA HOME LOAN: An under-the-radar U.S. Department of Agriculture program offers no-money-down loans, and it’s helping lower-income people become homeowners.
APARTMENT EVICTIONS: Courts in Houston are overloaded with eviction filings after a local moratorium expired in May. The end of federal protections could lead to more.
BANKS LOSE COMPETITIVE EDGE: As banks have grown risk-averse, non-banks, often tech-savvy, are stepping up.
COBRA EFFECT: As the massive monetary and massive fiscal stimuli (over $15T globally) conjoin to save the economy from a deflationary depression, they could instead cause a hyperinflationary economic collapse.
CARES ACT AID: Will the extra $600 weekly coronavirus unemployment benefit be extended?
INVESTORS: Housing exchange traded funds (ETFs) make a jump after a record increase in existing home sales.