Good morning! Today is Tuesday, August 11. McDonalds is suing its former CEO, accusing him of lying and fraud. In the nation’s first all-mail vote, Hawaii had a record number of ballots cast. A NASA survey of Ceres, a dwarf planet nearest Earth, shows the planet has an underground ocean.
And in mortgage and housing news …
MULTIFAMILY LOANS: Even as the housing market fought through the coronavirus pandemic, commercial and multifamily mortgage loan originations dropped 48 percent in the second quarter compared to a year ago, according to a survey released by the Mortgage Bankers Association.
MORTGAGE CREDIT LOOSENS: For the first time this year, mortgage credit is more available than the month before.
FORBEARANCE NUMBERS: The number of mortgages in forbearance in the United States continues to inch down each week, though 3.7 million Americans still have payments paused, the Mortgage Bankers Association announced.
PPP FORGIVENESS: Why banks are putting Paycheck Protection Program forgiveness on the back burner.
AUGUST PEAK: The pandemic has pushed the annual high for real estate activity, which is typically May. A rush of demand is coming in August.
NEW HOME DEMAND: The Home-Building Stock Index reached its first record in 15 years.
CASH-OUT REFINANCE: How and when to consider a cash-out refinancing option, which comes with some added costs and risks.
THE FED’S REPORT TO CONGRESS: The Federal Reserve bought more blue-chip and junk bonds, and has started making Main Street loans.
MAGIC NUMBER CREDIT SCORE: Having 1 percent of your credit limits in use may help your credit scoreeven more than showing 0 percent usage.
EVICTION MORATORIUM: A confusing executive order signed this weekend leaves the future of eviction protections in doubt. Renters may still have one protection left until Aug. 24.
HUD AWARDS CARES ACT FUNDING: The Department of Housing and Urban Development announced that it will provide a new round of emergency relief funding for eligible low-income families and individuals living in public housing.