Mortgage Roundup (8/12/20) – Harris, GSEs & Rent

Good morning! Today is Wednesday, August 12. Democratic presidential candidate Joe Biden named Sen. Kamala Harris of California as his running mate. Negotiations on the next coronavirus aid package remain stalled. Airbnb plans to file IPO paperwork with the Securities and Exchange Commission later this month.

And in mortgage and housing news …

BIDDING WARS: More than half of Redfin offers on home purchases faced competing bids in July, according to a new report released by the brokerage.

CONSUMER CONFIDENCE: Consumers are less confident about housing, but searches for topics related to the process of buying a house are soaring.

EXTEND GSE PATCH: The Mortgage Bankers Association asks the Consumer Finance Protection Bureau to extend the GSE patch, but doesn’t support tying it to the end of conservatorship for Fannie and Freddie.

KAMALA HARRIS: Kalama Harris is the Democratic candidate for vice president. The  California senator declined to go after Mnuchin’s OneWest, but secured a major settlement from big banks for mortgage-servicing violations.

RENTAL RELIEF: The Institute of Real Estate Management is asking Congress to provide further relief measures to shore up the beleaguered rental housing marketplace.

DOWNPAYMENT SAVINGS: A home down payment savings account bill would offer significant tax advantages. Modeled on 529 plans for college savings, the down payment accounts would let savers contribute after-tax dollars that would grow tax-free.

BANKERS FOR BIDEN: Bankers are heavily siding with Joe Biden right now despite Trump’s tax and deregulatory policies.

EVICTION EXECUTIVE ORDER EXPLAINED: Evictions have become an urgent matter during the coronavirus pandemic, because the pandemic has prompted a severe economic downturn and caused many renters to lose their jobs.

TRUMP RE-ELECT IMPLICATIONS: What Trumps’ re-election would mean for banks

STUDENT LOAN PAYMENT RELIEF: Trump’s executive orders extend student loan relief until Dec. 31, 2020,however, it’s not quite the same as the initial relief granted under the CARES Act. Here’s what you need to know.

DFW RENTAL UNITS: Dallas-Fort Worth continues leading the nation in Multifamily housing supply with 16,991 units expected to deliver in the next 12 months. The risk for overbuilding is deemed less than in prior economic downturns.