Mortgage Roundup (9/25/20) – Rates, Floods & Debt

Good morning! Today is Friday, September 25. House Democrats prepared a new Covid-19 economic aid package. Thousands of airline employees will be laid off Oct. 1 if Congress doesn’t extend aid. Another Covid-19 vaccine entered final-stage trials.

And in mortgage and housing news …

ORIGINATION FLEXIBILITY: The Federal Housing Finance Agency announced that it is extending the loan origination flexibilities currently offered by Fannie Mae and Freddie Mac designed to help borrowers during the COVID-19 national emergency.

MORTGAGE RATES: Mortgage rates ticked up slightly for the week but remained near historic lows, Freddie Mac announced in its Primary Mortgage Market Survey. 

CARES ACT END: Millions of forbearance plans will hit their initial expiration date in September and October. What happens next? 

FIXING FLOOD INSURANCE: For decades lawmakers have ignored broad structural flaws in the National Flood Insurance Program, which underpins millions of home mortgages. And the problem is only getting worse. 

INVENTORY SQUEEZE: New home sales crushed expectations, but the supply is running out.

CRYSTAL BALL: Five reasons mortgage rates will rise in 2021.

TOO ROSY: Housing is having a very good year, but seasonal adjustments annualized make things seem far better than they are.

COLLECTING DEBT: How long can a debt collector pursue old debt? 

INVENTORY DOWN: Since the start of the COVID-19 pandemic in March, there have been nearly 400,000 fewer homes listed than the same time period in 2019.

NYC COMMERCIAL PROPERTY: New York City’s  commercial property crisis is leaving local banks vulnerable. 

CREDIT PROTECTION: Protect your credit during a 2020 financial crisis by communicating with your lenders. 

REMAX ACQUISITION: RE/MAX Holdings has acquired fintech company the Gadberry Group, its second fintech acquisition this month.