Bernie Sanders wins in New Hampshire. President Trump pulls former US attorney Jessie Liu’s nomination for Treasury role. Meanwhile in mortgage news …
Mortgage lending just had its biggest quarter in 14 years with originations climbing to their highest level since 2005, according to fourth quarter lending data from the Federal Reserve Bank of New York.
The President’s budget for FY2021 calls for the elimination of block grant programs and a reduction of the Department of Housing and Urban Development’s budget by 15 percent.
As employment remains strong, so does mortgage loan performance. Mortgage delinquencies dropped to a 40-year low in the fourth quarter as strong employment bolstered borrowers’ ability to make timely payments, the Mortgage Bankers Association said.
With the 30-year mortgage rate just 14 basis points above its all-time low of 3.31, Bloomberg reports that mortgage-backed security investors are bracing themselves for a wave of refinancings in the coming months.
Inman examines how the mortgage market has evolved over the past decade.
Fannie Mae and Freddie Mac issue guidance for LIBOR-less world.
Federal Reserve Chairman Jerome Powell heads to Capitol Hill for two days of testimony and questioning about new growth risks. Powell will face questions about how the central bank might respond to new economic uncertainties emanating from China. The Fed cut interest rates three times last year, after raising it four times in 2018.
Credit card debt rose to a record $930 billion in the final quarter of 2019. USA Today examines the top reasons consumers carry an average balance of $6,200.