By KIMBERLEY HAAS
Home affordability continues to be problematic for American families. High prices, elevated mortgage rates, and a low supply of inventory have kept adults in their 20s and 30s off the housing ladder.
At the same time, homeowners with growing families are unable to move up that ladder into properties that would better accommodate their needs for the same reasons.
It’s an issue that touches all generations because older adults are worried about their children and grandchildren. They’re also aging but if their house is paid off, it often does not make financial sense to move, even if they no longer need three bedrooms on a regular basis.
But will the affordability of homes push people to vote…
Consumer advocates and Democratic leaders are asking U.S. regulatory bodies to block TD Bank’s takeover of First Horizon Bank. The Center for Responsible Lending (CRL) and Americans for Financial Reform Education Fund sent a letter to the Federal Reserve and Office of the Comptroller of the Currency asking them to reject a proposed merger between TD Bank and First Horizon Bank. Their letter highlights reasons why regulators should stop the merger, pointing out misconduct by TD Bank and an “exacerbation of the ‘too-big-to-fail’ problem.” Other advocacy groups signed the letter in support. Toronto-Dominion Bank, a Canadian company, announced a plan earlier this year to acquire Memphis, TN-based First Horizon for $13.4 billion in cash. The Bank Merger Act requires the…
Good Morning! Today is Friday, January 14. The Supreme Court blocked the Biden administration from enforcing a vaccine-or-testing mandate for large employers. Australia canceled Novak Djokovic’s visa for a second time, days before the Australian Open. The leader of the far-right Oath Keepers militia was charged with seditious conspiracy in the Capitol riot investigation. And in mortgage and housing news… Forbearance Exits Remain High: Of single-family homeowners who entered Covid-19 related forbearance, 89% have now exited their plans, according to Black Knight. Rates Climb Again: Mortgage rates jumped significantly this week, up to an average of 3.45% from 3.22%, Freddie Mac reported. Vice Chairwoman: President Biden will nominate Sarah Bloom Raskin, a former top Treasury Department official, to serve as…
After weeks of waiting, President Biden announced Monday he is renominating Federal Reserve Chairman Jerome H. Powell to another four-year term. Now analysts are asking what impact another Powell term will mean to mortgage rates and the housing market. The move has been characterized as a return to the status quo in which the Fed chairman is reappointed regardless of their political identity, a tradition former President Trump bucked when he appointed Powell. The Fed chairman question has been on many industry watchers’ minds in the last two weeks. Much was made of Biden’s sit down with Fed Governor Lael Brainard, seen as the most likely candidate if Biden chose to make a change. Brainard has instead been nominated as…
