The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury have suspended proposed rule changes for Preferred Stock Purchase Agreements (PSPAs), FHFA announced in a press release. The goal of these changes, put in place at the end of the Trump administration, was to limit Freddie Mac and Fannie Mae’s ability to back certain types of mortgages, including on second homes, multifamily homes and homes bought with higher risk loans. “This suspension will provide FHFA time to review the extent to which these requirements are redundant or inconsistent with existing FHFA standards, policies, and directives that mandate sustainable lending standards,” Acting Director Sandra L. Thompson said. FHFA will consult with Treasury on the scope of the review…
Good Morning! Today is Tuesday, September 14. Californians vote on whether to recall Governor Gavin Newsom today. Chevron pledged to spend $10 billion in its new low-carbon unit, focusing on biofuels and hydrogen production. A Wall Street Journal investigation found that Facebook exempts high-profile users from its content rules. And in mortgage and housing news… Good News For Struggling Borrowers: The total number of loans in forbearance took a nosedive this week, with numbers down in every category. Cash-Outs Soar: Black Knight’s latest Originations Market Monitor report showed cash-out refinancing rose 41% in the last three months, while overall rate locks for mortgage originations increased in August. MHCs: Freddie Mac rolled out new tenant protections for manufactured home owners who rent the land they live on. Breathing Room: Ginnie Mae is…
The total number of loans in forbearance took a nosedive this week, with numbers down in every category, according to the Mortgage Bankers Association’s (MBA) latest survey. Forbearances made up 3.08% of servicers’ portfolio volume, down from 3.23%. That puts the estimated number of homeowners in forbearance plans at 1.5 million. For Fannie Mae and Freddie Mac loans, the number fell 11 basis points to 1.52%. Ginnie Mae loans fell from 3.63% to 3.39%. Portfolio loans and private-label securities shares fell 25 basis points, from 7.52% to 7.27%. Independent mortgage bank servicers saw a drop of 16 basis points to 3.33%, and depository servicers saw a drop of 18 basis points to 3.15%. “The share of loans in forbearance decreased…
Good Morning! Today is Thursday, September 9. Elizabeth Holmes’ trial starts today; she’s accused of defrauding investors and patients through her blood-testing company Theranos. Job openings in the US have leveled off after breaking records over the summer. Eighty percent of gas and oil production on the Gulf coast is still down after Hurricane Ida. And in mortgage and housing news…Rates Don’t Budge: Freddie Mac’s latest Primary Mortgage Market Survey found that mortgage rates held steady another week, up just .01% from last week to 2.88%. Feminists, Former Employees Cry Foul Over Ishbia’s Big-Dollar MSU Player Stipends: UWM’s Mat Ishbia is paying $6,000/year in stipends to MSU football and basketball players — but only the men. Women’s advocates see sexism,…
Good Morning! Today is Wednesday, September 8. The Taliban named a wanted man on the US terrorism list as interior minister. Bitcoin selloff has cooled after a flash crash yesterday erased billions in its value. RFK’s widow Ethel Kennedy says his assassin, Sirhan Sirhan, should not be released from prison in California. And in mortgage and housing news… Mortgage Applications Down: Mortgage applications are down again this week, with refi applications dropping 3%, according to the MBA’s latest survey. Forbearances Down, Too: The MBA reported that number of loans in forbearance fell from 3.25% to 3.23%. Residential Construction Gains: Residential construction, especially multi-family properties, grew in suburban and small metro urban core markets during Q2, NAHB’s Home Building Geography Index reported. Ginnie Mae-king…
The number of loans in forbearance as of August 29 fell from 3.25% of portfolio volume to 3.23%, according to the Mortgage Bankers Association’s (MBA) latest survey. That puts the estimated number of homeowners in forbearance at 1.6 million. For Fannie Mae and Freddie Mac loans, the number fell 3 basis points to 1.63%. Ginnie Mae loans fell from 3.92% to 3.62%. But portfolio loans and private-label securities increased the number of homes in forbearance 34 basis points, from 7.18% to 7.52%. Independent mortgage bank servicers saw a drop of 1 basis point to 3.49%, and depository servicers saw a drop of 2 basis points to 3.33%. “The share of loans in forbearance decreased by two basis points last week, with…
Mortgage application volume fell again in the past week, dropping to its lowest point since Mid-July, the Mortgage Bankers Association’s (MBA) weekly survey found. Mortgage application volume fell by 1.9%. On an unadjusted basis, the index dropped 3% from last week. The data is driven largely by a 3% decline in refinancing. The refinance index was 4% lower year-over-year for the same week. The survey also showed a small 0.2% decline in the seasonally adjusted purchase index. “Mortgage application volume fell last week to its lowest level since mid-July, as mortgage rates have stayed just above 3% for several weeks. Refinance volume has been moderating, while purchase volume continues to be lower than expected given the lack of homes on…
As the housing market cools slightly and prices trend downward, consumers feel more positive about their homebuying prospects, according to Fannie Mae’s August Home Purchase Sentiment Index (HPSI). The HPSI is a national telephone survey that polls 1,000 consumers a month about owning or renting a home, price changes, the economy, and overall consumer confidence. The results can help predict future housing outcomes. The HPSI was essentially unchanged in August, falling 0.1 points to 75.7, but the survey revealed that buyers are starting to feel more optimistic about the housing market. For the first time since March, more respondents said they believe it’s a good time to buy a home, rising from 28% to 32%. The percentage of those who…
Good Morning! Today is Tuesday, September 7. Federal pandemic unemployment aid expired yesterday, impacting seven million people. China’s exports unexpectedly expanded at a faster clip in August, shrugging off the impact of a global resurgence of the coronavirus pandemic.The U.S. has evacuated four Americans from Afghanistan into a bordering country, a State Department official said. Disney’s “Shang-Chi” set a box office record of $90 million over Labor Day weekend. And in mortgage and housing news… Light At The End Of The Tunnel: The Fannie Mae Home Purchase Sentiment Index stayed mostly the same in August, as homebuyers express more positivity about homebuying conditions. Wall Street Woes: Wall Street is bankrolling house flippers, but finding properties is a battle. “Investors like…
Good Morning! Today is Friday, September 3. The U.S. economy added just 235,000 jobs in August, far below economists’ expectations. The remnants of Hurricane Ida caused flash flooding in the Northeast, resulting in at least 45 deaths. Democrat Sen. Joe Manchin (W.V.) says he won’t support Biden-backed $3.5 trillion spending plan.And in mortgage and housing news…Market Warming: The housing market is leveling out, with smaller, more affordable homes being listed and sellers pricing more competitively as 423,000 new homes go up for sale, according to Realtor.com’s August Housing Market Trends Report. Heading For Normal: Signs of softening housing market and a leveling of mortgage interest rates have some industry observers asking if America is heading back to a ‘normal’ home-buying market.SimpleNexus Approved: Fannie Mae and Freddie Mac have approved digital mortgage platform SimpleNexus as…
