Good Morning! Today is Tuesday, November 23. The Justice Department will pay $130 million to the survivors and families of victims of the Parkland, FL shooting, settling a lawsuit that alleged the FBI failed to investigate tips in advance of the tragedy. A defense attorney in the Ahmaud Arbery case is under scrutiny after making comments in court about the toes of the deceased. An Airbus A340 plane has landed on Antarctica for the first time. And in mortgage and housing news… Powell Renominated: President Biden renominated Jerome Powell to chair the Fed. Here’s what industry analysts think about the move. Black Knight First Look: The national delinquency rate continued to improve at a slow but steady pace last month, with especially impactful declines for loans…
Good Morning! Today is Tuesday, November 16. President Biden signed the $1 trillion infrastructure bill into law. Steve Bannon turned himself in after defying a subpoena from the congressional investigation into the Capitol riot. The jury in the Kyle Rittenhouse trial will begin deliberations today. And in mortgage and housing news… Why Wait Until Spring To Sell Your Home?: People are typically reluctant to put their homes on the market during the holiday season, but sellers can expect plenty of buyers this winter. Mortgage Applications Up: Mortgage applications for new home purchases fell 15.2% year-over-year in October but increased 6% month-over-month, setting their fastest pace since January 2021. Investors Break Records: Investors bought a record 90,000 homes in Q3 2021,…
By Kimberley Haas More than 250 rural, suburban and urban communities will benefit from $36 million earmarked to produce about 8,000 units of affordable housing throughout the country. U.S. Housing and Urban Development Deputy Secretary Adrianne Todman held a virtual press conference on Tuesday morning to announce the “capacity-building” awards, which are expected to stimulate nearly $150 million in total investments. “We are really focused on building strong and vibrant communities through grants like this and through the work of our local and state leaders,” Todman said. Todman said it has been thrilling to work with leaders at the White House and HUD to stand up these initiatives “that we know will pay dividends for our children and grandchildren in…
New legislation introduced in the Senate, known as the “Low-income First Time Homebuyer (LIFT) Act,” proposes creating a new 20-year-fixed-rate mortgage program through Ginnie Mae, subsidized by taxpayers. First-time, first-generation homebuyers with an income equal to or less than 120% of the area median income would qualify. Ginnie Mae, along with the Department of the Treasury, would subsidize the interest rate and origination fees for these 20-year mortgages. The result would be a monthly bill in line with a new 30-year FHA-insured mortgage. The bill is sponsored by Sens. Mark Warner (D-VA), Tim Kaine (D-VA), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), and Jon Ossoff (D-GA). All except Sen. Kaine are members of the Senate Committee on Banking, Housing, and…
The U.S. Department of Housing & Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) issued a joint statement Wednesday addressing an “incorrect” policy regarding Freddie Mac’s ability to purchase mortgages secured by a property owned by an individual and rented to a group home for persons with disabilities. “The clarifications follow a HUD investigation of a mortgage lender who had refused to lend to a homeowner that was renting their property to a company that was operating a group home,” the joint statement reads. “The lender’s refusal was based on the incorrect belief that Freddie Mac would not agree to buy the mortgage. After HUD reported this misunderstanding to Freddie Mac and FHFA, Freddie Mac worked with both…
Good Morning! Today is Tuesday, Aug. 31. The war in Afghanistan ended yesterday when the final US military plane left Kabul. President Biden, who was silent yesterday, is expected to address the nation this afternoon. Hurricane Ida left more than one million people with no electricity or water on the Gulf Coast. California ordered an evacuation along Lake Tahoe due to the Caldor fire.And in mortgage and housing news… Forbearance Numbers Hold: The number of mortgage loans in forbearance remains unchanged from last week, holding at 3.25% according to the latest report from the Mortgage Bankers Association. Freddie’s Here To Help: Freddie Mac reminded homeowners and mortgage servicers of its immediate disaster relief options for those affected by Hurricane Ida. In Further Freddie News: Freddie Mac now projects that…
The US Department of Housing and Urban Development announced $450 million in housing block grants to support affordable housing, as well as another $5 million for Native Hawaiians. The Indian Housing Block Grants will be used to help Tribes carry out affordable housing activities to protect the safety and health of their Tribal members and communities during the Covid-19 pandemic. The list of tribes receiving the grants can be found here. Indian Housing Block Grants pay for housing development, operation and maintenance, modernization of existing housing, housing services to eligible families and individuals, housing management services, crime prevention and safety activities, and model activities that provide creative approaches to solving affordable housing problems in Indian Country. “With the enactment of the…
Housing and Urban Development Secretary touched off a mini political storm last week when she answered a political question in the White House briefing room, raising concerns that she violated the Hatch Act in the process. The Hatch Act prohibits executive branch employees from engaging political activity as part of their government work. They can do political work, but it must be separated from their government jobs. Fudge was in the White House briefing room Thursday with Press Secretary Jen Psaki when she was asked by a reporter about the race to succeed her in Congress. She declined to answer, but was then asked about the Ohio Senate race. Here is how she responded when asked if there were any…
The Department of Housing and Urban Development posted a welcome video from new Secretary Marcia Fudge, who was sworn in Wednesday after being confirmed by the Senate earlier in the day. Here is her video: And here are the remarks: A good home shapes nearly every part of our lives. It’s where we start and end each day. It’s where we raise our families and come together in times of joy. It’s where we find shelter and comfort during times of hardship. The past year has reminded us just how important it is to have a safe and stable place to call home. But, right now-for millions of Americans-that sense of security and peace of mind is out of reach.…
The Senate voted 66-34 on Wednesday to confirm former Rep. Marcia Fudge as the Secretary of Housing and Urban Development, as the nation’s housing market faces major challenges in the coming months with the end of bans on evictions and foreclosures. “I’m honored to serve as the 18th Secretary of Housing and Urban Development,” Fudge said in her welcome remarks. “I am proud to join a group of public servants who work with compassion and determination to change the lives of those in need. And I can’t wait to get started.” Last week, the Consumer Financial Protection Bureau reported that millions of Americans face foreclosure and eviction from their homes once housing pandemic protections come to an end. The CFPB…
