U.S. Secretary of the Treasury Janet Yellen will announce new efforts by the Treasury Department to increase the supply of affordable housing. Secretary Yellen visits Minneapolis today, where she will discuss new funding sources for housing production, according to a press release from the Treasury Department. “We face a very significant housing supply shortfall that…
The Mortgage Bankers Association responded to comments by U.S. Treasury Secretary Janet Yellen who said that independent mortgage banks require regulatory oversight as they navigate commercial real estate debt. In a hearing for the Senate Banking Committee, Yellen said the Financial Stability Oversight Council is focusing on nonbank mortgage companies because they “lack access to…
Mortgage rates rose once again last week, elevated by economic news that took investors and analysts by surprise. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.90%, up from 6.81%. A year ago at this time, the 30-year FRM averaged 5.30%. The 15-year fixed-rate mortgage also increased, up to 6.25% from…
By KIMBERLEY HAAS Fannie Mae and Freddie Mac were affected this week after Fitch Ratings downgraded the country’s credit rating. On Tuesday, leaders at Fitch issued a press release saying they had downgraded the United States of America’s Long-Term Foreign-Currency Issuer Default Rating from AAA to AA+. Fitch is one of three nationally recognized statistical…
Lawrence H. Summers, who served as Bill Clinton’s Treasury Secretary and was one of Barack Obama’s chief economic advisors, says “housing inflation is almost certain to soar in coming months,” and he’s taking the current Treasury chief to task over her rosy view of inflation. Former Treasury Secretary Summers has been sounding the alarm over…
Economists and housing industry experts are keeping a close eye on Washington D.C.’s debate over raising the debt ceiling and what it might mean for interest rates. Congressional Democrats are heading into what even Speaker Nancy Pelosi acknowledges is a turbulent week or two, in which her party will attempt to use its narrow majorities…
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