Good morning! Today is Wednesday, August 12. Democratic presidential candidate Joe Biden named Sen. Kamala Harris of California as his running mate. Negotiations on the next coronavirus aid package remain stalled. Airbnb plans to file IPO paperwork with the Securities and Exchange Commission later this month. And in mortgage and housing news … BIDDING WARS: More than half of Redfin offers on home purchases faced competing bids in July, according to a new report released by the brokerage. CONSUMER CONFIDENCE: Consumers are less confident about housing, but searches for topics related to the process of buying a house are soaring. EXTEND GSE PATCH: The Mortgage Bankers Association asks the Consumer Finance Protection Bureau to extend the GSE patch, but doesn’t support tying it to the end of…
Good morning! Today is Tuesday, August 11. McDonalds is suing its former CEO, accusing him of lying and fraud. In the nation’s first all-mail vote, Hawaii had a record number of ballots cast. A NASA survey of Ceres, a dwarf planet nearest Earth, shows the planet has an underground ocean. And in mortgage and housing news … MULTIFAMILY LOANS: Even as the housing market fought through the coronavirus pandemic, commercial and multifamily mortgage loan originations dropped 48 percent in the second quarter compared to a year ago, according to a survey released by the Mortgage Bankers Association. MORTGAGE CREDIT LOOSENS: For the first time this year, mortgage credit is more available than the month before. FORBEARANCE NUMBERS: The number of mortgages in forbearance in the…
Good morning! Today is Monday, August 10. Several investment and technology firms are exploring a potential deal for the U.S. operations of TikTok, which faces a White House ban. An earthquake shook parts of North Carolina. The U.S. surpassed 5 million Covid-19 cases. And in mortgage and housing news … EVICTION ORDER: President Trump issued an executive order over the weekend directing various federal agencies to identify ways to prevent evictions and foreclosures during the coronavirus pandemic – though the order itself did not provide those protections. CREDIT INSURANCE: PNC Bank will terminate all credit insurance on consumer loans. SHORT-TERM RENTAL BAN: Thousands of online listings are violating L.A.’s new short-term rental law. MORTGAGE RATE FORECAST: Mortgage interest rates are falling, but they’ll drop even more in the coming…
Good morning! Today is Friday, August 7. The U.S. State Department lifted its Global Level 4 Health Advisory for no travel during the coronavirus pandemic. Most countries still won’t accept American travelers. Chinese social-media apps TikTok and WeChat face new restrictions, and a 45-day deadline for an American company to purchase TikTok’s U.S. operations. Sixty-six NFL players opt out of playing in the upcoming season. And in mortgage and housing news … UNITED SHORE: United Shore employees posted numerous complaints about the company’s handling of the pandemic. More than 50 employees have tested positive for COVID. RENTER PROTECTION: Landlords in forbearance must inform renters in writing of protections available to them during pandemic. ANOTHER RECORD: The 30-year fixed-rate mortgage averaged a record-low 2.88 percent,…
Good morning! Today is Thursday, August 6. Lawmakers remain deadlocked in talks to replace last week’s expired $600 emergency unemployment benefit. Two key indicators of the health of the U.S. job market will be released today and Friday. The mayor of Los Angeles says he will shut off power and water to homes that throw large parties amid the Covid-19 epidemic. And in mortgage and housing news … COVID ORDER: The Oakland County Health department sent a letter to United Shore and United Wholesale Mortgage CEO Mat Ishbia demanding the company do more to protect employees. MORTGAGE APPLICATIONS: Mortgage applications dropped 5.1 percent last week, according to a new report released by the Mortgage Bankers Association. RENT PAYMENTS: More than 1 in 5 renters did not…
Good morning! Today is Wednesday, August 5. Beirut explosion that caused thousands of deaths is believed to be caused by ammonium nitrate stored in a warehouse. A new study shows that COVID-19 patients who received transfusions of blood plasma rich with antibodies from recovered patients reduced their mortality rate by about 50 percent. Satellite imagery reveals new penguin colonies in Antarctica. And in mortgage and housing news … RACIAL DISPARITIES: Lenders denied mortgages for Black applicants at an 80 percent higher rate than white applicants – and 120 percent more often when applying for a conventional loan, according to an analysis released by Zillow. RISK TOLERANCE: The fear of risk could diminish an economic rescue by the Treasury and Federal Reserve. That could leave…
Good morning! Today is Tuesday, August 4. Coronavirus cases are increasing in the Midwest. Hurricane Isaias makes landfall in southern North Carolina and is chugging up the East Coast today. Major League Baseball postponed its “Field of Dreams” game after 13 Cardinals players and staffers test positive for COVID-19. And in mortgage and housing news … BORROWER SATISFACTION: With the economy in shambles and millions of Americans struggling to pay their mortgages, borrowers’ satisfaction with their loan servicers actually has increased this year, according to the J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Study. FORBEARANCE NUMBERS: The share of US mortgages in forbearance dropped for the seventh straight week, the Mortgage Bankers Association announced. HE’S BACK? If you thought the suspended Association of Independent…
Good morning! Today is Monday, August 3. White House coronavirus task force coordinator Dr. Deborah Birx said the U.S. is in a new phase in its fight against the coronavirus pandemic, warning that the virus is more widespread than it has been. NASA SpaceX astronauts made a splash down in the Gulf of Mexico after a successful mission to the International Space station. Two passengers were removed from a Delta flight for refusing to wear a mask. And in mortgage and housing news … EXTENDED ASSISTANCE: The Federal Housing Finance Agency announced it is extending a policy that allows Fannie Mae and Freddie Mac to purchase some single-family mortgages in forbearance in an attempt to support the liquidity of mortgage lenders during the…
Good morning! Today is Friday, July 31. NASA sent a helicopter to Mars to explore the planet’s minerals and look for signs of life. Tennis world No. 1 Ash Barty of Australia pulled out of the US Open, saying she wasn’t comfortable traveling during a pandemic. Hurricane Isaias dumps heavy rain on Bahamas, continues to track toward North Carolina. And in mortgage and housing news … GSE EARNINGS: Fannie Mae and Freddie Mac reported financial results for the second quarter, with Fannie notching net income of $2.5 billion and Freddie recording $1.9 billion. Both companies reported significantly higher net worth as of June 30. BELOW 3 PERCENT: After a week above 3 percent, mortgage rates in the United States dropped below that line for…
Good morning! Today is Thursday, July 30. Democrats and Republicans in Congress criticized the executives of Amazon, Apple, Facebook and Google for using their market power to quash competitors and amass data. There is still no agreement in Congress on extending emergency unemployment benefits that expire Friday or on reviving a moratorium on evictions that lapsed last week. The NBA starts its season tonight, playing games inside a Disney World bubble. And in mortgage and housing news … SUBURBS: President Trump said that his recent action to rescind an Obama-era housing rule will keep low-income housing out of the suburbs. FHA BOSS COMFIRMED: The U.S. Senate confirmed Dana Wade as the commissioner of the Federal Housing Agency by a 57-40 vote. THE FED: The Federal Reserve…
