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…
Good morning! Today is Wednesday, July 29. Amazon, Apple, Facebook and Google CEO’s will testify today before Congress, which is aiming to rein in what they view as excessive power. The Federal Reserve meets today about providing more support to the economy. Joe Biden says he will pick a running mate by the end of next week. And in mortgage and housing news … ROCKET IPO: Rocket Mortgage’s parent company – Rocket Companies, Inc. – announced details about its proposed IPO, including the filing of documentation with the Securities and Exchange Commission to offer 150 million shares of common stock to the public. FANNIE MAE SELL OFF: Fannie Mae announced it is putting 18,300 reperforming loans up for sale as part of its ongoing effort to…
Good morning! Today is Tuesday, July 28. The majority in the U.S. House of Representatives are backing a plan to bail out airlines. Four days after baseball restarted its season, a wave of positive coronavirus tests cast the league’s plans into doubt. Instagram is offering to pay TikTok users with millions of followers to switch to its new competing service. And in mortgage and housing news … DOWNTOWN BUSINESS: Although downtown business districts are struggling due to continued economic lockdowns and questions about safely reopening offices, the long-term outlook for these areas appears to be in good shape. FORBEARANCE NUMBERS: The share of mortgage loans in forbearance dipped slightly to 7.74 percent in the latest Mortgage Bankers Association forbearance survey. That works out to an…
Good morning! Today is Monday, July 27. Protesters have returned to the streets in Oakland, Seattle and elsewhere. Hurricane Douglas passes north of the Hawaiian islands in a close call. Lemonade stand owners affected by the pandemic pause can now get a $100 stimulus check from Country Time. And in mortgage and housing news … MORTGAGE HIRING: Freedom Mortgage company plans to add 3,000 jobs over six months. SELLERS PROFIT: During the second quarter of this year, home sellers netted a median $75,971 profit at resale, up from $66,500 in the first quarter and $65,250 a year earlier, according to research firm ATTOM Data Solutions. EVICTION RELIEF: A proposal being considered in the U.S. Senate will include another eviction moratorium,but it will take some time…
Good morning! Today is Friday, July 24. President Trump cancelled parts of the GOP convention set for Jacksonville, Florida, citing the threat of coronavirus spread. China ordered the United States to close its consulate in the western city of Chengdu. Aquanauts unveiled a design for the world’s largest underwater research station and habitat. And in mortgage and housing news … HOUSING RECOVERY: The housing market is back to pre-pandemic levels with some work to do. Boston, Seattle and NYC are leading the way. MORTGAGE RATES: After dropping below 3 percent, mortgage rates edged up slightly this week for the first time in weeks, Freddie Mac announced in its Primary Mortgage Market Survey. DISCRIMINATION SETTLEMENT: Bank of America will pay $300K to settle a Department of Justice mortgage…
Good morning! Today is Thursday, July 23. A new stimulus package with $1,200 checks and unemployment benefits will be debated in Congress today. California coronavirus cases surpass New York’s numbers. Today would have been the opening ceremonies for the 2020 Summer Olympic Games in Tokyo, but the coronavirus put the Games on hold until 2021. And in mortgage and housing news … HOME SALES: After three straight months of sales declines amid the coronavirus pandemic, existing home sales surged at a record pace in June, according to a report released by the National Association of Realtors. AIME SCRUBS CRITICS: After Anthony Casa announced he was taking a leave of absence from the Association of Independent Mortgage Experts, the organization removed his bio from…
Good morning! Today is Wednesday, July 22. While far higher than expected, the coronavirus infection rate in the U.S. is far below what is required for community immunity. The White House and Congress remain at odds over another coronavirus relief package. Europe is looking at bringing fans back to sporting events. And in mortgage and housing news … URBAN FLIGHT: While there is anecdotal evidence of people moving from urban environments to the suburbs and beyond, it could take several years before a full data picture to show whether the COVID-19 pandemic led to an urban flight. VACATION HOME MARKET: Real estate investors are scrutinizing second-home markets in the hunt for growth opportunities. FANNIE MAE WORTH: Fannie Mae could be worthless to public shareholders, according to its…
Good morning! Today is Tuesday, July 21. New York enters “phase 4” of reopening; indoor dining and malls remain closed. Georgia Democrats nominated the state party’s first Black chairwoman, Nikema Williams, to succeed the late civil rights icon Rep. John Lewis. Baseball fan and top epidemiologist, Dr. Fauci will throw out the first pitch for Washington Nationals’ opening day. And in mortgage and housing news … FHFA GOALS: The Federal Finance Housing Agency announced 2021 housing goals for Fannie Mae and Freddie Mac that are identical to the mortgage purchase goals that were in place for the last three years. FORBEARANCE NUMBERS: The share of US homeowners whose mortgages are in forbearance dropped for the fifth straight week. UNEMPLOYMENT EXPIRATION: Some homeowners expect to struggle to…
Good morning! Today is Monday, July 20. The House and Senate return to work today with a second stimulus plan on the agenda. Major League Baseball held exhibition games across the nation in front of empty stands. The NBA’s exhibition games are slated to start July 28 at Disney World. And in mortgage and housing news … DOOR OPEN FOR CASA: After Anthony Casa took a leave of absence from the Association of Independent Mortgage Experts for sending lewd video texts, his (at least) temporary replacement vowed to keep the organization on track and seemed to keep the door open for Casa’s return. RURAL PRICE INCREASES: Rural real estate prices rise as more people consider leaving cities. COVID SUBURBS: Five ways the coronavirus pandemic has changed suburbs. …
