Good morning! Today is Monday, May 18. Federal Reserve Chairman Jerome Powell is optimistic about the nation’s economic recovery, especially if an effective COVID-19 vaccine is created. NASCAR drivers raced for the first time since the COVID-19 shutdown. And in mortgage and housing news … FEDERAL RESERVE: The Federal Reserve is preparing to lend directly to middle-market businesses, filling a hole left by the government’s economic-crisis relief efforts, and it is shaping up to be one of the trickiest things it has ever done. RISK TOLERANCE: Financial advisors are looking for new ways to measure investors’ tolerance for risk. WHISTLEBLOWER: A whistleblower is claiming that Wall Street has engaged in widespread manipulation of mortgage funds. As the pandemic hammers the economy, that could increase the…
Good morning! Today is Friday, May 15. The CDC will issue a decision tool to guide the reopening of businesses shuttered by the coronavirus. New Jersey Gov. Murphy says the Shore will reopen in time for Memorial Day Weekend. And in mortgage and housing news … FORECLOSURE MORATORIUM: The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are extending their moratorium on foreclosures and evictions until at least June 30 as homeowners and renters struggle with the coronavirus pandemic. SELLERS RETURN: A pair of housing reports show mortgage applications and new home listings are downamid the coronavirus pandemic, though sellers are slowly beginning to return to the market. NOT BUDGING: Interest rates are parked at a super low level, with no signs of budging.…
Good morning! Today is Thursday, May 14. The Wisconsin Supreme Court struck down the governor’s stay-at-home order. Washington DC’s mayor extends the city’s stay-at-home order until June 8. And in mortgage and housing news … GSE DEFERRALS: The Federal Housing Finance Agency announced that homeowners in forbearance can now opt to repay missed payments on Freddie Mac and Fannie Mae loans at the time their home is sold, when it is refinanced or at the end of the mortgage. MORTGAGE APPS: Mortgage applications for home purchases increased 11 percent last week, the latest sign that the housing market is taking early steps forward during the coronavirus pandemic. REBOUND FORECAST: As state and communities take early steps to reopen their economies, realtor.com predicted that home sales…
Good morning! Today is Wednesday, May 13. New tax breaks projected to be around $650 billion are starting to flow to U.S. businesses to help them ride out the coronavirus-induced economic slump. Twitter allows employees to work from home forever. If you want your stimulus check direct deposited, sign up by noon today. And in mortgage and housing news … MORTGAGE HELP: Federal housing regulators launched a one-stop shop for information on housing and mortgage assistance during the pandemic. DELINQUENCY SURVEY: The CARES Act is expected to keep foreclosures in check, even as delinquency rates climb. SIGNS OF LIFE: A pair of housing reports provide fresh insight into the early-year strength of the housing market and show how the sector is slowly starting to rebound from the challenges…
Good morning! Today is Tuesday, May 12. Dr. Fauci will testify before the U.S. Senate today, warning the nation not to reopen business shuttered by the coronavirus outbreak too quickly. Tesla defies state orders and reopens its assembly plant outside San Francisco. Democrats consider a virtual convention to nominate a presidential candidate. And in mortgage and housing news … CALLING ALL LENDERS: Treasury Secretary Steven T. Mnuchin said that all mortgage lenders should work to find ways to allow borrowers to pause their mortgages during the coronavirus pandemic and tack the payments on at the end of their loans. “PLEASE HELP”: As the economic impact of the coronavirus fully took hold in April, the Consumer Financial Protection Bureau was deluged…
Good morning! Today is Monday, May 11. Treasury Secretary Steven Mnuchin warns that employment numbers will get worse before they get better. All passengers on Amtrak will be required to wear a mask. Shanghai’s Disney park will reopen, but visitors can’t hug Mickey. And in mortgage and housing news … UNDERWATER MORTGAGES: There were 3.6 million houses – or 6.6 percent of homes with mortgages – that were seriously underwater at the end of March, according to a new report from ATTOM Data Solutions. FORBEARANCE INCREASE: While the number of mortgages in forbearance continues to climb, the rate of increase is slowing down. NONBANK MORTGAGES: The mortgage market was never fixed after the 2008 economic crash. Now it is breaking again. Many mortgage companies are nonbanks that don’t have…
Good morning! Today is Friday, May 8. Employment data due out today is expected to show 21 million coronavirus-created job losses in April. Businesses are struggling to lure many workers out of employment. A spring snow is in the forecast for the Northeast this weekend, as a polar vortex moves down from Canada. And in mortgage and housing news … CONSUMER COMPLAINTS: What are the most common mortgage-related complaints received by the Consumer Financial Protection Bureau? Where do they come from? What’s with a bank stealing a customer’s mailbox? Find out here. CREDIT TIGHTENS: Economic difficulties caused by the coronavirus are making it harder for borrowers to obtain mortgage credit, even as interest rates have plunged to historic lows. HOUSING…
Good morning! Today is Thursday, May 7. New York City’s subway system shutdown overnight to disinfect cars, the first stoppage in the system’s 115-year history. Senate Republicans are citing renewed budget-deficit fears as they pump the brakes on more coronavirus-aid spending. Frontier Airlines rescinds its plan to charge passengers extra to guarantee an empty middle seat. And in mortgage and housing news … BIT OF A STREAK: Mortgage applications for new home purchases increased for the third week in a row – a sign the housing market is making tentative steps forward amid the coronavirus pandemic. LISTINGS DRY UP: Newly listed homes dropped 44.1 percent in April, according to realtor.com’s Monthly Housing Trends Report. AXL ROSE TRENDING: Treasury Secretary Steven T. Mnuchin took time out of…
Good morning! Today is Wednesday, May 6. The White House coronavirus task force will wind down and move into phase two to re-open the country. The American Academy of Pediatrics issued guidance for school reopenings. Disney, the world’s largest entertainment company, said the pandemic cost it $1.4 billion in the last quarter. And in mortgage and housing news … HOUSEHOLD CREDIT: Household credit levels jumped in the first quarter, driven by mortgages. HOME PRICE ANALYSIS: After a surge in sales the first two months of the year, home prices jumped in March before the coronavirus took hold in the United States. An analysis of the rest of the year projects modest to minimal growth in prices. FLEXIBLE LOAN ORIGINATION: Appraisals, employment verification are among the issues…
Good morning! Today is Tuesday, May 5. U.S. officials warn that relaxing social-distancing guidelines could create a surge of new coronavirus cases into August. New Mexico invoked a riot law to lockdown a city with one of the nation’s worst coronavirus outbreaks. United Airlines will cut its management ranks by 30 percent. And in mortgage and housing news … HOME SALES: Home sales will drop as much as 60 percent this spring, though home prices should not drop more than 3 percent due to the economic downturn caused by the coronavirus, according to a housing forecast released by Zillow. FORBEARANCE DATA: The latest data released by the Mortgage Bankers Association shows 7.54 percent of mortgage borrowers – or 3.8 million – were in forbearance as of…
