Top Headlines
Survey: Nearly Half of Americans Struggling to Maintain Financial Stability
“A large segment of the American public feels it is financially behind the eight ball,” said Monmouth University’s Patrick Murray. Continue Reading Survey: Nearly Half of Americans Struggling to Maintain Financial Stability
CFPB Proposes $3.95 Million Fine Against Freedom Mortgage Corporation
“Freedom Mortgage is a repeat offender,” said CFPB Director Rohit Chopra. Continue Reading CFPB Proposes $3.95 Million Fine Against Freedom Mortgage Corporation
NY Attorney General Seeks to Void Trump’s $175 Million Bond in Valuation Fraud Case
Letitia James claimed Knight Specialty Insurance Company was a “small insurer that is not authorized to write business in New York.” Continue Reading NY Attorney General Seeks to Void Trump’s $175 Million Bond in Valuation Fraud Case
Biden Awards $7 Billion for Residential Solar Projects
The administration stated more than 900,000 households will be impacted by the grants. Continue Reading Biden Awards $7 Billion for Residential Solar Projects
Ginnie Mae President Alanna McCargo to Resign
McGargo became Ginnie Mae’s 18th president and first female leader in December 2021. Continue Reading Ginnie Mae President Alanna McCargo to Resign
Housing Inventory June 6th Update: Inventory UP 13.9% Year-over-year
Source: Calculated Risk --- Altos reports inventory is up 13.9% year-over-year. Inventory usually declines in the winter, and then increases in the spring. Inventory bottomed seasonally at the beginning of March 2022 and is now up 56% since then. As of June 3rd,...
Real estate agents got $3.9 billion in Covid relief PPP loans. The housing market boomed, but few repaid the loans.
Source: NBC News--- While Covid was battering the U.S. economy, Gary Goldberg seems to have done OK. During 2020, the pandemic’s first year, the Santa Barbara, California, real estate agent sold more than $27 million worth of luxury homes, slightly down from the $31...
Regulators aligned on “once in a generation” CRA rewrite
Source: Housing Wire --- Two years ago, the regulator of the nation’s biggest banks moved alone to rewrite the Community Reinvestment Act (CRA), the country’s premier anti-redlining law. That effort, under the Trump administration, ultimately fizzled. The Office of...
Why Home Loans Today Aren’t What They Were in the Past
Source: Keeping Current Matters --- In today’s housing market, many are beginning to wonder if we’re returning to the riskier lending habits and borrowing options that led to the housing crash 15 years ago. Let’s ease those concerns. Several times a year, the Mortgage...
Housing Market Update: Homebuyers Regain Some Control as Supply Grows and Demand Pulls Back
Source: Redfin --- May marked a turning point in the pandemic housing frenzy, as buyers regained some control over the market. This limited sense of control comes at a great cost, as 5% mortgage rates and record-high prices have edged many buyers out of the market....
Homebuyer Competition Falls for Second Consecutive Month
Source: World Property Journal --- National property broker Redfin is reporting this week that 60.7% of home offers written by Redfin agents nationwide encountered competition on a seasonally adjusted basis in April, the lowest level since March 2021. That's down from...
Mortgage rates drop for second consecutive week
Source: Fox Business --- Mortgage rates dropped last week for the second consecutive week as the economy slowed alongside consumer spending, according to the latest data from Freddie Mac. The average 30-year fixed-rate mortgage rate decreased 15 basis points to 5.1%...
Study finds Hispanic homebuyers most likely to use risky, nontraditional financing
Source: Bankrate --- Rising home prices and mortgage rates have made it more difficult for many first-time homebuyers and have pushed some to consider alternative forms of financing. A survey out of Pew Charitable Trusts found that Hispanic homebuyers are the most...
The housing market has peaked, top economist says
Source: MPA --- The US has officially gone from a housing boom into a “housing correction”, according to Mark Zandi (pictured), chief economist at Moody’s Analytics. In an interview with Fortune magazine last week, the economist and co-founder of Economy.com said all...
Winning Streak Comes to an End For Mortgage Rates
Source: Mortgage News Daily --- As of last Friday, mortgage rates had enjoyed 3 of their best weeks in a long time. Sure, there were caveats that argued against celebrating the gains as evidence of a broader reversal, but they were nonetheless a welcome change of...
