New York Times, Sept. 22, 2020–Jeanna Smialek, Emily CochraneJudy Shelton, a longtime Federal Reserve critic and gold standard fan, could soon clinch a job on the Fed board. Her views …
Category: Top National News
United Wholesale Mortgage to Go Public Via Merger With Gores SPAC
Wall Street Journal, Sept. 22, 2020–Maureen Farrell (subscription)The biggest wholesale mortgage originator in the U.S. is merging with a special-purpose acquisition company in a deal that will take the lender …
Brookfield Properties to Cut 20% of Employees in Retail Unit
Bloomberg, Sept. 22, 2020–Natalie WongBrookfield Property Partners LP, a large owner of malls in the U.S., is cutting its workforce as the pandemic batters the retail industry. The job cuts …
Inside Rocket’s New Strategy to Win Over Brokers
HousingWire, Sept. 22, 2020–James KleimannJust two months after its public debut, Rocket Companies is looking to bulk up its wholesale operation by sweetening the pot for mortgage brokers. The Detroit-based …
Grand Chicago Hotel in Foreclosure, a Symbol of Covid-19’s Toll on Hospitality Industry
Wall Street Journal, Sept. 22, 2020–Peter Grant (subscription)Thor Equities, owner of the Palmer House Hilton, is in default on its $333.2 million first mortgage, court papers say.https://www.wsj.com/articles/grand-chicago-hotel-in-foreclosure-making-it-one-of-covid-19s-biggest-victims-11600767000?mod=hp_lead_pos11
Mnuchin, Powell Say Fed Programs Are Serving Their Purpose, Urge More Spending
Wall Street Journal, Sept. 22, 2020–Nick Timiraos, Sara Davidson (subscription)The two top U.S. economic officials told lawmakers that emergency loan programs to support the coronavirus-stricken economy were largely working as …
The Survival Of Wholesale And Correspondent Lending
National Mortgage Professional Magazine, Sept. 22, 2020One thing about the wholesale and correspondent business, it always finds a way to not only survive, but thrive in the face of adversity …
The Number of Americans Skipping Mortgage Payments Drops to Lowest Level Since April…
MarketWatch, Sept. 22, 2020–Jacob PassyFewer Americans are in forbearance on their mortgages now than in any point in the last five months. But that doesn’t mean borrowers — and the …
Fed’s Powell Says U.S. Economy Faces Long, Uncertain Recovery
Bloomberg, Sept. 21, 2020–Christopher CondonFederal Reserve Chair Jerome Powell said the U.S. economy is improving but has a long way to go before fully recovering from the coronavirus pandemic. “Many …
U.S. Household Net Worth Hits Highest Level Ever
Wall Street Journal, Sept. 21, 2020–Paul Kiernan (subscription)A resurgent stock market and fiscal stimulus propelled the net worth of U.S. households to the highest level ever in the second quarter, …