USA Today, July 20, 2020–Jessica MentonThe expiration of enhanced benefits comes at a critical time for mortgage borrowers. Policymakers return to Washington this week to debate whether the extra $600 …
Category: Top National News
With Rates Under 3%, Most Mortgages are Due for a Refinance, Study Says
MSN, July 19, 2020–Doug WhitemanFew people ever expected to see mortgage rates slide so low, and many homeowners have been caught off guard. Thirty-year fixed-rate mortgages are now averaging less …
The Need for a Federal Liquidity Facility for Government Loan Servicing
Urban Institute, July 17, 2020–Karan Kaul, Ted TozerThis brief explores fundamental differences between the roles Ginnie Mae and the government-sponsored enterprises play in the mortgage market and explains how these …
Flight to Suburbs Boosts U.S. Homebuilding, but COVID-19 Surge Erodes Consumer Sentiment
Reuters, July 17, 2020–Lucia MutikaniU.S. homebuilding increased in June by the most in nearly four years amid reports of rising demand for housing in suburbs and rural areas as companies …
Mnuchin Says U.S. Should Weigh Forgiving ‘Small’ PPP Loans
Bloomberg, July 17, 2020–Saleha Mohsin, Mark NiquetteThe federal government should weigh forgiving all “small” loans provided under the Paycheck Protection Program during the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin …
Non-QM’s Comeback Isn’t Slowing Down
Mortgage Professional America, July 17, 2020–Ryan SmithOne of the first apparent mortgage-market casualties of the COVID-19 pandemic was non-QM lending, with many lenders halting originations as the economic impacts of …
Fed Unveils Plan to Extend Emergency Loans to Nonprofits
Wall Street Journal, July 17, 2020–Nick Timiraos (subscription)The Federal Reserve formally unveiled terms Friday that will allow nonprofit organizations to borrow through its $600 billion loan program for small and …
Low Mortgage Rates Spur Many to Refinance
Marketplace, July 17, 2020–Justin HoThe rate on a 30-year fixed mortgage fell below 3% this week, according to mortgage finance company Freddie Mac. This is the first time that’s happened …
What Matters Most to Mortgage Bankers in the 2020 Election
American Banker, July 17, 2020–Paul Centopani (subscription)Whether Donald Trump or presumptive Democratic nominee Joe Biden wins the 2020 election, the next president will shape housing policies that could have lasting …
OCC ‘Fix’ Weakens Redlining Law
UExpress, July 17, 2020–Lew SichelmanRep. Maxine Waters sums up the naysayers’ opinions pretty succinctly: The new regulation “will be harmful for so many communities across the country at a time …