HousingWire, June 16, 2020–Kathleen HowleyThe housing market’s weakest link is about to get weaker as homebuilders stay on the sidelines amid the COVID-19 pandemic.https://www.housingwire.com/articles/heres-why-there-arent-enough-homes-to-buy-right-now/
Category: Top National News
U.S. May Retail Sales Surge 17.7% in Biggest Monthly Jump Ever
CNBC, June 16, 2020–Jeff CoxThe 17.7% headline gain including food sales easily topped the record 6.7% from October 2001 — a month after the 9/11 terrorist attacks — and beat …
U.S. Bank Profits Plunge 70% on Coronavirus Loss Provisioning
Reuters, June 16, 2020–Pete SchroederThe Federal Deposit Insurance Corporation reported that “deteriorating economic activity” caused lenders to write off delinquent debt and set aside billions of dollars to guard against …
Home Improvement Lending Heating Up During Pandemic
National Mortgage News, June 16, 2020–John Reosti (subscription)Shelter-in-place orders have given homeowners the time to pursue upgrades and repairs, and banks are seizing the opportunity to help finance the projects.https://www.nationalmortgagenews.com/news/home-improvement-lending-heating-up-during-pandemic
New Home Purchase Mortgage Apps Increased 10.9 Percent In May
National Mortgage Professional, June 16, 2020Mortgage Bankers Association Builder Application Survey data for May show mortgage applications for new home purchases increased 10.9% compared to one year ago, and compared …
Powell Says Despite Signs of Stabilization, Risks of Long-Term Economic Damage Are Significant
Wall Street Journal, June 16, 2020–Nick TImiraos (subscription)Federal Reserve Chairman Jerome Powell said the economy faces significant long-term damage from higher unemployment and a wave of small business failures due …
These Homeowners are Seeking Forbearance and their Reasons Why Say a Lot About the Economy
MarketWatch, June 16, 2020–Sanjiv DasMortgage lender CEO (Caliber Home Loans) shares his firm’s experience as borrowers grapple with the coronavirus pandemic and recession.https://www.marketwatch.com/story/these-homeowners-are-seeking-mortgage-forbearance-and-their-reasons-why-say-a-lot-about-the-economy-2020-06-16
Mall of America Said to Miss Another Payment on Mortgage Debt
Bloomberg, June 16, 2020–John GittelsohnMinnesota’s Mall of America missed another payment on a $1.4 billion mortgage, putting the borrower more than 60 days delinquent, sources said.https://www.bloomberg.com/news/articles/2020-06-16/mall-of-america-said-to-miss-another-payment-on-mortgage-debt
Mortgage Lenders ‘Make Hay’ With Loan Spreads Widest Since 2008
Bloomberg, June 16, 2020–Prashant Gopal, Shahien NasiripourUnemployment is high. Credit is tight. And scientists are warning that a dangerous second wave of the coronavirus is coming. But somehow, U.S. mortgage …
Should Nonbank Mortgage Companies Be Permitted to Become Federal Home Loan Bank Members?
Urban Institute, June 16, 2020–Karan Kaul, Laurie GoodmanThis brief articulates the benefits of expanding FHLB membership to nonbanks. It shows there is strong alignment between the nonbank business model and …