National Mortgage News, Nov. 17, 2017–Ian McKendry (subscription)The White House and congressional GOP leaders are eyeing a tight window between tax reform passage and the 2018 midterms to pass housing finance reform. And with key policymakers readying their exit, the effort could be the most concerted push yet.
Category: Top National News
Federal Aid Claims Jump Tenfold After Series of Record-Breaking Disasters
Washington Post, Nov. 18, 2017–Joel AchenbachMore than 4.7 million Americans–or about 1.4 percent of the population–have registered so far this year for disaster aid from the Federal Emergency Management Agency. In 2016, 480,000 sought aid, and fewer than 180,000 people registered for disaster assistance in each of the three previous years.
Brookfield’s Offer for GGP Might Drive Prices in the Mall Sector Lower, Analysts Say
National Real Estate Investor, Nov. 17, 2017–Mary DiduchBrookfield Property Partners’ $14.8 billion offer to buy the remainder of shopping center owner General Growth Properties could re-price the retail sector–already challenged by the rise of e-commerce.
Mortgage Rates Rise But Haven’t Moved Much in the Past Year
Washington Post, Nov. 16–Kathy Orton Mortgage rates rose this week but essentially are back to where they started a year ago. “Additional developments surrounding the Administration’s tax reform plan pushed rates lower at the beginning of the week, but this was effectively offset by news of stronger economic growth in Europe,” Mortgage Bankers Association Economist Joel Kan said.
KeyCorp Focused on Growing Mortgage Business Based in Amherst
Buffalo (N.Y.) News, Nov. 16, 2017–Matt Glynn KeyCorp has high hopes for growing its residential mortgage business, based in Amherst, N.Y. “If we do just one $250,000 mortgage in each of our 1,200 branches each month, we double the annual originations of that business,” Key President of Banking Christopher Gorman said.
Trump Is Expected to Name OMB Director Interim Head of Consumer Regulator
Wall Street Journal, Nov. 16, 2017–Nick Timiraos (subscription)White House budget director Mick Mulvaney is expected to be tapped by the White House to serve as acting director of the Consumer Financial Protection Bureau when the agency’s current head, Richard Cordray, resigns from his post later in November.
House Passes Tax Bill in Major Step Toward Overhaul
New York Times, Nov. 16, 2017–Thomas Kaplan; Alan RappeportThe House passed a sweeping rewrite of the tax code on Thursday by 227-205, taking a significant leap forward as Republicans seek to enact $1.5 trillion in tax cuts for businesses and individuals and deliver the first major legislative achievement of President Trump’s tenure.
8 Housing Markets Where Housing Inventory is Actually Growing
National Mortgage News, Nov. 16, 2017–Bonnie Sinnock (subscription)While inventory has contracted for 25 straight months in the United States as a whole, there are exceptions to the rule in parts of the South and Midwest.
Keith Noreika to Step Down as Comptroller of the Currency
HousingWire, Nov. 16, 2017–Brena SwansonWith former bank executive Joseph Otting soon to be confirmed as Comptroller of the Currency, Acting Comptroller of the Currency Keith Noreika submitted his resignation letter to Secretary of the Treasury Stephen Mnuchin.
At Long Last, a Measure of Mezzanine Loans
Commercial Property Executive, Nov. 16, 2017–Paul FiorillaMultiple indexes measure the performance of public and private real estate, property types, different geographies and investor strategy, but none measured mezzanine debt until now. The new Giliberto‐Levy High‐Yield Real Estate Debt Index is the first third‐party measure of high‐yield commercial mortgage debt performance.