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 …
Category: Top National News
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, …
Home Prices Skyrocketing Because Of Low Mortgage Rates, Not Because COVID-19 Increased Demand For Large Homes
Forbes, Sept. 21, 2020–John WakeHome prices are skyrocketing in most U.S. markets despite COVID- 19, a recession and a shockingly high unemployment rate.https://www.forbes.com/sites/johnwake/2020/09/21/whats-causing-home-prices-to-skyrocket—low-rates-or-wanting-more-space/#76074bc923ff
As Housing Rebounds, Non-QM Mortgages for Business Owners Make a Comeback
Bankrate.com, Sept. 22, 2020–Jeff OstrowskiDuring the early days of the coronavirus recession, the market for non-qualified mortgages ground to a halt. In recent months, however, non-QM loans have returned as …
Rising Student Loan Debt Could Impact Future Millennial Homeownership
HousingWire, Sept. 21, 2020A report from the Mortgage Bankers Association’s Research Institute for Housing America that indicates in the second quarter of 2020, close to 11 million households fell behind …