HousingWire, Sept. 21, 2020–Mike FratantoniMBA Chief Economist says MBA expects a near 17-year high for refis in 2020, but the market may be cresting.https://www.housingwire.com/articles/pulse-the-2020-refi-wave-where-activity-is-strongest-where-its-not-and-whats-ahead/
Category: Top National News
Fed Plan to Reform CRA at Odds with OCC Rule
American Banker, Sept. 21, 2020–Hannah Lang (subscription)The central bank’s proposal to overhaul the Community Reinvestment Act differs markedly from the OCC’s regulation in testing, data collection and other areas.https://www.americanbanker.com/news/fed-plan-to-reform-cra-at-odds-with-occ-rule
Americans Want Homes, but There Have Rarely Been Fewer for Sale
Wall Street Journal, Sept. 21, 2020–Nicole Friedman (subscription)Buyers are accelerating purchase plans or considering homeownership for the first time, rushing to get more living space as many Americans anticipate working …
The COVID-19 Lockdown is Squeezing Real Estate from All Sides…
MarketWatch, Sept. 21, 2020–Keith JurowOver the past few months the number of borrowers with active forbearances has declined. But that’s no reason for optimism. The more serious matter is how …
Ginnie Mae to Bar Libor-Based Loans from Pools
National Mortgage News, Sept. 21, 2020–Bonnie Sinnock (subscription)Government mortgage-bond insurer Ginnie Mae will restrict the pooling of certain adjustable-rate mortgages ahead of plans to phase out Libor at the end …
Housing Resilience Masks Underlying Weaknesses
Credit Union Times, Sept. 21, 2020–Jim DuPlessisSome economists this month have been warning that recent improvements in the economy, including job gains and an exuberant housing market, are masking some …
Weak Contract Language Could Lead to Post-Libor ARM Securities Losses
National Mortgage News, Sept. 18, 2020–Brad Finkelstein (subscription)Bondholders could see principal losses if, due to the way the documents are worded, the rate is frozen at the last published amount.https://www.nationalmortgagenews.com/news/weak-contract-language-could-lead-to-post-libor-arm-securities-losses
Ultra-Low Mortgage Rates are Hard to Find Due to New Fee
MSN, Sept. 20, 2020–Doug WhitemanMortgage rates soared over the course of the last week, a daily survey shows, and the apparent reason was a new fee on refinance loans that’s …
Coronavirus Pandemic Threatens to Widen Racial Homeownership Gap
Wall Street Journal, Sept. 20, 2020–Amara Omeokwe (subscription)Some analysts warn even as the housing boom bolsters the overall economy, it may widen the longstanding gap in homeownership between Black and …
Democrats Lift U.S. Consumer Sentiment; Current Account Deficit Widens 52.9%
Reuters, Sept. 18, 2020–Lucia MutikaniU.S. consumer sentiment increased in early September, with Democrats more upbeat about the economy’s outlook compared to Republicans ahead of the Nov. 3 presidential election.https://www.reuters.com/article/us-usa-economy/democrats-lift-u-s-consumer-sentiment-current-account-deficit-widens-52-9-idUSKBN26929K