On Wednesday, the Biden administration unveiled the American Families Plan, an ambitious $1.8 trillion proposal that would make $1 trillion in new investments and provide $800 billion in tax cuts over 10 years, paid for with tax increases on upper-income taxpayers, new tax enforcement initiatives, and changes to the way capital is taxed. On Tuesday, the CFPB released a final rule delaying the mandatory compliance date of the General QM final rule until October 1, 2022. Meanwhile, FHFA announced preliminary details that Fannie Mae and Freddie Mac soon will offer a new refinance option for low-income borrowers.
Category: News and Trends
ULI: The Business Case for UN Sustainable Real Estate Development Goals
The Urban Land Institute, Washington, D.C., reported real estate organizations are increasingly expected to align with the United Nations’ Sustainable Development Goals by investing in environmental, social and corporate governance.
February Pending Home Sales Fall 10.6%
Pending home sales fell in February, the second straight month monthly decrease, the National Association of Realtors reported.
Zillow: Housing Gains Could Grow Black Wealth More Than $500B in a Decade
Zillow, Seattle, said incremental increases in homeownership rates and home values among Black households would help shrink the current $3 trillion racial wealth gap by hundreds of billions of dollars over the next decade.
Dealmaker: Merchants Capital Secures $18M for NYC Affordable Housing Capital Improvements
Merchants Capital’s New York office closed an $18.2 million Housing Development Corporation Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development in Manhattan’s Harlem neighborhood.
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“Commercial and multifamily mortgage delinquency rates declined in April but remain elevated overall, driven by the continuing challenges facing many hotel and retail properties”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.
1Q GDP Report Shows Accelerating Economy
Real gross domestic product increased at an annual rate of 6.4 percent in the first quarter—the fastest such pace in more than 36 years—according to the first (advance) estimate released by the Bureau of Economic Analysis.
CFPB: Consumer Complaints Higher in Predominantly Minority Areas
The Consumer Financial Protection Bureau issued a bulletin this week analyzing complaints submitted by consumers in counties nationwide. The Bureau reported in 2019 and 2020, it received more complaints on a per-capita basis from consumers living in predominantly minority counties than from consumers in predominantly white, non-Hispanic counties.
Initial Claims Down Another 13,000
Initial claims for unemployment insurance continued to drop, the Labor Department reported last week, falling to levels last seen in March 2020.
MBA’s Lisa Haynes, Charmaine Brown Recognized as DEI Leaders by National Diversity Council
The Mortgage Bankers Association’s Lisa J. Haynes and Charmaine Brown were recently recognized as leaders in diversity, equity and inclusion at the National Diversity Council’s four-day, virtual National Diversity & Leadership Conference, held this month.