The Conference Board, New York, said its Consumer Confidence Index declined in December, the second straight monthly decline economic uncertainty following a resurgence in the coronavirus pandemic.
Category: News and Trends
November Existing Home Sales Down 2.5%
Low housing inventories finally caught up with November existing home sales, which fell for the first time in five months, the National Association of Realtors reported yesterday.
3rd Quarter GDP Balances Out
The Bureau of Economic Analysis yesterday said its third (final) estimate of third quarter gross domestic product saw real GDP increase at an annual rate of 33.4 percent. This is up slightly from the first and second estimates that took place in October and November, respectively, and reflect more complete source data.
Congress Passes $900 Million Economic Stimulus Package
After marathon on-and-off negotiations, the House and Senate—and the Trump Administration—finally agreed this week on a $908 million, 5,500-page economic stimulus bill, the Consolidated Appropriations Act of 2021.
Dealmaker: Berkadia Secures $65M for Multifamily Construction
Berkadia secured $65M in construction financing for multifamily assets in South Carolina and Montana.
Chetan Patel of Verity Global Solutions on Managing Costs in a Transitioning Market
Chetan Patel is COO of Verity Global Solutions, San Antonio, Texas, a provider of highly crafted services spanning the mortgage loan lifecycle. He has more than 25 years of leadership experience in the mortgage industry and has been recognized as an IT All-Star by Mortgage Banking magazine.
Quote
“MBA commends Congress for passing this important piece of legislation that provides the necessary tools to protect borrowers, renters and small businesses. We especially appreciate rental assistance for tenants, enhancements to the Paycheck Protection Program to help the hospitality sector, continued Troubled Debt Restructuring relief for all financial institutions, and continuation of the TALF program. Additionally, we welcome the extension of unemployment insurance and direct assistance for the millions of people who have been affected by the COVID-19 pandemic.”
–MBA President & CEO Robert Broeksmit, CMB, on the economic stimulus bill passed this week by Congress.
MBA: Share of Mortgages in Forbearance Ticks Up
The Mortgage Bankers Association’s latest Forbearance & Call Center Survey reported loans in forbearance increased slightly to 5.49% of servicers’ portfolio volume as of December 13 from 5.49% the prior week. MBA estimates 2.7 million homeowners are in forbearance plans.
Chris Mason: ‘Dear Management’…
2020 is ending…and 2021 is coming into view. A few thoughts that should be dancing around in your head…along with those sugar plums.
Slight Revisions to MBA Mortgage Finance, Economic Forecasts
Following one of the most volatile years in memory, the Mortgage Bankers Association’s latest Mortgage Finance and Economic Forecasts seem decidedly normal.