The Week Ahead—Nov. 30, 2020
Good morning, happy Monday and welcome back. We hope you had a safe and happy Thanksgiving weekend. We’ve got one more month in 2020, so let’s get to it and get it done.
It’s a busy week in Washington. MBA releases its Weekly Forbearance and Call Volume Survey (Monday, 4:00 p.m. ET); its Weekly Applications Survey this Wednesday, Dec. 3 at 7:00 a.m. ET; and its monthly Mortgage Credit Availability Index this Thursday, Dec. 4.
On Capitol Hill, Federal Reserve Chair Jerome Powell and outgoing Treasury Secretary Steven Mnuchin appear before Senate and House committees this week. The hearings could get testy with Senate and House Democrats challenging Mnuchin on the status of more than $455 million in unspent CARES Act funding. Mnuchin, through a spokesperson, last week said the money would be placed in the Treasury Department’s General Fund, which would effectively prevent presumed incoming Treasury Secretary Janet Yellen from tapping the funds without approval from Congress (https://www.seattletimes.com/nation-world/nation-politics/mnuchin-to-put-455-billion-in-funds-out-of-yellens-easy-reach/).
On Tuesday, Dec. 1, Mnuchin and Powell will appear before the Senate Banking Committee for a hearing on The Quarterly CARES Act Report to Congress. The hearing begins at 10:00 a.m. ET in Dirksen Senate Office Building 106 and can be accessed online at https://www.banking.senate.gov/hearings/11/20/2020/the-quarterly-cares-act-report-to-congress.
On Wednesday, Dec. 2, Mnuchin and Powell will appear before the House Financial Services Committee for a hybrid hearing on Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response. The hearing begins at 10:00 a.m. ET and can be accessed online at https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=407031.
The MBA virtual Accounting & Financial Management Conference 2020 is little more than a week away, taking place online Dec. 9-10. The conference brings together leading authorities in real estate finance to share critical business intelligence, insights and best practices on evolving accounting, regulatory and financial management issues. For more information, click https://www.mba.org/store/events/meetings/meeting/conference/mba-live-accounting-and-financial-management-conference-2020?check_for_mini_site=Y.
Events/reports of interest this week:
Monday, Nov. 30: MBA Forbearance & Call Volume Survey (4:00 p.m. ET); Pending Home Sales Index (National Association of Realtors)
Tuesday, Dec. 1: Construction; Institute for Supply Management Manufacturing Survey.
Wednesday, Dec. 2: MBA Weekly Applications Survey; ADP National Employment Report.
Thursday, Dec. 3: Initial Claims; Institute for Supply Management Non-Manufacturing Survey.
Friday, Dec. 4: Employment; Trade Balance; Manufacturing, Shipments & Orders.
For information about upcoming MBA conferences, visit http://www.mba.org/ConferencesEvents/Conferences.aspx. Launched this spring, MBA LIVE brings you dynamic keynotes and informative panel discussions you’ve come to rely on from MBA. We’ll be adding even more opportunities to engage with speakers, industry colleagues, and the many vendors and service providers that help keep your business moving forward. Visit mba.org/MBALIVE for the latest information on these events.
For the latest on how the coronavirus is affecting our industry, our health and our economy, visit the MBA Coronavirus Resource Center. And you can also visit the newly created members-only online network, MBA’s COVID-19 Residential Policy Community, at https://bit.ly/2QEVpUZ. #MBAWorkingForYou #MBACOVIDUpdates
For the most up-to-date information regarding legislative activity at the state and local level, visit the MBA State Legislative Database at http://www.mortgagebankers.org/statelegislativedatabaselogin.htm.
For information about MBA Education events, visit http://www.mbaeducation.org.
For information about the National Association of Minority Mortgage Bankers of America (NAMMBA), visit https://www.nammba.org/. If your company/association is an MBA member, we are happy to list conferences/events on the MBA NewsLink Upcoming Meetings/Events Calendar. Send your items to Mike Sorohan, editor, at msorohan@mba.org; or Michael Tucker, Editorial Manager, at mtucker@mba.org.
