The Week Ahead—Feb. 8, 2021
Good morning! Welcome to another extraordinary week in Washington.
Beginning Tuesday, Feb. 9, former President Donald Trump faces an historic second impeachment trial in the Senate, little more than a month after Trump supporters pushed past police lines and entered the U.S. Capitol building. Five people died in the violence; more than 200 arrests have been made.
The House impeached Trump on Jan. 13; House Speaker Nancy Pelosi, D-Calif., delivered a single article of impeachment to the Senate on Jan. 25. Following negotiations, Senate Majority Leader Charles Schumer, D-N.Y., and Minority Leader Mitch McConnell, R-Ky., agreed to a Feb. 9 trial date.
The schedule remains fluid. Eight Democratic impeachment managers, led by Rep. Jamie Raskin, D-Md., plan a short trial; nonetheless, the proceedings are expected to take several days and will include time for senators—who have been sworn in as jurors—to ask questions of either the impeachment managers or Trump’s lawyers (the former President declined to appear at the hearing.
The impeachment managers last week presented an 80-page brief, the central argument being that Trump’s “public actions and singular responsibility” for the events that took place Jan. 6. Trump’s lawyers presented a a 14-page brief outlining his defense, asserting that the trial is meaningless because Trump is no longer President and that Trump’s comments are protected under the First Amendment.
A verdict could be rendered as early as Saturday, Feb. 13; conviction would require a “super-majority” of at least 67 senators, meaning at least 17 Republicans would have to vote for conviction—a number few pundits expect.
But it doesn’t end there; following the vote, the Senate is expected to take up a Democratic-sponsored measure that would bar Trump from holding future office—which would only require majority support. Currently, the Senate is 50-50, with Vice President Kamala Harris, as Senate president pro tempore, casting a vote in case of a tie.
It’s going to be an interesting week. Stay tuned.
In other Senate business, the Senate Budget Committee holds a hearing on Wednesday, Feb. 10 to consider President Joseph Biden’s nominee for Director of the Office of Management and Budget, Neera Tanden. The hearing begins at 10:00 a.m. ET in Dirksen Senate Office Building room 608 and can be accessed online here.
It’s a busy week here at the Mortgage Bankers Association as well, following its CREF21 Convention last week, which had more than 1,700 participants. This morning, MBA’s Research Institute for Housing America release its third report on the impact of housing-related financial distress during the coronavirus pandemic. For more information, see the related story in today’s MBA NewsLink.
MBA also releases its weekly Forbearance and Call Volume Survey today (Feb. 8) at 4:00 p.m. ET.; On Tuesday, Feb. 9, MBA releases monthly Mortgage Credit Availability Index and its 4th Quarter Commercial/Multifamily Delinquencies report; On Wed. Feb. 10, MBA releases its Weekly Applications Survey and its Commercial Real Estate Forecast; on Thursday, Feb. 11, MBA releases its quarterly National Delinquency Survey.
LBA Ware, Macon, Ga., holds a webinar on Thursday, Feb. 11 from 1:00-2:00 p.m. ET, featuring Mortgage Bankers Association Chief Economist Mike Fratantoni.
The webinar, More Insights, Better Decisions: Michael Fratantoni’s 2021 Mortgage Industry Outlook, is part of LBA Ware’s2021 quarterly webinar series. Fratantoni will present a data-packed discussion on the state of the mortgage industry. Registration is free; for more information, click https://bit.ly/3abJXt3.
Looking ahead, MBA offices will be closed on Monday, Feb. 15 in observance of the Presidents Day holiday. MBA NewsLink will not publish that day. On behalf of MBA officers and staff, have a safe and healthy holiday.
Here are this week’s economic events/reports of interest:
Monday, Feb. 8: MBA Forbearance & Call Volume Survey (4:00 p.m. ET); Construction; Institute for Supply Management Manufacturing Index
Tuesday, Feb. 9: MBA Mortgage Credit Availability Index; MBA 4th Quarter Commercial/Multifamily Delinquency Report
Wednesday, Feb. 10: MBA Weekly Applications Survey; Consumer Price Index; Wholesale Trade
Thursday, Feb. 11: MBA 4th Quarter National Delinquency Survey; Initial Claims; JOLTS (Job Openings & Labor Turnover Survey)
Friday, Feb. 12: U. of Michigan Consumer Surveys (preliminary results)
Monday, Feb. 15: Presidents Day Holiday (MBA offices closed; MBA NewsLink will not publish)
For information about upcoming MBA conferences, click here. 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 here.
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.
