The Week Ahead—July 19, 2021
Good morning! Welcome to a new week.
MBA CONVERGENCE, the Mortgage Bankers Association’s initiative to promote minority homeownership opportunities, launches its second major pilot program this Wednesday, July 21 in Columbus, Ohio.
CONVERGENCE Columbus is a cross-sector partnership focused on increasing minority homeownership in Columbus, Ohio. Led by MBA, the Ohio Housing Finance Agency and The John Glenn College of Public Affairs at The Ohio State University, the initiative is a multi-year commitment involving stakeholders from government, the non-profit sector and the housing finance industry.
The webinar, Closing the Racial Wealth Gap through Homeownership & Stability. Speakers include MBA President & CEO Robert Broeksmit, CMB; Columbus Mayor Andrew Ginther; Columbus City Council President Shannon Hardin and City Council Member Shayla Favor; Kevin Boyce, President of the Franklin County Board of Commissioners; Rep. Joyce Beatty, D-Ohio, Chair of the Congressional Black Caucus; and Stephanie Hightower, President & CEO of the Columbus Urban League.
The webinar takes place from 9:00 a.m.-noon ET. You can register here.
For more information, read the story in today’s MBA NewsLink. For more information about CONVERGENCE, click https://www.mba.org/advocacy-and-policy/convergence.
The MBA weekly Forbearance & Call Volume Survey comes out this afternoon at 4:00 p.m. ET. The survey has shown drops in loans in forbearance for 19 consecutive weeks and has showed loans in forbearance at under 4 percent for the past month. MBA Chief Economist Mike Fratantoni will provide analysis and commentary in Tuesday’s MBA NewsLink.
MBA also kicks off an intense two weeks of housing reports on Tuesday with its monthly Builder Applications Survey, which tracks application volume from mortgage subsidiaries of home builders across the country. MBA Associate Vice President of Economic and Industry Forecasting Joel Kan will provide analysis and commentary.
MBA also releases its Weekly Mortgage Applications Survey this Wednesday, July 21, with analysis and commentary from Kan.
Other economic reports of interest this week: The National Association of Home Builders/Wells Fargo Housing Market Index (Monday); New Residential Construction (Tuesday); Philadelphia Fed Non-Manufacturing Survey (Tuesday); Initial Claims (Thursday); Existing Home Sales (Thursday).
Senate and House committees have another busy week. The Senate Banking Committee holds two hearings on Tuesday, July 20. The first, “21st Century Communities: Climate Change, Resilience, and Reinsurance,” features testimony from Abdollah Shafieezadeh of The Ohio State University; Rachel Cleetus of the Union of Concerned Scientists; Frank Nutter of the Reinsurance Association of America; and Roger Pielke Jr., of the University of Colorado.
The hearing begins at 10:00 a.m. ET in Dirksen Senate Office Building room 538 and can be accessed online here.
Also on Tuesday, July 20, the Banking Committee conduct a hearing, “Safe at Home: Preserving and Improving Federally Assisted Housing.” Witnesses include Dave Jacobs, Chief Scientist of the National Center for Healthy Housing; Abdi Warsame, Executive Director and CEO of the Minneapolis Public Housing Authority; and Sharon Vogel, Executive Director of the Cheyenne River Housing Authority.
The hearing begins at 2:30 p.m. ET in 538 Dirksen and can be accessed online here.
On the other side of the Capitol, the House Financial Services Committee holds a hearing on Tuesday, July 20, on “Building Back A Better, More Equitable Housing Infrastructure for America: Oversight of the Department of Housing and Urban Development.” HUD Secretary Marcia Fudge is among those expected to testify. The hearing begins at 10:00 a.m. ET in 2128 Rayburn House Office Building and can be accessed online here.
On Wednesday, July 21, the Financial Services Subcommittee on Consumer Protection and Financial Institutions holds a hearing on “Banking the Unbanked: Exploring Private and Public Efforts to Expand Access to the Financial System.” The hearing begins at 10:00 a.m. ET in 2128 Rayburn and can be accessed online at here.
Also on Wednesday, July 21, the Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets holds a hearing on “Bond Rating Agencies: Examining the ‘Nationally Recognized’ Statistical Rating Organizations.” The hearing begins at 2:00 p.m. ET and can be accessed online here.
Finally, on Tuesday, July 20, the House Energy & Commerce Subcommittee on Oversight and Investigations holds a hearing on “Stopping Digital Thieves: the Growing Threat of Ransomware.” The hearing begins at 10:30 a.m. ET in 2123 Rayburn and can be accessed online here.
Registration for the MBA Annual Convention & Expo, taking place Oct. 17-20 at the San Diego Convention Center, is officially open. Keynote speakers include New York Times best-selling authors Malcolm Gladwell and Brad Meltzer; and Academy Award- and Presidential Medal of Freedom Award-winning actress Rita Moreno.
Gladwell, whose newest book, The Bomber Mafia: A Dream, a Temptation, and the Longest Night of the Second World War, was inspired by the four-part series about General Curtis LeMay on his podcast “Revisionist History.” In it, Gladwell weaves together the stories of a Dutch genius and his homemade computer, a band of brothers in central Alabama, a British psychopath and pyromaniacal chemists at Harvard to examine one of the greatest moral challenges in modern American history. Gladwell will discuss his book with MBA Chair-Elect Kristy Fercho on Tuesday, June 19.
Meltzer uses his trademark storytelling to emphasize the importance of knowing what really matters in your life. While saving the house where Superman was created, Meltzer started a quest to find out what his legacy might be. His funny, inspiring, and entertaining story will never let you look at your own life the same way again. Weaving together the historical stories of Abraham Lincoln, Amelia Earhart and even Superman, Meltzer helps you reevaluate what’s truly important: family, friends and those whole lives you touch by making an impact in your workplace. Meltzer will speak on Tuesday, June 19.
Moreno is among just a handful of entertainers who have completed the “EGOT:” winning an Emmy (twice), a Grammy, an Oscar (for West Side Story) and a Tony Award. Her countless credits span more than seven decades, beginning with her Broadway debut at age 13. She has starred on Broadway and London’s West End, appeared in more than 40 feature films and countless television shows. And like Gladwell, she is a New York Times best-selling author with her first book, Rita Moreno: A Memoir, published by Celebra Books. She received the Presidential Medal of Freedom by President George W. Bush and the National Medal of Arts by President Barack Obama. Moreno will keynote the mPower Luncheon on Tuesday, June 19.
The MBA Annual Convention & Expo is largest annual gathering of real estate finance professionals, this is the one event you need to gain access to the industry’s power players and innovators.
Be inspired and get informed by engaging speakers on the Main Stage; meet with hundreds of exhibitors in THE HUB and get hands-on access to the latest products and services; dive deep into Breakout Sessions to get the insight you need on all the facets of the business; connect with industry peers through unparalleled networking opportunities; Leave with actionable takeaways for future success.
For more information and to register for MBA ANNUAL 21, click here.
For information about other upcoming MBA conferences, click here.
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/.
