The Week Ahead—June 21, 2021
Good morning! And congratulations—you’ve (almost) made it to summer!
MBA releases its weekly Forbearance & Call Volume Survey today. The survey has shown drops in loans in forbearance for 15 consecutive weeks and is threatening to show loans in forbearance falling under 4 percent for the first time in more than a year.
The MBA Forbearance report comes out at 4:00 p.m. ET. MBA also releases its Weekly Mortgage Applications Survey this Wednesday, June 17.
This week is also about two big housing reports. On Tuesday, June 22, the National Association of Realtors releases its monthly Existing Home Sales report. And on Wednesday, June 23, HUD and the Census Bureau release the monthly New Residential Sales report. Next week sees the monthly S&P CoreLogic Case-Shiller Home Price Indices (Tuesday, June 29)
Other reports of interest this week: the Philadelphia Fed Non-Manufacturing Survey (Tuesday) the Richmond Fed Survey (Tuesday); Initial Claims (Thursday); Advance Durable Goods (Thursday); Gross Domestic Product (Thursday); and the University of Michigan Consumer Surveys (Friday).
On Capitol Hill this week, an increased sense of urgency as Congress sets unofficial deadlines ahead of the Independence Day holiday recess. Bipartisan (for now) discussions continue in fits and starts toward an infrastructure bill that both parties can accept.
The House gets a couple of high-profile visitors this week. On Tuesday, June 22, Federal Reserve Chairman Jerome Powell appears before the House Select Subcommittee on the Coronavirus Crisis for a hearing on “Lessons Learned: The Federal Reserve’s Response To The Coronavirus Pandemic.” The hearing will assess the Fed’s emergency lending programs established in the early months of the coronavirus crisis, examine current Fed policies as our economy continues to recover, and consider actions needed to ensure a strong, sustainable, and equitable economic future.
The hybrid remote/in-person hearing begins at 2:00 p.m. in Rayburn House Office Building room 2154 and can be accessed online here.
On Wednesday, June 23, HUD Secretary Marcia Fudge appears before the House Budget Committee for a hearing on HUD’s Fiscal 2022 Budget proposal. The hybrid remote/in-person hearing begins at 10:00 a.m. ET in Cannon House Office Building room 210 and can be accessed online here.
The House Financial Services Committee holds a markup hearing for “various committee measures” this Wednesday, June 23 beginning at 10:00 a.m. ET. The hearing can be accessed online here.
The Senate Banking Committee holds one hearing of peripheral interest this week. On Tuesday, June 22, the Committee meets to consider two Treasury Department nominations: Brian Eddie Nelson as Under Secretary for Terrorism and Financial Crimes; and Elizabeth Rosenberg as Assistant Secretary for Terrorist Financing. The hearing begins at 10:00 a.m. ET in Dirksen Senate Office Building room 538 and can be accessed online here.
Registration is now open for the MBA Annual Convention & Expo, taking place Oct. 17-20 at the San Diego Convention Center. The 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 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/.