Today’s Top National News Dec. 12 2022

Here’s a summary of Top National News Items from major news sites and industry trade publications. To get started, click on the headline above:

Cash-Strapped Home Sellers and Buyers are Getting Much-Needed Relief with Four Weeks of Mortgage Rate Drops
Business Insider, Dec. 10, 2022–Alcynna Lloyd
“We think we’re now past the peak on mortgage rates,” said Mike Fratantoni, chief economist at the Mortgage Bankers Association.
https://www.businessinsider.com/lower-mortgage-rates-are-making-home-buying-more-affordable-2022-12

Selling Need Not Be a Divorce Issue
The Housing Scene (UExpress), Dec. 9, 2022–Lew Sichelman
There’s no one-size-fits-all when it comes to real estate. Each deal is different, and rarely does one go off without a hitch. But when it comes to divorce, selling a house becomes that much more complicated.
https://www.uexpress.com/home/housing-scene/2022/12/09

Iowa Credit Union Buys Eden Prairie-Based American Investors Bank and Mortgage
Minneapolis/St. Paul Business Journal, Dec. 9, 2022–Keith Schubert (subscription)
Veridian Credit Union of Waterloo, Iowa, has purchased Eden Prairie, Minn.-based American Investors Bank and Mortgage.
https://www.bizjournals.com/twincities/news/2022/12/09/veridian-credit-union-buys-american-investors-bank.html

U.S. Bank Ending Newly Acquired Union Bank’s Wholesale Lending
National Mortgage News, Dec. 09, 2022–Andrew Martinez (subscription)
U.S. Bank is ending the wholesale mortgage business at newly acquired MUFG Union Bank, making it the latest player in the space to pull back amid the market’s decline this year.
https://www.nationalmortgagenews.com/news/u-s-bank-ending-newly-acquired-union-banks-wholesale-lending

November MBS Gloom: Ginnie Outdoes the GSEs Yet Again
Inside Mortgage Finance, Dec. 9, 2022–John Bancoft
Fannie Mae, Freddie Mac and Ginnie Mae produced $81.92 billion of new single-family MBS last month, a 14.3% drop from October. With the year nearly over, volume in 2022 is down 50.2% from the level set during the first 11 months of last year.
https://www.insidemortgagefinance.com/articles/226468-november-mbs-gloom-ginnie-out-does-the-gses-yet-again?v=preview

Nine-Month Mortgage Credit Supply Crunch Ends
Mortgage Professional America, Dec. 9, 2022–Candyd Mendoza
Mortgage credit availability increased for the first time in nine months, the Mortgage Bankers Association reported Thursday.
https://www.mpamag.com/us/mortgage-industry/market-updates/nine-month-mortgage-credit-supply-crunch-ends/430201

HouseCanary: Housing Market Declining Sharply
National Mortgage Professional, Dec. 9, 2022–Sarah Wolak
HouseCanary said monthly new listing volume in November was down 25.1%, while removals were up 64.3% compared to November 2021. Last month, there were 141,376 net new listings placed on the market, representing a 42.6% decrease year-over-year.
https://nationalmortgageprofessional.com/news/housecanary-housing-market-declining-sharply

U.S. Producer Prices Increase; Near-Term Inflation Expectations Ease
Reuters, Dec. 9, 2022–Lucia Mutikani
U.S. producer prices rose slightly more than expected in November amid a jump in the costs of services, but the trend is moderating, with annual inflation at the factory gate posting its smallest increase in 1-1/2 years.
https://www.reuters.com/markets/us/us-producer-prices-increase-november-2022-12-09/

Fintech Disruption is Increasingly Global
American Banker, Dec. 9, 2022–John Adams (subscription)
Stockholm entrepreneur Henrik Rosvall thinks he’s on to something with Dreams Technology, a firm he co-founded that uses neuroscience and psychological tools to encourage consumers to adopt healthy payment habits. Bringing that vision to reality has involved courting bank partners far beyond Sweden, in locales ranging from the U.S. to Japan.
https://www.americanbanker.com/payments/news/fintech-disruption-is-increasingly-global

Housing Industry Jobs Disappearing Amid Fears of a Prolonged Recession
Housing December 9, 2022–Connie Kim, Flávia Furlan Nunes
With only three weeks until 2023 arrives, housing industry executives are adjusting their operations to face what is expected to be another challenging year.
https://www.housingwire.com/articles/housing-industry-jobs-disappearing-amid-fears-of-a-prolonged-recession/