The Week Ahead, May 15, 2023: Countdown to MBA Secondary Conference; First Housing Reports
Good morning and happy Monday! There’s a sense of urgency in mid-May: lots of housing reports this week; Congress trying to resolve major issues before the Memorial Day holiday; and a big MBA conference coming up. Let’s get to it:
MBA Secondary and Capital Markets Conference & Expo. The last major MBA conference of spring, the #MBASecondary23, is less than a week away, taking place May 21-24 at the Marriott Marquis in New York.
MBA NewsLink will be in the Big Apple providing onsite coverage. For more information, click here.
MBA Reports. On Wednesday, May 17,MBA releases its Weekly Mortgage Applications Survey, with MBA Vice President and Deputy Chief Economist Joel Kan providing commentary and analysis.
On Thursday, May 18, MBA releases its 1st Quarter Mortgage Performance Report, with MBA Vice President of Industry Analysis Marina Walsh, CMB, providing commentary and analysis.
And on Friday, May 19, MBA releases its monthly Builder Applications Survey, with Kan again providing commentary and analysis.
Looking ahead, MBA will release its monthly Loan Monitoring Survey on Monday, May 22, with Walsh providing commentary and analysis; its Weekly Applications Survey on Wednesday, May 24, with Kan providing analysis; and its monthly Purchase Applications Payment Index (PAPI) on Thursday, May 24, with commentary and analysis from MBA Associate Vice President for Housing Economics Edward Seiler.
Other Economic Reports. The monthly parade of housing reports kicks off this week. Here’s what’s happening—reports MBA NewsLink will cover are in italics:
Monday: Empire State Manufacturing Survey
Tuesday: National Association of Home Builders/Wells Fargo Housing Market Index; Advance Retail Sales; Industrial Production/Capacity Utilization
Wednesday: MBA Weekly Applications Survey; New Residential Construction
Thursday: MBA 1st Quarter Mortgage Performance Report; Existing Home Sales; Initial Claims; Philadelphia Fed Manufacturing Survey
Friday: MBA Builder Applications Survey
Congress. The House and Senate are in session; leaders from both chambers and the Biden Administration continue to negotiate over a deal to raise the federal debt limit and avoid default. With Treasury Secretary Janet Yellen suggesting that without a deal, the federal government could run out of money to pay its bills by June 1.
Analysts suggest an agreement could come down to who blinks first.
While the leaders negotiate, committees meet. Officials of two recently failed banks—Silicon Valley Bank and Signature Bank—appear before both the Senate Banking Committee and the House Financial Services Committee this week.
On Tuesday May 16, the Senate Banking Committee holds a hearing, Examining the Failures of Silicon Valley Bank and Signature Bank.
Slated to testify: Gregory W. Becker, former CEO of Silicon Valley Bank; Scott A. Shay, former Chairman and co-founder of Signature Bank; and Eric R. Howell, former President of Signature Bank. The hearing begins at 10:00 a.m. ET in Dirksen Senate Office Building room G50 and can be accessed online here.
Messrs. Becker, Shay and Howell then visit the House Financial Services Subcommittee om Financial Institutions and Monetary Policy and Oversight and Investigations on Wednesday, May 17 for a hearing, Continued Oversight Over Regional Bank Failures. The hearing begins at 10:00 a.m. ET in 2128 Rayburn House Office Building and can be accessed online here.
Back on the Senate side, the Senate Banking Subcommittee on Economic Policy holds a hearing, Strengthening Accountability at the Federal Reserve: Lessons and Opportunities for Reform.
Scheduled to testify: Mark Bialek, Inspector General, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Peter Conti-Brown, Class of 1965 Associate Professor of Financial Regulation, Associate Professor of Legal Studies & Business Ethics, The Wharton School of the University of Pennsylvania; Paul H. Kupiec, Senior Fellow, American Enterprise Institute; and Mayra Rodríguez Valladares, Managing Principal, MRV Associates.
The hearing begins at 2:30 p.m. ET in 538 Dirksen and can be accessed online here.
Back to the House, where the Financial Services Committee holds a hearing on Tuesday, May 16, Oversight of Prudential Regulators. The hearing begins at 10:00 a.m. ET in 2128 Rayburn and can be accessed online here.
On Wednesday, May 17, the Financial Services Subcommittee on Housing and Insurance holds a hearing, The Current Mortgage Market: Undermining Housing Affordability with Politics. The hearing begins at 2:00 p.m. ET in 2220 Rayburn and can be accessed online here.
For more information about the House and Senate, visit www.house.gov and www.senate.gov, respectively. For more information about upcoming hearings in the Senate Banking Committee, click here. For more information about upcoming hearings in the House Financial Services Committee, click here.
And finally, MBA Conferences. Here’s a list of upcoming MBA conferences:
May 21-24: MBA Secondary and Capital Markets Conference & Expo, New York. For more information, click here.
June 4-7: MBA Chairman’s Conference, Manalapan, Fla. For more information, click here.
June 5-8: MISMO Spring Summit, Portland, Ore. For more information, click here.
Sept. 10-12: MBA Compliance and Risk Management Conference, Washington, D.C. For more information, click here.
Oct. 14: mPowering You: MBA’s Summit For Women in Real Estate Finance, Philadelphia. For more information, click here.
Oct. 15-18: MBA Annual Convention & Expo, Philadelphia. For more information, click here.
For more information, click the links above or visit https://www.mba.org/conferences-and-education/conferences-and-meetings.
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/.
Enjoy the week!
