MarketWatch/Dow Jones, Sept. 20, 2022–Aarthi SwaminathanThe mortgage industry is struggling with higher rates and a sharp drop in buyer demand. Rocket says it’s got a plan to turn things around. …
Category: Top National News
A New Set of Housing Winners and Losers Is Emerging
Bloomberg, Sept. 20, 2022–Conor SenEconomic inequality this decade will largely be defined by those who bought homes before 2022 and those who didn’t.https://www.bloomberg.com/opinion/articles/2022-09-20/personal-wealth-a-new-set-of-housing-winners-and-losers-is-emerging
McCargo In One-on-One Talks With Issuers Over Eligibility Standards
Inside Mortgage Finance, Sept. 19, 2022–Monica HoganGinnie Mae has begun one-on-one talks with its issuer base over the agency’s new eligibility requirements, President Alanna McCargo said in an interview with …
Opinion: What is Ginnie Mae Thinking with New Capital Rule?
HousingWire, Sept. 19, 2022–David Stevens, CMBFormer FHA Commissioner/MBA President/CEO says Ginnie Mae has been on the receiving end of a lot of backlash from industry and the analysts who associate …
As Mortgage Rates Top 6%, More Borrowers Choose Adjustable-Rate Loans
Wall Street Journal, Sept. 16, 2022–Julia Carpenter (subscription)Mortgage rates surged past 6% this week, pushing already pricey homes further out of reach for many borrowers. Discouraged buyers might choose to …
Sustaining Deeply Affordable Housing Requires Significant Ongoing Funding Beyond Initial Development Costs
MinnPost, Sept. 16, 2022–Jon Gutzmann, Lisa FeidlerFailure to ensure a sustainable, ongoing funding beyond development brings the viability of keeping units deeply affordable into question, jeopardizing the housing stability of …
Wells Fargo in $94 Million Settlement Over Mortgage Forbearance During Pandemic
Reuters, Sept. 14, 2022–Jonathan StempelWells Fargo & Co. reached a $94 million settlement to resolve class-action claims it sent more than 200,000 struggling mortgage borrowers into forbearance during the COVID-19 …
Mortgage Bankers Petition White House for an FHA Premium Cut
National Mortgage News, Sept. 14, 2022–Brad Finkelstein (subscription)A quartet of housing industry trade groups have reached out to the National Economic Council, incalling on the White House advisory panel to …
Another Lender Backs Out of Wholesale
NEXT, Sept. 14, 2022California-based Point Mortgage Corporation is “temporarily” shutting down its wholesale business GoPointDirect to focus on retail lending. The company is also laying off seven employees, per HousingWire.https://nextmortgagenews.com/news/another-lender-backs-out-of-wholesale/
FHFA’s Study of Federal Home Loan Banks Welcome
National Mortgage News, Sept. 13, 2022–Paul Manchester (subscription)Lenders are eliminating what they consider to be riskier loans from their offerings, the Mortgage Bankers Association said.https://www.nationalmortgagenews.com/opinion/fhfas-study-of-federal-home-loan-banks-welcome