Category: News

Breaking, curated news headlines from across the mortgage industry.

Homebuilding just had its worst month since 1984. What traders see ahead for the group

By | April 17, 2020

Sanchez agreed that things should look up once the U.S. coronavirus outbreak is under control. “There is the expectation that once these mitigation efforts are removed and you have more ability to be able to get back to a normally functioning market, there is demand out there and there is a shortage of supply. That should be beneficial,”… Read More »

Julián Castro: Here’s how we can prevent the next housing crisis

By | April 16, 2020

The Department of Labor has announced that about 22 million Americans have filed for unemployment since the coronavirus crisis started shutting down businesses in the United States. That means a large percentage of the nation’s renters and homeowners sat around their kitchen tables as the rent or mortgage payments came due at the first of the month and wondered where… Read More »

U.S. Housing Starts Slumped in March by the Most Since 1984

By | April 16, 2020

New U.S. home construction declined in March from the previous month by the most since 1984 as the pandemic started to take a bigger toll on the housing market and broader economy. Residential starts tumbled 22.3% to a 1.22 million annualized rate, an eight-month low, according to a government report released Thursday. The median forecast in a Bloomberg… Read More »

Private-Mortgage Market Nears Unraveling, Undoing Decade of Work

By | April 14, 2020

The nascent market for private U.S. mortgages is teetering on the brink of collapse as the coronavirus crisis imperils years of work to lessen the government’s role in home lending. Several firms that issue mortgage bonds without federal guarantees have laid off most of their staffs and stopped doing business as the economy grinds to a halt. And… Read More »

Pennsylvania Governor Issues Revised Guidance for Real Estate Transactions

By | April 14, 2020

In-person activities as listed below are permitted for only those residential real estate transactions which, with respect to existing homes, were under contract (signed) prior to the date of the March 18th, 2020, or, with respect to new construction, which were under a previously executed contract that provides for closing and delivery to the customer on or after… Read More »

Kashkari Says U.S. May Face 18 Months of Rolling Shutdowns

By | April 12, 2020

“We’re looking around the world. As they relax the economic controls, the virus flares back up again,” Kashkari said Sunday on CBS’s “Face the Nation.” Kashkari is a voter in 2020 on the Fed’s policy-setting Federal Open Market Committee. “We could have these waves of flareups, controls, flareups and controls until we actually get a therapy or a… Read More »

JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens

By | April 12, 2020

“Due to the economic uncertainty, we are making temporary changes that will allow us to more closely focus on serving our existing customers,” Amy Bonitatibus, chief marketing officer for JPMorgan Chase’s home lending business, told Reuters. The bank was the fourth largest U.S. mortgage lender in 2019, according to industry publication Inside Mortgage Finance. The changes should help… Read More »

U.S. mortgage industry braces for more strain as support talks stall

By | April 10, 2020

Bob Broeksmit, chief executive of the MBA, told Reuters the group had held “very productive” discussions with the Fed and the Treasury, but the agencies have so far stopped short of committing to a facility. That is partly because they want to see how many borrowers seek and are granted payment holidays over the coming weeks, one person… Read More »