General World News

JPMorgan Chase adds exec to correspondent team

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JPMorgan Chase has appointed Bhavesh Patel to lead client management for the bank’s correspondent lending channel. As director of client management, Patel will focus on improving the client experience and driving future growth for the business, which is growing at a faster rate than the bank’s more traditional retail arm. He will report to Terry […]

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Looser mortgage credit may give first-time buyers a chance

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Mortgage credit showed signs of loosening up in March, and with it, more availability for lower credit scores and high LTV products to enter the housing market, the Mortgage Bankers Association said in a report on Thursday. The group’s Mortgage Credit Availability Index rose .6% to 125.4 last month, a positive indicator after pandemic-driven factors plunged the […]

General World News

Millions of Americans will struggle to get back into the workforce and they’ll need support, Fed’s Powell says

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Summary List Placement A full rebound from the coronavirus recession won’t be as simple as recouping every lost job, Federal Reserve Chair Jerome Powell said Thursday. The US economy is decidedly on the path to recovery. The March jobs report beat estimates and other indicators signal activity is bouncing back thanks to reopening and new […]

General World News

Why one of Wall Street’s titans is on the side of the tax reformers — and maybe Joe Biden and Janet Yellen

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Summary List Placement Tax policy has taken center stage in recent weeks. President Joe Biden is aiming to lift tax rates on wealthy Americans and corporations in order to offset the costs of his $2.3 trillion infrastructure proposal. Republicans have balked at the plan, arguing such changes cut into the country’s global competitiveness. One of […]

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65% of voters support corporate tax hikes to pay for Biden’s infrastructure plan, new poll finds

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Summary List Placement The $2.3 trillion infrastructure plan President Joe Biden unveiled last week includes a proposed corporate tax hike to 28%, and voters seem to like it, even a significant minority of Republicans. A Morning Consult/Politico poll released on Wednesday found that 65% of all voters support corporate tax hikes to pay for Biden’s infrastructure […]

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Mortgage rates drop slightly to 3.13%

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The average U.S. mortgage rate dropped five basis points last week to 3.13%, according to Freddie Mac’s Primary Mortgage Market Survey. It’s the first decline in mortgage rates in two months. Sam Khater, Freddie Mac’s chief economist, pointed to a modest decline in treasury yields as the leading factor behind last week’s drop. Traders were […]

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US weekly jobless claims climb to 744,000 as unemployment remains persistently high

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Summary List Placement The number of Americans filing for unemployment benefits ticked higher last week as hiring slowed after surging through March. New filings for unemployment benefits totaled an unadjusted 744,000 for the week that ended Saturday, the Labor Department said. Economists surveyed by Bloomberg expected a reading of 680,000 claims. The reading marks a […]

General World News

Biden wants a 28% corporate tax rate because he’s ‘sick and tired of ordinary people being fleeced’

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Summary List Placement President Joe Biden made a forceful pitch for his massive infrastructure package on Wednesday, arguing his proposed 28% corporate tax hike would level the playing field between large companies and average Americans. “I’m not trying to punish anybody, but dammit — maybe because I come from a middle class neighborhood — I’m […]

General World News

Biden’s stimulus plan went beyond what the Fed expected

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Summary List Placement The American Rescue Plan passed by President Joe Biden last month was larger than Federal Reserve policymakers had anticipated, according to minutes from the Federal Open Market Committee’s March meeting. Committee members rolled out a more optimistic outlook for the US economy on March 17 after concluding their two-day policy meeting. The […]

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Does CFPB have authority to postpone foreclosures?

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The Consumer Financial Protection Bureau released a proposed rule on Monday that would bar servicers from starting on foreclosures until 2022. The CFPB also proposed streamlined processes for moving homeowners out of forbearance and in to loss mitigation options. However, since the announcement, several industry leaders have expressed reservations about the blanket policy. “My concern […]

General World News

Mortgage servicers are stepping up during COVID

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The Consumer Financial Protection Bureau recently released to Congress the 2020 Consumer Response report. While overall complaints were up 54% year-over-year, complaints against mortgage companies were up just 7.5%, and complaints against mortgage servicers were actually down, by 3.5%. These results are notable considering the sheer speed and impact the pandemic had on the mortgage […]

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Over 156 million stimulus checks have gone out from the latest stimulus — fulfilling a key 100-day goal for Biden ahead of schedule

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Summary List Placement The Biden administration has cleared its goal of delivering more than 150 million economic relief payments in the first 100 days of the president’s first term. It has now been 77 days since Biden’s inauguration on January 20. The IRS and the Treasury Department have sent out more than 156 million stimulus […]

General World News

Home sellers are feeling good about 2021

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Home sellers are chomping at the bit. As the economy reopens, vaccinations continue to roll out and stimulus checks reach bank accounts across America, home sellers are increasingly optimistic. And despite fierce bidding wars, competition from institutional investors and sore wrists from writing dozens of heartfelt letters to home sellers, even buyers are growing in […]

General World News

Rising rates push mortgage applications down for fifth week

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Mortgage applications decreased for the fifth straight week – this time down 5.1%, according to the latest report from the Mortgage Bankers Association. As has been the case for several weeks now, rising mortgage rates and low inventory are contributing to the slowdown in mortgage applications, said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The rapidly […]

General World News

Here’s how to fix the housing market inventory crisis

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The U.S. housing market is in the midst of an inventory crisis. The number of homes for sale in the U.S. is hovering near record lows, caused by a pandemic-induced housing inventory death-spiral. At the same time, home sales have soared close to record highs, suggesting the housing market suffers exclusively from a supply (and […]

General World News

The White House says it wants to pass Biden’s infrastructure package by the summer, sooner than expected

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Summary List Placement The White House said on Tuesday that it is aiming to get President Joe Biden’s multitrillion-dollar infrastructure package approved within months, an ambitious timeline that underscores the administration’s desire to quickly muscle a plan through Congress. “We’d like to see progress by May and certainly a package through by the summer,” White […]

General World News

The government’s $5 trillion stimulus gamble mostly paid off — but missed poorer Americans along the way

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Summary List Placement The government’s bid to pad against the coronavirus recession was mostly successful, but there are lessons to learn from some key shortcomings, researchers at the Federal Reserve Bank of Minneapolis said. Congress authorized roughly $5 trillion in spending on various economic relief measures since the pandemic began. Households received support through direct […]

General World News

NFTs give artists the chance to reverse their extinction

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Summary List Placement The NFT craze continues, and it could change the art world. The acronym, which stands for “non-fungible token,” is a digital file that’s tradable by blockchain. It shot to fame and prominence in March when a visual artist called Beeple sold “Everydays: the First 5000 Days,” a digital collage of images, for […]

General World News

Forbearances dip for fifth straight week to 4.9%

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The share of loans in forbearance fell six basis points during the final week of March to 4.9% of servicers’ portfolio volume, according to recent data from the Mortgage Bankers Association. New forbearance requests also dropped to their lowest level since March, 2020 as forbearance volume fell across the board for every investor type. Fannie […]

General World News

Americans have saved $1.6 trillion since the pandemic started and it poses little inflation risk, the Fed says

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Summary List Placement Gradual reopening and widespread vaccination have economists wondering how Americans will spend in a post-pandemic economy. Researchers at the Federal Reserve Bank of New York see little cause for concern. Americans enjoyed a savings surge during the pandemic as government stimulus hit households and lockdown measures cut down on spending. Estimates suggest people […]

General World News

CFPB proposes foreclosure ban until 2022

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The Consumer Financial Protection Bureau (CFPB) released a notice of proposed rulemaking on Monday that would amend Regulation X to provide a special pre-foreclosure review period prohibiting servicers from starting foreclosures until after December 31, 2021. Under current CFPB foreclosure rules, a borrower must be 120 days delinquent before the foreclosure process can start. The Bureau […]

General World News

Small businesses will get $300 million for high-speed internet and more through Biden’s infrastructure plan. Here’s what you need to know.

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Summary List Placement President Biden announced on Wednesday his proposal to invest $2 trillion over eight years to bolster the economy, create jobs, and shore up supply chains.  The plan earmarks $300 billion for small businesses and manufacturing, with initiatives to bring more manufacturing stateside, update tax incentives, expand research and development, and install funding […]

General World News

Will the next job wave mean the end of forbearance?

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Last Friday, the Bureau of Labor Statistics reported that 916,000 jobs were created in March, and the previous month’s revisions came in positive. The rest of this content is for HW+ members. Join today with an HW+ Membership! Already a member? log in HW+ includes weekly long-form digital content, HousingWire Magazine, access to HousingStack, and […]

General World News

The case for a no-strings-attached monthly payment to help families get back on their feet after the pandemic, according to an economic security expert

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Summary List Placement Guaranteed income is a robust response to so many contradictions. We see the benefits of divorcing work from worth playing out in Stockton, California. Mayor Michael Tubbs, the first Black mayor elected to office at the ripe age of  26, is running a guaranteed income pilot. He makes the case that poverty […]

General World News

Investors should buy real assets— from wine to art — as inflation reaches a ‘secular turning point,’ Bank of America says

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Summary List Placement Since the election of President Joe Biden, inflation and its potential comeback have been hot economic topics. Pumping trillions of dollars into the economy could overheat it, critics say, while others see few signs of runaway inflation, either now or in the near future. Freak events in early 2021 like the Texas […]