General World News

The national debt will nearly double by 2051 if taxing and spending stay the same, CBO says

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Summary List Placement The federal government’s debt pile is on track to nearly double over the next three decades, according to the nonpartisan Congressional Budget Office (CBO). Government debt swelled over the past year as lawmakers passed stimulus bills aimed at helping Americans through the COVID-19 recession. The increased spending led federal debt to reach […]

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Treasury Department invests $9 billion in low-income and minority communities

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Summary List Placement To help the people who have struggled the most during COVID-19, the US Treasury Department announced a $9 billion investment on Thursday in programs to support low-income and minority communities. The Treasury Department opened applications for the Emergency Capital Investment Program, which, according to a press release, is designed to help communities […]

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Cryptocurrencies are attractive as a ‘small part’ of any portfolio, former Prudential Financial chief says

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Summary List Placement Former Prudential Financial CEO George Ball told Yahoo Finance on Thursday that he believes cryptocurrencies are “attractive” as a “small part” of any portfolio. Until recently, the chairman and CEO of investment firm Sanders Morris Harris had long been a critic of bitcoin and other cryptocurrencies. In a video call with Reuters […]

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FHFA extends multifamily forbearance through June 30

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Multifamily property owners who are struggling to make mortgage payments due to the coronavirus pandemic now have a reprieve through the end of June for mortgages backed by Fannie Mae and Freddie Mac, the Federal Housing Finance Agency announced on Friday. Forbearance options for multifamily mortgages backed by the GSEs were set to expire on Mar. 31, but the FHFA has […]

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UWM to block brokers working with Fairway and Quicken

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United Wholesale Mortgage, the top wholesale lender in the nation, announced on a Facebook live Thursday that it will no longer partner with brokers who also work with Rocket Mortgage and Fairway Independent Mortgage Corp. Mat Ishbia, president and CEO of UWM, gave brokers and owners a deadline of March 15 to sign an addendum […]

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Tech stocks’ market leadership may be over and investors aren’t ‘bullish enough about the reopening’, says Fundstrat’s Tom Lee

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Summary List Placement Tech stocks’ market leadership may be fading and investors aren’t “bullish enough about the reopening,” according to Fundstrat’s Tom Lee. Lee made an appearance on CNBC’s “Fast Money” on Wednesday. In the interview, he said he sees tech stocks’ market leadership fading as the post-pandemic reopening gets underway. “I think tech’s leadership, […]

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CFPB delay of QM rule implementation is a terrible move

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As reported yesterday, The Consumer Financial Protection Bureau released a notice of proposed rule-making that would “delay the mandatory compliance date of the general qualified mortgage rule 15 months to Oct. 1, 2022.” The bureau said: “extending the mandatory compliance date of the general QM final rule would allow lenders more time to offer QM […]

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For the first time since July, mortgage rates pass 3%

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The average mortgage rate for a 30-year fixed loan rose 5 basis points last week to 3.02%, marking the first time since July that the industry has seen rates break above 3%, according to Freddie Mac’s Primary Mortgage Market Survey. Since reaching a low point in January, mortgage rates have risen by more than 30 basis points as the […]

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Senators move to make State Department internships paid

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Summary List Placement Unpaid internships have come under renewed scrutiny in recent days, as discourse has swirled online over their potential for exploitation and inequity. Rep. Alexandria Ocasio-Cortez even weighed in with a tweet on Monday, writing: “Pay your interns! It’ll improve your operation and make it more diverse and just.” Now, Sens. Cory Booker […]

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David Stevens and Kris Kully to speak at Spring Summit

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The regulatory landscape has shifted quickly under President Biden. To discuss just what that means for those in the housing economy, Kris Kully, a partner at Mayer Brown, and David Stevens, the former CEO of the Mortgage Bankers Association, will speak on a panel titled A New Regulatory Regime, at HousingWire’s virtual Spring Summit on March 4. […]

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Alexandria Ocasio-Cortez blasts Democrats’ last-minute compromise on stimulus checks as an ‘own-goal’

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Summary List Placement Rep. Alexandria Ocasio-Cortez condemned “conservative” Democratic senators who pushed their party to limit eligibility for a new set of $1,400 stimulus checks under President Joe Biden’s relief package.  Biden has endorsed the proposal for quicker phaseouts for the $1,400 stimulus checks to prevent people who earn higher incomes from getting a third […]

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Republicans are balking at how much state aid is in Biden’s stimulus, but Democrats maintain it’s necessary for a full recovery

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Summary List Placement President Joe Biden wants to pump billions of federal stimulus into state and local governments as part of his $1.9 trillion package. But state tax revenues for 2020 were surprisingly healthy. A JP Morgan survey called 2020 “virtually flat” with 2019 with regard to tax revenues for 47 states that reported their […]

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Billionaire Leon Cooperman confirms the wealth-tax implementation problem: rich people will hide assets

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Summary List Placement Billionaire Leon Cooperman told CNBC’s Squawk Box that Sen. Elizabeth Warren’s proposed wealth tax has “no merit” and is “foolish.” He also revealed the real attitude among the wealthy and why critics say such a tax has implementation problems: the 1% would hide their assets. Sen. Warren and several progressives introduced the […]

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The Bank of England says it will make its $28 billion corporate bond-buying scheme greener – as climate change moves up the agenda

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Summary List Placement The Bank of England is set to tweak its $28 billion corporate bond program to make it greener. The UK government told the Bank on Wednesday that it should take climate change into account. Campaigners have criticized the Bank’s bond-buying for funding big polluters. Sign up here for our daily newsletter, 10 […]

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The UK government’s COVID-19 pandemic support reaches $568 billion after Rishi Sunak pledges an additional $90 billion in fiscal spending

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Summary List Placement Rishi Sunak on Wednesday announced a further £65 billion worth of fiscal measures for the year, bringing the government’s total support aimed at recovery from COVID-19 to £407 billion. To restore public finances, the UK government hiked the rate of corporation tax from 19% to 25%. Sunak’s tax move could encourage higher […]

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Mortgage applications recover as winter storms pass

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Mortgage applications recovered slightly from last week, increasing 0.5% for the week ending Feb. 26, 2021 according to the latest report from the Mortgage Bankers Association. A giant dip in applications was reported following the devastating winter storms in Texas the week of Feb. 8, but a week of normalized weather brought numbers back up, […]

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Here’s how much tax Jeff Bezos, Elon Musk, Bill Gates, and Mark Zuckerberg would pay under Warren’s proposed wealth tax

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Summary List Placement US billionaires would have paid $114 billion between them in 2020 under an “ultra-millionaire” tax proposed by Sen. Elizabeth Warren of Massachusetts on Monday, according to two tax groups. The bill, called the Ultra-Millionaire Tax Act, would apply an annual 2% tax on individuals with net worths between $50 million and $1 […]

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Biden hit with first Cabinet defeat as White House withdraws Neera Tanden nomination for budget chief

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Summary List Placement President Joe Biden was hit with his first cabinet defeat on Tuesday as his pick to oversee the White House budget office withdrew from consideration after generating resistance from a key conservative Democrat and a group of moderate Republican senators. “I have accepted Neera Tanden’s request to withdraw her name from nomination […]

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Johnson, Brummer appointed to Fannie Mae board

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Fannie Mae announced today the appointment of Simon Johnson and Christopher Brummer to its board of directors, as well as the extension of Robert Hertz’s board term for another three years. Fannie CEO Hugh Frater said Johnson and Brummer bring “deep economic, regulatory, and business expertise,” and Board Chairwoman Sheila Bair said the duo are […]

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Alex Kutsishin to speak at Spring Summit

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Alex Kutsishin, CEO & co-founder of Sales Boomerang, will speak at HousingWire’s virtual Spring Summit on March 4, diving into what a two-year study reveals about the importance of borrower retention. To protect business in a competitive market, industry leaders need a 360-degree, real-time view of customers’ changing circumstances, so lenders can identify opportunities the […]

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Some Senate Democrats eye changes to unemployment benefits and direct payments in the $1.9 trillion stimulus plan

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Summary List Placement Senate Democrats are up against a narrow timeline to approve a $1.9 trillion stimulus package and get it to President Joe Biden’s desk. But some Democratic senators are eyeing changes to key components of the legislation, particularly unemployment insurance and stimulus checks. The jockeying among Democrats to amend provisions for direct aid […]

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Rocket Mortgage unveils new jumbo product for brokers

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Rocket Mortgage is making a big play for the legion of self-employed borrowers who have been frustrated by a lack of mortgage options and overwhelming red tape: a new jumbo mortgage product offered through its Rocket Pro TPO channel. The new product launch comes just a few months after the Consumer Financial Protection Bureau retired […]

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Europe risks losing 15 million jobs if new economic support isn’t approved, IMF says

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Summary List Placement Fiscal relief saved European governments from an even worse COVID-19 recession, but failure to approve additional support could plunge the continent into new economic pain, the International Monetary Fund said Tuesday. The IMF projects that Europe stands to lose 15 million jobs unless authorities roll out new equity support. Liquidity bolstered by […]

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Almost 10% of American households are at risk of losing housing during pandemic, according to new report

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Summary List Placement A new report by the Consumer Financial Protection Bureau highlighted that 11 million American families are at risk of eviction or foreclosure due to financial strain from the coronavirus pandemic. That means that almost 10% of American households are at risk, according to the report. In its analysis of the housing market […]

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U.S. Bank’s Fred Bolstad to speak at Spring Summit

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Fred Bolstad, executive vice president of retail lending at U.S. Bank Home Mortgage, will speak on a panel titled What Mortgage Tech is Solving Now at HousingWire’s Spring Summit on March 4. Bolstad will be joined on the panel by Dave Vermillion, founder and CEO of Mortgage Champions, and Lisa Patterson, chief originations officer at Homepoint. At U.S. Bank Home Mortgage, […]

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Senate Democrats prepare to advance the $1.9 trillion stimulus plan without a $15-an-hour minimum wage

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Summary List Placement Senate Democrats are preparing to advance the $1.9 trillion stimulus bill this week as efforts to push through a $15-per-hour minimum wage with a new tax penalty for large corporations crumbled over the weekend.  “The Senate will take up the American Rescue Plan this week,” Senate Majority Leader Chuck Schumer said on […]

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A slowdown in exits pushes forbearance volume up

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After one month of steady declines, servicers’ forbearance portfolio volume rose one basis point last week to 5.23%, according to data released Monday by the Mortgage Bankers Association. The trade group pointed to a slowdown in exits coupled with an uptick in requests for last week’s increase. Once again, Fannie Mae and Freddie Mac boasted the […]

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Millennials are finally catching up in earnings and homeownership, but student debt is keeping the generational wealth gap as vast as ever

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Summary List Placement Are millennials finally catching up to previous generations? A new report by the Center for Retirement Research at Boston College indicates that the answer is yes — at least, in some regards. The report compared findings from the Center’s 2016 generational study and the Federal Reserve’s 2019 Survey of Consumer Finances. The […]

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What the forbearance extension means for homeowners

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In this HousingWire Daily episode, HW+ Managing Editor Brena Nath covers the recent COVID-19 forbearance extensions. In February, U.S. Department of Housing and Urban Development announced that it had extended COVID-19 foreclosure and forbearance moratoriums for FHA and USDA loans to June 30, 2021. For the episode, Greg McBride, senior vice president and chief financial analyst for Bankrate.com, joins the […]

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Democratic senator’s first bill provides 5 million essential workers with a pathway to citizenship

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Summary List Placement In order to aid essential workers during COVID-19, Democrats introduced a bill on Friday to provide undocumented immigrants who have worked on the frontlines during the pandemic an expedited pathway to citizenship. Led by Sen. Alex Padilla of California, his first bill in Congress — the Citizenship for Essential Workers Act — […]

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23 progressive Democrats including AOC urge Biden to overrule top Senate official and keep $15 per hour minimum wage in the stimulus package

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Summary List Placement A group of House progressives are urging the Biden administration in a new letter to overrule the Senate parliamentarian and keep the $15 per hour minimum wage in the $1.9 trillion stimulus plan. The effort to ramp up pressure on President Joe Biden is made up of 23 progressive lawmakers led by […]

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FHFA doubles affordable housing disbursement to $1B

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Federal Housing Finance Agency (FHFA) Director Mark Calabria announced on Monday that he has authorized the disbursement of $1.09 billion for Fannie Mae and Freddie Mac‘s affordable housing allocations. This is the largest amount ever disbursed by the government sponsored enterprises, and more than double what was provided the prior year. Of the GSEs’ provided […]

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House committee introduces reformed community-project funding guidelines to avoid misusage

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Summary List Placement After earmarks were banned in 2011 due to corruption scandals in that late 2000s, the House Appropriations Committee on Friday unveiled its new reforms that accounted for transparency and accountability in community funding. Earmarks, which Democrats have switched to calling community project funding, are congressional provisions that direct funds toward a specific […]