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Summary List Placement The Senate approved the $900 billion federal rescue package on Monday evening, clearing the way for the legislation to reach President Donald Trump’s desk for his expected signature. The chamber passed it with a vote margin of 91 to 7, with those opposed made up of strongly conservative Republicans. The House of […]

Summary List Placement House Democrats passed the long-awaited $900 billion stimulus plan, sending it to the Republican-controlled Senate for a vote on Monday evening. The bill was passed overwhelmingly 359 to 53. Speaker Nancy Pelosi said on Monday morning that while she supported the package, she wanted additional aid spending once President-elect Joe Biden takes […]

The U.S. forbearance rate measuring the share of mortgages with suspended payments increased for the second time in nearly six months from 5.48% to 5.49%, according to the Mortgage Bankers Association. According to Mike Fratantoni, MBA’s senior vice president and chief economist, more borrowers are seeking relief as restrictions on businesses and rising COVID-19 cases are triggering layoffs […]

Summary List Placement Over the weekend, Congress finally came to an agreement on a new stimulus package intended to fight the ongoing economic turmoil stemming from the coronavirus pandemic. One of the major features of the bill, which is expected to see a vote late Monday, is a $600 direct payment to most adults in […]

After nearly 40 million people became unemployed by May because of COVID-19, the housing industry, borrowers and the Federal Reserve quickly realized that without ample aid, things could quickly turn sour. However, servicers leveraged the lessons learned from the last recession to help avoid a catastrophe, synergistic technology and a blanket of forbearance large enough […]

Summary List Placement Congressional leaders on Sunday reached an agreement on a $900 billion stimulus deal after months of legislative gridlock. The measure includes a second round of direct payments of up to $600 for qualifying adults and children. Mnuchin told CNBC on Monday morning that he “couldn’t be more pleased” with the legislation and […]

Summary List Placement Democratic leaders in the House expect to vote Monday on a $900 billion relief package, Majority Leader Steny Hoyer said Sunday. “I’m pleased we have reached an agreement on COVID-19 relief and an omnibus, which I expect we’ll pass tomorrow and send to the Senate,” he tweeted. “In order to provide time […]

Summary List Placement Congressional leaders on Sunday struck a long-awaited deal on a $900 billion federal rescue package, clearing final policy hurdles and paving the way for passage amid an especially dark stretch of the pandemic. Senate Majority Leader Mitch McConnell made the announcement from the Senate floor on Sunday afternoon. “The four leaders of […]

Summary List Placement Lawmakers are setting the stage to hold back-to-back votes Sunday on a $900 billion federal rescue package. But both parties still haven’t brokered a broader deal and several policy obstacles remain, which could still push final passage into Christmas week. House Speaker Nancy Pelosi told reporters on Capitol Hill on Sunday that […]

Summary List Placement I generally don’t like to make year-end predictions, but watching Congress debate another coronavirus aid package makes it almost impossible not to make at least one. So here goes: Next year, the stupidest argument we’ll hear in Congress will be that we need to cut spending on government services or programs to […]

Summary List Placement Senate Minority Leader Chuck Schumer suggested that negotiators were making progress and Congress could vote on a $900 billion stimulus package as early as Sunday.  Speaking to reporters on Capitol Hill late Saturday night, Schumer said Republicans and Democrats were “getting very close” to a deal.  “If things continue on this path […]

Summary List Placement A late Republican push to curtail the Federal Reserve’s lending authority formed a major roadblock in stimulus negotiations on Saturday — and it threatens to stretch the talks on a $900 billion emergency spending package into next week. The clash over the Fed between Republicans and Democrats appeared to intensify on Capitol […]

Summary List Placement The pandemic has had a devastating toll on millions of Americans this year, putting many families in difficult financial situations. Lockdowns, pandemic-related closures, and the spread of the disease itself have put millions of Americans out of work and uncertain about when they will find a new job. Millions of households are […]

Summary List Placement Republicans and Democrats are struggling to settle longstanding policy differences in negotiations over what’s expected to be a $900 billion emergency spending package.  “It’s a little bit of whack-a-mole, you know, whack it here and something else pops up,” Sen. John Thune of South Dakota, the second-ranked Republican, told reporters on Capitol […]

United Wholesale Mortgage’s (UWM) much-anticipated Wall Street debut is expected to take place on Jan. 22, 2021, the company told HousingWire late Thursday. UWM, the nation’s second-largest mortgage originator by volume, is going public through a merger with a publicly-traded special purpose acquisition company headed by businessman Alec Gores. The merger, announced in September, could […]

Summary List Placement Congress is reportedly close to agreeing on a $900 billion stimulus package, but a new proposal from Republican Sen. Pat Toomey threatens to derail talks ahead of a midnight deadline. The senator argued on Thursday that a new condition should be added to the deal that limits the Federal Reserve’s ability to […]

With LIBOR slated to be phased out at the end of 2021, industry trade group Structured Finance Association sent a letter this week to New York Gov. Andrew Cuomo and the state’s legislative leaders asking them to support Secured Overnight Financing Rate (SOFR) index as the standardized benchmark rate. LIBOR is commonly used in setting […]

Summary List Placement The $900 billion relief package that’s taking shape in Congress is set to do a lot of good once it’s passed. It will extend and enhance unemployment benefits for Americans who remain out of work nine months into the coronavirus crisis. It will provide support that keeps small businesses open and employees […]

Summary List Placement President Donald Trump’s advisors talked him out of calling for $2,000 stimulus checks in the next federal rescue package since it could derail the ongoing relief negotiations on Capitol Hill, The Washington Post reported. The newspaper cited two sources familiar with the events. The Post reported that Trump held a phone call […]

Summary List Placement During a recession, the talk of economic recovery in shapes named after letters is one way for economists to forecast the financial future. When you hear these shapes — U, V, and W, for example — analysts are talking about how the recovery period may look if plotted onto a graph that […]

Summary List Placement Though rarely pleasant, recessions are a normal part of the business cycle, the regular course of rise and fall that all free-market economies run. All recessions begin the same way, with a significant period of economic decline. But how they end can happen in a whole host of different ways. Economists dub […]

The Federal Housing Finance Agency is looking to finalize a rule that would require Fannie Mae and Freddie Mac to hold higher levels of liquidity to protect against any sudden shortfalls, creating a further $10 billion cushion for the publicly-held mortgage companies. The measure – which is now up for final comment after previously having been implemented […]

Summary List Placement Sunnier locales, lower taxes, and a more affordable cost of living. California’s tech elite and New York’s financiers are in pursuit of all three, and they’ve found that trifecta in Texas and Florida. Out west, there’s a Silicon Valley exodus to Texas, headlined by Elon Musk’s and Oracle’s moves to the Lone […]

The average U.S. mortgage rate for a 30-year fixed loan fell four basis point this week to 2.67% – the lowest rate in the Freddie Mac’s Primary Mortgage Market Survey’s near 50-year history. This week’s mortgage rate broke the previous record set on Dec. 3 and is the first time the survey has witnessed it fall below […]

Summary List Placement It’s taken forever to get a second round of coronavirus aid to Americans, and now that Congress is inching closer to what seems like maybe-could-possibly-be-here’s-hoping-will-be a deal, the sticking points are coming down to the GOP’s deprivation fetish. Republicans still want to parse out which Americans are and are not worthy for […]

Summary List Placement For once, the rent isn’t too darn high. Since the onset of the coronavirus pandemic, the New York City rental-apartment market has been rocked by falling prices and rising vacancy rates. The jolt follows a mass exodus of Big Apple residents to the suburbs, hometowns, vacation-home hotspots, warm-weather retreats and other less-dense […]

United Wholesale Mortgage is facing a potentially ugly court battle from its own constituents. Three mortgage brokers in California claim that UWM pulled the rug out from beneath them in March when it changed the commission structure on mortgages that were quickly paid off by borrowers. The lawsuit is seeking class-action status.  On March 12, […]

Summary List Placement The Federal Reserve revealed new economic estimates on Wednesday that see the US economy staging a healthy recovery through 2021.  Federal Open Market Committee members expect US gross domestic product to contract 2.4% in 2020 before climbing 4.2% in 2021, according to projections published Wednesday. The forecast signals the country will fully recover […]

Summary List Placement In the past five months alone, some 7.8 million Americans fell into poverty, according to a new report released Wednesday by researchers at the University of Chicago and the University of Notre Dame.  In order to fall below the federal poverty line, one has to have an income at or below $12,000, […]

After three successive months of record highs, the National Association of Home Builders and Wells Fargo Housing Market Index measuring builder confidence fell four points to 86 in December. Though the index fell from it’s 35-year series high, it is still the fourth month in its history the score broke 80. In December, all HMI indices, including current sales […]

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. Smart Mortgage, which operates in Illinois, Indiana, Colorado and Florida, filed suit against former senior loan processor Brian […]