Summary List Placement President Joe Biden faces a steep uphill battle to pass his infrastructure bill. Republicans have balked at its $2.3 trillion price tag, and moderate Democrats aren’t entirely sold on its necessity. The president has held bipartisan meetings to iron out disagreements, but Democrats’ soft deadline of a July 4-passage remains ambitious. Morgan […]
On May 13, FHFA Director Mark Calabria wrote an op-ed published in the Wall Street Journal defending the final “living wills” rule published in the Federal Register on May 4. The key to this op-ed is understanding what was left out. His clear disdain for the structure of the GSEs as well as their ability […]
Summary List Placement The Biden administration announced Monday it is kickstarting the first advanced payments of the child tax credit on July 15. Democrats have touted it as a key part of President Joe Biden’s stimulus law and it’s poised to benefit the vast majority of American children. The Treasury Department and IRS announced they […]
Summary List Placement Modern Monetary Theory economists are the trailblazing left-wingers in the field. Nobel laureate Paul Krugman says he’s farther left than them. Both schools are inspired by the great 2oth-century English economist John Maynard Keynes, whose theory of fiscal stimulus influenced not only FDR’s response to the Great Depression of the 1930s, but […]
Summary List Placement The Biden administration is funneling more than $2 billion toward the care of migrant children by and along the southern border, Politico reported. That money had originally been earmarked to go toward various measures to fight the coronavirus pandemic, according to Politico. The Department of Health and Human Services said $850 million […]
Summary List Placement When you trim away all the complications and high-minded theories, the single mission statement of an economy under capitalism is to grow. We say an economy is healthy when it’s adding jobs, productivity, and profits, and we say an economy is sick when it’s contracting, losing jobs, and failing to hit profitability […]
Summary List Placement Florida has been one of the few states to see real economic progress during the pandemic. Both businesses and companies have flocked to the US’ third-largest state over the past year because of its pro-business environment, including a lack of personal-income tax, alongside its sunny climate that made it an alluring place […]
The number of properties with foreclosure filings hit 11,810 in April, down 1% month over month and 17% year over year, according to a recent study from RealtyTrac and ATTOM Data Solutions. May marks the 14th month of the federal government’s foreclosure and eviction moratorium. States with the highest April foreclosure rates were Delaware (one […]
Summary List Placement Nearly every day this week, President Joe Biden met with different groups of influential lawmakers to attempt to reach some form of bipartisan agreement on infrastructure. One of those meetings included the group of Republicans that introduced a $568 billion counter-proposal to the president’s $4 trillion plan. The White House said on […]
Summary List Placement The coronavirus outbreak in the US appears to be abating, with the government ramping up its vaccine capability, rolling back mask-wearing mandates, and lifting restrictions. But while the country is poised to return to normal, some Americans are not ready to return to the workforce. The US economy has made dramatic gains […]
Summary List Placement President Joe Biden’s new task force on strengthening unions and their participants officially kicked off on Thursday. In her opening remarks, Vice President Kamala Harris, who is chairing the task force, emphasized the impact declining union membership has had on American workers. Because of the decline in union membership, “American workers are […]
Secretary of Housing and Urban Development Marcia Fudge delivers remarks during a press briefing at the White House in Washington, U.S., March 18, 2021. REUTERS/Carlos Barria First, let’s set the record straight. Homeownership is critical to wealth creation, especially for establishing intergenerational wealth in America. When looking at net worth, even considering the fact that […]
Summary List Placement One day, when the pandemic is long over, people will be free to reminisce about March 2020 and its empty toilet paper shelves, impossible-to-find flour, and out-of-control lumber prices. It was in that month that people started understanding just how global and intertwined supply chains had become and that when links break — in […]
Summary List Placement Michael Burry predicted post-reopening inflation back in April 2020. “The Big Short” investor warned prices could surge earlier this year too. Burry trumpeted the value of profitable companies during inflationary periods. See more stories on Insider’s business page. Michael Burry warned the post-pandemic reopening could cause inflation to spike as early as […]
Summary List Placement Education Secretary Miguel Cardona issued guidance in March allowing colleges and universities to use funds from President Joe Biden’s $1.9 trillion stimulus plan for a variety of student needs, including grants and scholarships. Delaware State University (DSU) has decided to use those funds to cancel student debt. On Wednesday, DSU officials announced […]
Mat Ishbia isn’t sweating a projected drop in gain-on-sale margins, all the way down to 75 to 110 basis points. Quite the contrary. In his estimation, a higher rate environment and hyper-competitive pricing will provide United Wholesale Mortgage an opening salvo to win a war of attrition and build an even bigger army of loyal […]
Summary List Placement Americans’ spending at retailers rose to a fresh record high last month as the stimulus bump faded and the country reopened further, although they did not rise as much as economists expected. Retail sales in the US were virtually unchanged in April, the Census Bureau announced Thursday. The median estimate from economists […]
Summary List Placement Sen. Bernie Sanders urged the Biden administration on Thursday to prevent the loss of jobless benefits for unemployed Americans in the 14 GOP-led states that are on the verge of ending their participation in federal unemployment benefits next month. Governors in red states such as Georgia, Montana, and South Carolina have cited […]
Summary List Placement After last Friday’s weak jobs report, over a dozen GOP-led states have announced that they’ll be pulling out of federal unemployment benefits, with governors saying they want to urge workers to get back to work. “Federal pandemic-related unemployment benefit programs initially provided displaced Iowans with crucial assistance when the pandemic began,” Iowa […]
Summary List Placement This week, President Joe Biden has been entrenched in bipartisan infrastructure talks, from meeting with the most powerful congressional leaders to a group of Republicans pushing a smaller infrastructure plan. But progressive leaders are worried these talks are slowing down urgent efforts to repair the economy and the climate. On Wednesday, John […]
Summary List Placement While the idea of a universal basic income (UBI) dates back hundreds of years, providing recurring aid to Americans is growing in popularity today, especially given the financial toll the pandemic has taken on the country. And Los Angeles County might become the next part of America to turn the UBI idea […]
The average 30-year fixed rate mortgage managed another dip last week, falling two basis points to 2.94%, according to Freddie Mac‘s PMMS. Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under 3% for the past month. Despites last week’s rates mirroring closer to what was […]
Summary List Placement As restaurants struggle to find workers, one expert says Amazon is partly to blame. Amazon has long been a disruptive force in the US market. In 2016, Amazon was blamed for killing off malls and retail chains like Borders and Circuit City through its low online prices. Now, the company may be […]
Summary List Placement There’s always a reason things are about to get worse. Throughout the pandemic, pessimistic forecasters have doubted the pace of the US economy’s recovery. And now that the consensus has largely caught on to the US economic boom, there’s a new story for the worrywarts: “peak-data.” The idea with “peak data” is […]
Compass has successfully become a publicly traded company, but the residential brokerage continues to lose money and it has unclear plans to generate more revenue. In its inaugural earnings call, the eight-year-old, New York City-based brokerage reported Wednesday a net income loss of $212 million in the first quarter of 2021, compared to $133 million […]
Even with historically low levels of inventory, rising mortgage rates and uneven job growth, experts still believe 2021 will be a record year for home sales. How much will be spent on homes? Officials are predicting sale numbers to easily eclipse $1 trillion by years end. Redfin projected $2.53 trillion in home sales this year, […]
Summary List Placement Reopening-fueled inflation has arrived. The Consumer Price Index — a key gauge of nationwide price growth — leaped 0.8% in April, trouncing the median estimate of a 0.2% jump. The increase was the largest since 2009. The index that excludes food and energy prices rose 0.9%, and that was the largest one-month […]
Five years after introducing the Rocket Mortgage brand for digital lending, Rocket Companies will finally retire the legacy Quicken name on July 31. “More than 20 years ago, Dan Gilbert, our founder and chairman, had a vision of putting the entire mortgage process online to simplify the lending experience and add more transparency. Since then, we […]
Compliance attorneys and mortgage industry lobbyists aren’t the only ones wishing the Consumer Financial Protection Bureau (CFPB) would proceed with the General Qualified Mortgage Final Rule as it had initially planned. The same day the CFPB announced plans to delay the compliance date, Sens. Mark Warner (D-VA) and Tim Scott (R-SC) fired off a letter […]
Summary List Placement Senate Minority Leader Mitch McConnell had a clear message coming out of his first in-person meeting with President Joe Biden on Wednesday: Don’t mess with the 2017 Republican tax law. The Kentucky Republican ruled out any corporate tax increase in the colossal infrastructure package Biden is seeking, effectively doubling down in his […]
Summary List Placement President Joe Biden remains committed to his goal of getting bipartisan support for his $4 trillion infrastructure proposal, and on Wednesday, those efforts continued in a meeting with Congress’ four most powerful leaders. The “Big Four” leaders in Congress — Speaker of the House Nancy Pelosi, House Minority Leader Kevin McCarthy, Senate Majority […]
Summary List Placement Some workers are leaving retail and restaurant jobs to get away from low pay and difficult customers, and a growing number of openings in the labor market is making it easier to transition to new careers. Restaurants and stores are looking to staff up and return to normal as COVID-19 restrictions lift […]
Summary List Placement New polling shows that the vast majority of US adults working remotely feel comfortable returning to their normal workplace, but the latest jobs report shows that the return to normalcy will take longer than expected. Morning Consult has tracked public sentiments about daily life during the pandemic since March 2020. As of […]
Summary List Placement Sen. Joe Manchin said he won’t back extending the $300 federal unemployment benefit from President Joe Biden’s stimulus, which could possibly torpedo the jobless measure once it expires on Sept. 6. “I’ll never vote for another extension as long as I know that with the vaccines, there’s not an excuse for no […]
It’s been rejection after rejection for Isabel Williams’ client, a military veteran in Port St. Lucie, Florida. Since the client began the search for her dream home earlier this year, her Veterans Affairs mortgage loan offers have been rejected over a dozen times. Williams, the broker-owner of We Save Loans, said her client has all […]
Summary List Placement Prices of common goods in the US climbed faster than forecasted in April as the US economy leaped out of year-long lockdowns. The Consumer Price Index jumped 0.8% last month, the Bureau of Labor Statistics said Wednesday morning. The median estimate from economists surveyed by Bloomberg was for a 0.2% month-over-month gain. […]
Summary List Placement Applications have just opened for a $3.2 billion federal initiative to subsidize high-speed internet for low-income households. The Federal Communications Commission (FCC) program offers eligible households discounts of up to $50 a month for broadband service, and up to $75 a month if the household is on Tribal lands. The program, which […]
After weeks of decreases, mortgage applications rose 2.1% for the week ending May 7, 2021, according to the most recent report from the Mortgage Bankers Association. Aiding the jump in mortgage applications was another sub-3% week of mortgage rates, which fell officially to 2.96%. “The decline in rates helped the refinance index reach its highest […]
Summary List Placement The UK economy grew 2.1% in March, considerably more than expected by economists, as business and consumer optimism grew as COVID-19 cases fell and the vaccination drive picked up speed, according to data on Wednesday. The 2.1% month-on-month expansion in gross domestic product was above expectations for growth of 1.3% and was […]
Summary List Placement Alabama Gov. Kay Ivey announced on Monday that the state was halting its participation in federal unemployment benefits starting June 19. “We have announced the end date of our state of emergency, there are no industry shutdowns, and daycares are operating with no restrictions. Vaccinations are available for all adults. Alabama is […]
The number of buyers who locked in mortgage rates for second homes soared 178% year over year in April, marking the 11th straight month of 80%-plus growth, according to a recent Redfin study. Redfin Chief Economist Daryl Fairweather said the numbers are likely exaggerated because demand for second homes dropped 24% year over year in […]
Summary List Placement Last week, Democrats introduced a bill to make the pandemic-era policy of free school lunches for all kids grades K-12 permanent. Now they want to extend the pandemic-era food benefits that apply to college students, as well. On Tuesday, a group of lawmakers, led by Sen. Elizabeth Warren of Massachusetts and Sen. […]
Mortgage credit availability increased by 2.2% in April as mortgage lenders fight for borrowers in an increasingly competitive market. The Mortgage Bankers Association said Tuesday that the Mortgage Credit Availability Index (MCAI) — which uses 100 as a benchmark — increased to 128.1 last month. A decline in the MCAI suggests that lending standards are tightening […]
Summary List Placement The picture of American employment — and unemployment — is a confusing one right now. Some employers say there’s a rampant labor shortage in sectors of the economy such as restaurants, with workers opting to remain on generous unemployment benefits instead of returning to work. The April jobs report on Friday showed […]
Summary List Placement Last week’s jobs report fell significantly short of expectations, adding just 266,000 jobs to the US economy when economists had predicted 1 million. Small businesses are no exception. The National Federation of Independent Business (NFIB), the nation’s largest small business association, released a report on Tuesday that found that while small business optimism […]