Citadel Servicing Corporation (CSC), one of the country’s largest non-QM lenders, is rebranding as Acra Lending (Acra). The change is effective Monday. “We are excited to rebrand our business as Acra Lending to reflect the substantial time and resources we have dedicated to internalizing customer feedback, fine tuning our financial and operating model, and investing […]
Summary List Placement Paul Krugman expects the US economic recovery from the pandemic to be “much faster and continue much longer than many people expect,” he said in a recent New York Times column. The Nobel Prize-winning economist predicts mass vaccination, pent-up demand, greater household savings, technological progress, and the Biden administration’s backing to fuel […]
Summary List Placement Stephen Moore, an economic advisor to President Donald Trump, is arguing against a “massive stimulus bill,” according to The Hill. In an interview with businessman John Catsimatidis on his WABC 770 AM radio show, Moore said the economy’s recovery is not dependent on the pandemic legislative relief package. It will recover “without […]
Summary List Placement Sen. Lindsay Graham on Friday urged the Republican-led Senate to avoid delaying passing a bill that includes $2,000 direct checks to Americans, a move that’s been shut down by the top leaders in the upper chamber. In a Thursday floor session, Senate Majority Leader Mitch McConnell said increasing stimulus checks from $600 […]
Summary List Placement For most of the world’s richest people, 2020 was a good year for their finances. The collective net worth of America’s billionaires now tops $4 trillion, rising by 36% from March 18 to December 18 according to a report by Americans for Tax Fairness and the Institute of Policy Studies. The biggest […]
After falling to the lowest rate in Freddie Mac’s Primary Mortgage Market Survey’s near 50-year-history last week, the average U.S. mortgage rate for a 30-year fixed loan remained at a survey-low 2.67% this week. Last week’s announcement of a 2.67% rate broke the previous record set on Dec. 3, and was the first time the […]
In October, the Conference of State Bank Supervisors made a controversial move to issue a final rule with proposed prudential standards for nonbank mortgage servicers – standards that, if enacted, have some stakeholders worried. The proposed rule addressed capital, liquidity, governance, policy related to entity survivorship and more. But now, the Urban Institute is warning […]
Summary List Placement Throughout the negotiations over the recently signed COVID-19 relief bill, my priorities have been shaped by my view that there was a political cap on the size of the package. Keeping the package under $1 trillion was a red line for Republicans, and therefore more money for one priority was necessarily going […]
Summary List Placement Christmas could be coming late for many Americans, with $600 stimulus checks to be direct deposited in their accounts as early as tonight, US Treasury Secretary Steven Mnuchin said Tuesday. Paper checks could be mailed out as early as Wednesday, he added. Included as part of the $900 billion coronavirus relief package […]
As the coronavirus began sweeping through the U.S. in March, many states issued shut-down orders for businesses, putting as many as 40 million people out of work by May. On March 27, Congress passed the CARES Act to offer economic relief to those affected by the shut-downs, expanding unemployment benefits and offering mortgage forbearance to homeowners with mortgages backed […]
With 2020 finally coming to a close, several companies wrapped up this unprecedented year for housing with some brand-new mortgage tech for 2021. Data and analytics giant Black Knight made moves in the secondary mortgage market again, launching its Mandatory Analytics dashboard that will allow investors to analyze and benchmark their actions on the secondary […]
The number of mortgages in active forbearance rose by 20,000 last week, according to a Friday report from Black Knight. Though the raw number increased, the number of mortgages in active forbearance remained at 5.3%, unchanged from the week prior. Heading in to the last week of the year, Black Knight estimates 2.8 million homeowners […]
Summary List Placement On Sunday, President Donald Trump finally signed the $900 billion COVID-19 relief package and $1.4 trillion omnibus package funding the government and avoiding a shutdown. While many of the new law’s provisions will help support individual, businesses, and communities across America, Trump’s delay in signing the bill for nearly a week after it […]
Summary List Placement The US economy will grow 5% in the first quarter of 2021, according to a new analysis from Goldman Sachs, which previously expected growth of 3% in the first three months of next year. The bank upgraded its first quarter GDP growth forecast after President Trump signed a $900 billion stimulus bill […]
Summary List Placement President Donald Trump did not sign the latest coronavirus relief legislation by midnight on Saturday, a move expected to cost jobless workers at least one week of $300 federal unemployment benefits. Trump had suggested he might reject the $900 billion stimulus package, which passed in both chambers of Congress earlier this week, […]
Summary List Placement Between 2019, and 2020 the US population grew at the slowest rate in 120 years. But a swath of western and southern states have beaten the odds by luring new residents, while coastal heavyweights like New York and California lost the most people during that time. According to new data released this […]
The average U.S. mortgage rate for a 30-year fixed loan fell one basis point this week to 2.66% – 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. 17. With this week’s record drop, there have now been 20 consecutive weeks when […]
Multifamily property owners who are struggling to make mortgage payments due to the coronavirus pandemic now have a reprieve through the end of March for mortgages backed by Fannie Mae and Freddie Mac, the Federal Housing Finance Agency announced on Wednesday. Forbearance options for multifamily mortgages backed by the GSEs were set to expire on […]
Summary List Placement I have had it with the nonsense that so many people are spouting about the much-needed COVID relief package that President Donald Trump is, at least implicitly, threatening not to sign into law. Specifically, I have had it with the meme that the package is “just $600.” Direct payment checks are a […]
Summary List Placement 2020 has been a wild ride, especially for Gen Z. The generation, the oldest of whom turned 23 this year, has been grappling with the pandemic during pivotal life stages. Younger Gen Zers are at a point in their adolescence when forging social relationships is central to identity formation — something difficult […]
Summary List Placement SEE ALSO: All your questions answered about unemployment benefits during the coronavirus pandemic Join the conversation about this story » NOW WATCH: How waste is dealt with on the world’s largest cruise ship details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: BusinessInsider.Com
Summary List Placement Amanda Clark is worried about getting evicted — again. The 38-year-old mother of three had been in the restaurant industry for 15 years, working as a server and bartender. Then the coronavirus pandemic struck in March, and she — like 22 million other Americans — found herself unemployed. Since the first time […]
Borrowers looking to refinance their VA and FHA loans contributed to another uptick in mortgage applications for the week ending Dec. 18, according to the latest report from the Mortgage Bankers Association. Mortgage applications jumped 0.8% a week after the 30-year fixed mortgage rate dropped five basis points to 2.85%, the trade group noted. The 30-year […]
Summary List Placement President Donald Trump is belatedly criticizing the COVID-19 stimulus package that the White House earlier suggested he would support. In a video tweeted Tuesday night, the lame-duck president conflated the $900 billion coronavirus relief measure with a $1.4 trillion omnibus measure, to which it was attached, funding the federal government, making it […]
New York-based mortgage lender InterContinental Capital Group plans to make a big investment in Charlotte, North Carolina. The lender will add 500 jobs in Charlotte over the next five years as a part of a $5.8 million capital investment, North Carolina Gov. Roy Cooper said in a news release on Tuesday. Overall, $8.45 million in […]
Retail lender Movement Mortgage has invested $200 million to expand its nonprofit Movement Foundation, and to accelerate the development of its growing charter school network. The investment will also aide in the development of adjacent affordable housing and health clinics in Central America, the company said in a statement this week. Movement Foundation uses dividends from […]
Summary List Placement Congress recently approved a $900 billion government rescue package in a last-minute sprint during its lame-duck session, which President Donald Trump is expected to sign. Among the measures it contained a $600 stimulus payment for Americans earning up to $75,000, plus an extra $600 per child under 17. It’s half the amount […]
Summary List Placement US consumer confidence dashed expectations in December as soaring COVID-19 cases and warnings of full lockdowns cut into economic outlooks. The Conference Board’s index of consumer confidence fell to 88.6 this month from 92.9, according to a Tuesday press release. Economists surveyed by Bloomberg expected the gauge to climb to 97. The […]
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 […]