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Two Urban Institute (UI) researchers pose a pertinent question in a recent paper. Laurie Goodman and Aaron Klein ask, "What is the purpose of the Fed lowering short term rates to zero and buying hundreds of billions of mortgages to lower mortgage interest rates if people cannot functionally access a mortgage?" They point out that the mortgage process, whether to purchase a home or refinance it, has a long to-do list including title searches, appraisals, applicant employment and income verification, notarization, closings, and recording of the transaction in county offices. If any of those items cannot be checked off, the ability to get a mortgage is jeopardized. With much of the world shut down in order to mitigate the COVID-19 pandemic, the entire process could be broken. Given the massive
Housing News
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Two Urban Institute (UI) researchers pose a pertinent question in a recent paper. Laurie Goodman and Aaron Klein ask, "What is the purpose of the Fed lowering short term rates to zero and buying hundreds of billions of mortgages to lower mortgage int... (read more)
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MBS Commentary
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I'm making an executive decision. It's time to simplify the discussion even more than we already have when it comes to what's freaking the mortgage market out. (If you're not up to speed on yesterday's news, you'll need to get caught up... (read more)
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Housing News
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The Census Bureau and Department of Housing and Urban Development's report on new home sales in March is the first real time indication of the impact the COVID-19 mitigation is having on total sales. The report on existing homes, released a few days ... (read more)
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Rob Chrisman
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Other than things like a mother’s love, most things have prices, and Fannie and Freddie set theirs for buying loans in forbearance in the form of tacking on loan-level pricing adjustments (LLPAs): 500 basis points (5 percent) for loans where an... (read more)
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Housing News
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In its early April survey of builders for its Housing Market Index the National Association of Home Builders (NAHB) added questions about the impact of the pandemic on construction. While many states have limited "non-essential" business activity, th... (read more)
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Mortgage Rate Watch
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While the industry has come to terms with recent challenges in terms of day-to-day volatility, mortgage rates remain higher than they otherwise would be based on financial markets. In other words there are gold standard benchmarks that serve as the f... (read more)
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